Planning to Retire? It Could Be Time to Make a Move.
If you're retiring or have retired this year, you may be considering your next moves. Selling your property and buying a more suitable one might be a goal.
You may be more able to act than you think. Here are some factors to consider.
Consider Your Home's Age
Between 1985 and 2008. The average homeowner lasted six years. The National Association of Realtors (NAR) reports that the number is climbing, implying more homeowners are staying put (see graph).
It's typical to encounter life changes when living in a home for a long time. Your demands may vary as you reach milestones. If your present house doesn't, you may have other possibilities.
Consider your equity
Suppose you've lived in your home for more than a few years. You may have built up considerable equity. The longer you've lived in your house, the more probable it's appreciated. FHFA data shows this (see graph):
Home price rise varies by state and local location, but the national average indicates a five-year homeowner's home worth increased by over 50%. A 30-year-old homeowner's house virtually tripled in value.
Equity might help you downsize, move to a dream location, or move closer to family. Recent house sales moved to be closer to family, according to NAR. Retirement also influenced long-distance movers.
A qualified real estate agent can help you achieve your house objectives. They'll assist you in selling your home and acquiring one that fits your lifestyle.
Retirement impacts your life and household needs. Let's discuss the local market potential.