If you’re considering retirement or have already retired this year, it’s a good time to consider if your existing house is still an excellent suitable for the following phase in your life.

Luckily, you might remain in a better placement to make a relocation than you understand. Here are a few things to think about as you choose whether to sell and make a step.

How much time You’ve Been in Your Home

From 1985 to 2008, the ordinary length of time house owners generally stayed in their homes was just 6 years. Yet according to the National Association of Realtors (NAR), that number is increasing today, indicating several property owners are staying in their homes also much longer (see graph below):

When you reside in a home for a considerable amount of time, it’s natural for you to experience a number of modifications in your life while you’re in that residence. As those life adjustments and milestones happen, your demands might alter. And if your existing home no longer fulfills them, you might have better choices awaiting you.

How Much Equity You’ve Gained

Additionally, if you’ve remained in your residence for greater than a few years, you’ve most likely built-up considerable equity that can fuel your next relocation. That’s because the longer you’ve been in your residence, the most likely it’s grown in worth because of home price admiration. Data from the Federal Housing Finance Agency (FHFA) highlights that factor (see graph listed below):

While home cost development differs by state and local area, the nationwide average shows the regular property owner who’s remained in their residence for 5 years saw it boost in worth by nearly 60%. And the average homeowner who’s possessed their home considering that 1991 saw it more than three-way in worth over that time.

Consider Your Retirement Goals

Whether you \’re looking to downsize, relocate to a desire location, or just be closer to enjoyed ones, your home equity can be a crucial to understanding your homeownership objectives. NAR shares that for current home vendors, the key factor to relocate was to be closer to loved ones.

Whatever your home objectives are, a trusted property representative can collaborate with you to locate the best alternative. They’ll help you sell your existing home and overview you via getting the home that’s right for your way of living today.

Bottom Line

Retirement can produce significant changes in your life, including what you require from your home. Let’s connect to explore the available homes in our area.