Planning to Retire? It Could Be Time To Make a Move.

Liz Kroft  |  January 24, 2023

Planning to Retire? It Could Be Time To Make a Move.

If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.

Consider How Long You’ve Been in Your Home

From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

Consider the Equity You’ve Gained

Additionally, if you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your home, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.

Consider Your Retirement Goals

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.

Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.

Bottom Line

Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore your opportunities in our local market.


Recent Blog Posts

Stay up to date on the latest real estate trends.

Homeownership Tips

Planning to Retire? It Could Be Time To Make a Move.

If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a… Read more

Investing

7 Tips For Real Estate Investors

Tips for investing in real estate

Buying

Fixed rate and Adjustable Rate Mortgages Explained

What is the right mortgage product for you? Fixed rate vs. Adjustable Rate. We do our best to simply explain so you can have informed conversations with your Lender.

Market News

More People Are Finding the Benefits of Multigenerational Households Today

If you’re thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. The Pew Research Center defines a… Read more

Homeownership Tips

12 Septic System tips you need to know.

12 Septic System tips you need to know to keep your septic system running smoothly.

Selling

When is the best time to sell your home or property?

Is there really a best time? We explore this question and show some facts about when people sell.

Selling

4 tips when getting ready to sell your home

4 Pro tips when getting ready to sell your home.

Buying

Prioritizing Your Wants and Needs as a Homebuyer in Today’s Market

There’s no denying mortgage rates are higher now than they were last year. And if you’re thinking about buying a home, this may be top of mind for you. That’s because … Read more

Market News

Why There Won’t Be a Flood of Foreclosures Coming to the Housing Market

With the rapid shift that’s happened in the housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. Bu… Read more

Say Hello

You’ve got questions and we can’t wait to answer them.