Liz Kroft | January 24, 2023
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.
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):
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.
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):
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.
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.
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.
Stay up to date on the latest real estate trends.
Market News
Unlock success in today's dynamic real estate market with expert seller strategies for attracting buyers today. Navigate market shifts, adapt to changing buyer needs, … Read more
Buying
Pondering the prospect of using your 401(k) for a home down payment? Our latest blog explores the implications, providing insights into the potential risks and viable … Read more
We're thrilled to introduce you to the latest member of our real estate family, Guillermo Guadron – your dynamic partner with a rich tapestry of experience.
Market News
If you've been keeping up with recent articles on our blog and social media, you're likely already aware that today's real estate market can offer incredible opportuni… Read more
Housing Trends
Are you searching for your dream home but struggling to find one that aligns with your budget? Maybe you're already a homeowner looking for extra income or a place to … Read more
Mortgage
A mortgage pre-approval letter is your key to securing a dream home. But how long does this golden ticket last? In this guide, we'll dive into the world of mortgage pr… Read more
Buying
Discover an extraordinary client success story with the Kroft Hulsey Team, where love for Santa Cruz led to an unexpected turn of events in securing their dream home. … Read more
Introducing Hannah, our newest team member, who brings a wealth of unique experiences and a deep commitment to creating a personal and heartfelt real estate journey f… Read more
Number eight is my favorite, what is yours?
You’ve got questions and we can’t wait to answer them.