Making a Move While Planning to Retire
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):
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. If your home no longer meets your current needs, you may have better options waiting for you.
Consider the Equity You’ve Gained
The longer you're in your home the more time you have to build up significant equity that can fuel your next move. Being in your home longer also means it likely has 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%. Homeowners who have owned their home for 30 years saw their home almost triple in value over that time.
Consider Your Retirement Goals
Whether you’re looking to downsize, relocate to a dream destination or move closer to loved ones, having 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. Retirement also played a role for those moving greater distances.
Whatever your home goals are, the Just Say Home KC Team can work with you to find the best option. We’ll help you sell your current house and guide you as you buy the home that’s right for your lifestyle today.
Retirement can bring about major changes in your life, including what you need from your home. Connect with the Just Say Home KC Team at 816-656-2816 today to explore your opportunities in the great Kansas City area.