Planning to Retire? Your Equity Can Help You Make a Move
Retiring is a momentous milestone in life, bringing many changes and new opportunities. As the door to this exciting chapter opens, one of these changes might be selling your house and finding a home better suited for your evolving needs.
The great news? You may be better positioned to make a move than you think. Here are a few reasons why.
How Long Have You Been in Your Home?
From 1985 to 2009, the average length of time homeowners remained in their homes was approximately six years. According to the National Association of Realtors (NAR), the current time is higher. Since 2010, the average home tenure is slightly over nine years (see graph below):
What does this mean? Many homeowners have lived in their houses even longer in recent years. Living in a home for a significant amount of time means experiencing multiple shifts in your life while in that house. These life changes and milestones may change your current needs. If your existing home no longer meets them, it might be time to explore better options.
Consider the Equity You’ve Gained
If you’ve lived in your current home longer than a few years, you’ve likely built up considerable equity. This equity can fuel your next move. Why? You gain equity as you pay down your loan and as home prices appreciate. Moreover, the longer you’ve owned your home, the more equity you may have accumulated. The Federal Housing Finance Agency (FHFA) demonstrates this point through the following data (see graph below):
Home prices vary by area. However, the national average shows the typical homeowner who’s stayed in their house for five years witnessed an increase in value by almost 60%. Beyond that, those who owned their home for 30 years saw it nearly TRIPLE in value!
The equity you’ve gained can help with your move, whether to downsize, relocate to a dream destination, or live closer to friends or loved ones. No matter your home goals, our trusted real estate experts at Just Say Home KC will work with you to find the best option. Our team is trained to sell your current house for top dollar and guide you as you buy the perfect home for you and your lifestyle.
Are you planning for retirement? The equity you’ve acquired over the years can be put toward purchasing a home that fits your changing needs. Our Just Say Home real estate team is here to help you navigate the current Kansas City housing market to find your perfect home!