If you’re considering retirement or have currently retired this year, it’s a great time to consider if your current house is still a great suitable for the next chapter in your life.

Fortunately, you may remain in a better position to make a move than you understand. Here are a few things to think about as you decide whether to offer and make a relocation.

The length of time You’ve Been in Your Home

From 1985 to 2008, the typical length of time house owners usually stayed in their homes was only 6 years. However according to the National Association of Realtors (NAR), that number is rising today, suggesting lots of house owners are residing in their houses even longer (see graph below):

When you reside in a home for a significant period of time, it’s natural for you to experience a variety of changes in your life while you’re in that house. As those life modifications and turning points happen, your needs might alter. And if your existing home no longer fulfills them, you may have better options awaiting you.

Just How Much Equity You’ve Gained

In addition, if you’ve remained in your home for more than a few years, you’ve likely built-up significant equity that can sustain your next relocation. That’s because the longer you’ve remained in your home, the most likely it’s grown in worth due to home rate gratitude. Data from the Federal Housing Finance Agency (FHFA) shows that point (see chart listed below):

While home rate development differs by state and city, the nationwide average shows the common homeowner who’s remained in their house for five years saw it increase in value by almost 60%. And the typical house owner who’s owned their home since 1991 saw it more than triple in value over that time.

Consider Your Retirement Goals

Whether you \’re seeking to downsize, transfer to a dream destination, or simply be closer to liked ones, your home equity can be a crucial to recognizing your homeownership objectives. NAR shares that for current home sellers, the main reason to move was to be closer to liked ones.

Whatever your home goals are, a trusted real estate agent can work with you to discover the very best option. They’ll assist you sell your present house and guide you through buying the home that’s right for your way of life today.

Bottom Line

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