Reaching retirement is a big moment in your life. It means lots of changes and new chances. When you retire, you might think about selling your house and finding a new one that suits you better.
The good news is that you might be in a good position to do this, and here’s why:
Think about how long you’ve been living in your current home. In the past, people used to move to a new home every six years, from 1985 to 2009. But things have changed. According to the National Association of Realtors (NAR), nowadays, people stay in their homes for more than nine years on average since 2010.
This means that in recent years, many homeowners have been living in their houses for even longer periods. When you reside in a home for an extended time, it’s common for your life circumstances to change while you’re there. As these changes and important events occur, your housing needs may also evolve. If your current home no longer suits these changing needs, you might discover better housing options available to you.
Consider the amount of money you’ve accumulated in your home. If you’ve been living in your house for several years, you’ve likely built up a substantial amount of wealth in it. This happens because you gradually pay off your home loan, and as property values increase, your home becomes more valuable.
The longer you’ve resided in your home, the more wealth you may have accumulated. Data from the Federal Housing Finance Agency (FHFA) illustrates this trend (see graph below):
The price of homes can be different in various places, but on average across the country, a person who’s lived in their home for five years has seen its value go up by almost 60%. And if someone has owned their home for 30 years, its value has almost tripled in that time.
So, if you want to move to a smaller house, go to a place you’ve always wanted to live in, or be closer to your friends or family, the money you’ve earned from your home can help you do that. Whatever you want to do with your home, a trusted real estate agent can help. They can assist you in selling your current house
and finding a new one that’s perfect for your current lifestyle.
Bottom Line
As you get ready for your retirement, let’s get in touch. We can figure out how much money you’ve saved up in your home over the years and come up with a plan for how you can use it to buy a home that suits your new needs.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Fri, 15 Sep 2023 02:21:27 +0000
by Mottek Group