Keeping Current Matters September 13, 2023
Buyer
Reaching retirement is a significant milestone in life, bringing with it a lot of change and new opportunities. As the door to this exciting chapter opens, one thing you may be considering is selling your house and finding a home better suited for your evolving needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few reasons why.
From 1985 to 2009, the average length of time homeowners stayed in their homes was roughly six years. But according to the National Association of Realtors (NAR), that number is higher today. Since 2010, the average home tenure is just over nine years (see graph below):
This means many homeowners have been living in their houses even longer in recent years. When you live in a home for such a significant amount of time, it’s natural for you to experience 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.
And, if you’ve been in your home for more than a few years, you’ve likely built up substantial equity that can fuel your next move. That’s because you gain equity as you pay down your loan and as home prices appreciate. And, the longer you’ve been in your home, the more you may have gained. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home prices vary by area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. 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 friends or loved ones, that equity can help. Whatever your home goals are, a trusted real estate agent 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.
As you plan for your retirement, let’s connect so we can find out how much equity you’ve built up over the years and plan how you can use it toward the purchase of a home that fits your changing needs.
Stay up to date on the latest real estate trends.
Seller
February 14, 2025
Lifestyle
February 13, 2025
The U.S. Motion Picture Association helps parents limit the amount of violence and sexual content their kids see by requiring a guardian to accompany children under 17… Read more
Seller
February 13, 2025
A total of 30,816 residential properties carried foreclosure filings in January, according to new data from ATTOM.
Seller
February 13, 2025
While some segments of the U.S. housing market are still struggling to recover from a sluggish year of buying and selling marked by high mortgage rates and lagging inv… Read more
Seller
February 13, 2025
If you’re like a lot of aspiring homebuyers, there’s a major hurdle standing in your way — the cost of living.
Buyer
February 12, 2025
Only 15% of California homebuyers could afford to purchase a median-priced, existing single-family home in the state during the fourth quarter of 2024, according to th… Read more
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today