Planning to Retire?

Dated: September 14 2023

Views: 10

Planning to Retire? Your Equity Can Help You Make a Move




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.

Consider How Long You’ve Been in Your Home

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.

Consider the Equity You’ve Gained

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 gainedData 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.

Bottom Line

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.

#nexthomegulfcoast #tonyandersonrealtor #humansoverhouses #homeequity #retiring #readytoretire #downsizing #tampabayrealestate

Blog author image

Tony Anderson

Please allow me to introduce myself and present my credentials. Navigating the real estate process for my clients is my passion and I'd like the opportunity to assist you in this journey. First a....

Latest Blog Posts

Home Security System Options

What are the options for home security systems and what are the advantages and disadvantages of each? Home security systems come in various types, each with its own set of advantages and

Read More

Difference between a Frame built and Masonry Built Home

What is the difference between a frame built home and a masonry built home? The primary difference between a frame-built home and a masonry-built home lies in the materials used for their

Read More

Wells vs Public Water

What is important to understand about a property that sources its drinking water from a well versus a public utility? Understanding the differences between a property that sources its drinking

Read More

Guidelines on trees and shrubs extending onto your property

In Florida, can you cut the branches of trees and bushes that belong to adjoining properties if the branches cross the property line into your space? Yes, in Florida, as in many other states,

Read More