Fortunately, you may be better positioned 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 lived in their houses even longer in recent years. When you live in a home for a significant amount of time, it’s natural for you to experience changes in your life while 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.
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 your loan and as home prices appreciate. And, the longer you’ve been in your home, the more you may have acquired. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home prices vary by area, the national average shows that the typical homeowner who’s been in their house for five years saw it increase by nearly 60%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value.
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 right home 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.