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Thinking About Retirement? Why a Move Might Be Your Best Next Step

If retirement is on the horizon or you’ve recently entered this exciting phase of life, it's an opportune moment to ponder whether your current home aligns with the future you envision. Luckily, you might be better positioned for a move than you think. Here are some considerations to contemplate as you weigh the possibility of selling and relocating.


Duration in Your Current Home

The length of time homeowners reside in their properties has changed notably. While between 1985 and 2008, the average duration was approximately six years, recent trends show a significant increase in homeowners staying longer (refer to the graph below):



As you spend more time in your home, life evolves, and so do your needs. As these changes unfold, your current home might no longer cater to those evolving requirements, potentially prompting the exploration of better-suited options.


Accumulated Equity

Owning your home for several years often results in significant equity accumulation, fueling potential future moves. Over time, your home likely appreciates in value, as highlighted by data from the Federal Housing Finance Agency (FHFA) (as shown in the graph below):



While home value growth varies by region, the national average indicates that homeowners staying in their homes for five years witnessed an approximate 60% increase in value. For those who've owned their homes since 1991, the value has more than tripled.


Alignment with Retirement Goals

Your accrued home equity can play a pivotal role in realizing your retirement aspirations, whether that involves downsizing, relocating to a dream locale, or simply being nearer to family. According to the National Association of Realtors (NAR), a primary motivation for recent home sellers was moving closer to loved ones.


Whatever your homeownership aspirations entail, a dependable real estate agent can assist you in selling your current property and navigating the purchase of a home that seamlessly suits your current lifestyle.


Retirement often marks a pivotal shift, influencing your housing needs. Consider reaching out to a local real estate agent to explore available homes and ensure your next move aligns perfectly with your retirement vision.

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