Are you entering retirement or have recently retired? Now might be the perfect time to ask yourself if your current home still suits your new lifestyle. Transitioning into this exciting new phase means reassessing your living situation. Whether it’s moving to a place with better weather, like the San Diego area, or just plain downsizing. The good news is that you’re in for a treat and are likely in a stronger position to consider a change than you think. Let’s explore some key factors to help you determine whether selling your home right now and relocating is the right move for you.
How Long You’ve Been in Your Home
Firstly, consider how long you’ve lived in your home. Historically, from 1985 to 2008, homeowners typically shifted or moved homes on average every six years. However, trends are changing. Data from the National Association of Realtors (NAR) indicates an increase in the duration homeowners are spending in their homes today, showing a tendency towards longer stays than the said average (refer to the graph below):
Living in the same home for years often means going through many life changes under its roof. Whether it’s welcoming a new family member or starting a fresh chapter, your home is there through it all. But as life evolves, so do your needs. If your home no longer fits your current lifestyle, it might be time to explore new options. There could be a perfect place out there that aligns better with your life’s new direction.
Understanding Your Home’s Equity Growth For Retirement
Have you been living in your home for a number of years already? Chances are, you’ve built up substantial equity – a real advantage for your next move. Why is this? It’s simple. Over time, as you continue to own your home and pay your mortgage, its value in the market usually increases. This is especially true thanks to the general trend of home price appreciation. A clear example of this comes from data from the Federal Housing Finance Agency (FHFA), which paints a vivid picture of this growth.
Let’s dive into the numbers. On a national level, the average homeowner who’s stayed in their home for five years has witnessed nearly a 60% increase in property value over time. That’s a significant jump! But it gets even better. For those who have held onto their homes since 1991, the value has more than tripled. These figures aren’t just numbers; they represent real financial benefits for homeowners like you. So, whether you’ve been in your home for a short while or over a few decades, your investment has likely grown substantially, setting you up for a brighter financial future and another step to your next dream home.
Pondering on Your Retirement Dreams
Thinking about your retirement dreams? If you’re aiming to downsize, move to your ideal spot, or just want to live nearer to family and friends, the equity in your home might be your ticket to achieving these dreams. According to the National Association of Realtors(NAR), many recent sellers moved primarily to be closer to their loved ones.
No matter your housing aspirations, partnering with a dedicated real estate expert is definitely a smart move to make. They’re not just there to help you sell your current place; they’re also your guides in the journey towards purchasing the perfect home that suits your current lifestyle. Lean on their expertise to make the transition smooth and fulfilling.
Bottom Line
Retirement marks a new chapter filled with exciting changes, and finding your dream home is no exception. It’s the perfect time to think about what you truly need and want from your living space. Whether you’re looking for something cozier, with less maintenance, somewhere that’s closer to family and friends, a new environment, or simply a home that better fits your new lifestyle, we’ve got you covered. Feel free to connect with the McT Real Estate Group; let’s take a look at the fantastic homes available in our area that match your new retirement needs and let you see what San Diego living has to offer.