If You Are Planning To Retire, Then Your Equity Can Help You Make a Move
Reaching retirement is a very significant milestone in life, and it comes with many changes and new opportunities. As you work toward your long-awaited retirement, one thing you may be considering is selling your house and finding a home better suited for your changing needs.
The good news is that you may be closer to your goal than you may realize. This article explains a few reasons why that may be the case.
How Long Have You Been At Your Current Home?
From 1985 to 2009, homeowners only stayed in their homes for an average of six years. However, according to the National Association of Realtors, that number is slightly higher today. Since 2010, the average home tenure rose to about nine years.
What this means is that more homeowners are living in their homes for longer lengths of time than ever before. When you live in a home for such a significant amount of time, it is only natural that your life changes during that time. As those life changes and various milestones happen, your needs and wants may change as well. If your current home no longer suits your needs, then you may have better options out there waiting for you.
How Much Equity Have You Gained?
If you have been in your home for more than a few years, then you’ve likely built up substantial equity you can use for the next home you purchase. This is because you gain equity as you pay your mortgage and as homes appreciate in value. The longer you’ve been in your current home, the more you will have gained. Data from the Federal Housing Finance Agency illustrates that point.
As the graph shows, the typical homeowner that’s been in their house for five or more years saw their home increase in value by 60%. Keep in mind that home prices vary by area, so some areas may see more or less than that amount. However, for the average home owner that’s been in their home for more than 30 years, their home’s value has nearly tripled during that time. So no matter where you live, you are building up equity the longer you stay in your home.
A Realtor You Can Rely On
So whether you are looking to downsize, move to a more desirable location, or relocate to be closer to family or friends, your equity can help. Whatever your long-term home goals are, you can rely on Dianne Anderson to help you make your dreams come true. From selling your house to helping you find your next one, reach out to Dianne Anderson today and discover how you can best utilize your equity to your advantage.