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Sep 27, 2023

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

Man with face mask and slices of cucumbers on his face holding a glass drink

You’re Approaching a Significant Milestone

Reaching retirement is a significant milestone and cause for celebration, bringing with it a lot of change and new opportunities. As the door to your exciting new chapter opens, one thing you may be considering is selling your house and moving to a better home more suited for your evolving needs.


And fortunately, you may be in a better position to make a move than you realize. Here are a few reasons why.


You’ve Been in Your Home Awhile

From 1985 to 2009, the average length of time homeowners stayed in their house was roughly six years. But according to the National Association of Realtors® (NAR)[1], that number is 50% higher today. Since 2010, the average home tenure is just over nine years (see graph below).

Today's homeowners are staying in their houses for an average of 9+ years chart

Many homeowners have been living in their houses much longer in most 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 you’re in that house. As those life changes and milestones happen, your needs may change as well. If your current home no longer meets them, you may have better options waiting for you.

Young woman helping older woman put a blanket on top

Consider the Equity You’ve Gained

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. (Read more about equity by clicking here.) That’s because you gain equity as you pay down your loan and as home prices appreciate. The longer you’ve been in your home, the more you may have gained. Data from the Federal Housing Finance Agency[2] (FHFA) illustrates that point (see graph below):

How Home Prices Have Grown over Time chart

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.


The Choice is Yours

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 Realtor® can work with you to find the best option. They’ll help you sell your current house for the best possible return and guide you toward buying the home that’s a perfect fit for you and your lifestyle today.

Older man hugging child

Final Thoughts

As you plan for retirement, speak with a real estate professional to find out how much equity you’ve built up over the years. Plan how you can use this toward the purchase of a home that fits your changing needs and sell while there are still plenty of buyers in the market.


Related Article: There’s a Big Advantage to Selling Your Home Now

Adapted from Keeping Current Matters

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