Retiring Soon? Why Moving Might Be the Perfect Next Step

<article class="post-889916 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-889916"><span class="entry-date">December 27, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Retiring Soon? Why Moving Might Be the Perfect Next Step</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Retiring+Soon%3F+Why+Moving+Might+Be+the+Perfect+Next+Step&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fretiring-soon-why-moving-might-be-the-perfect-next-step%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Retiring Soon? Why Moving Might Be the Perfect Next Step Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20231227-Retiring-Soon-Why-Moving-Might-Be-the-Perfect-Next-Step.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.</p>
<p>Fortunately, you may be in a better position to <a href="https://www.simplifyingthemarket.com/2023/12/05/when-you-sell-your-house-where-do-you-plan-to-go/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">make a move</a> than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.</p>
<h4><strong>How Long You’ve Been in Your Home</strong></h4>
<p>From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the <em>National Association of Realtors</em> (NAR), that number is <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">rising</a> today, meaning many homeowners are living in their houses even longer (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-Homeowners-Are-Living-In-Their-Homes-Longer-In-Recent-Years.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-Homeowners-Are-Living-In-Their-Homes-Longer-In-Recent-Years.png"/></a></p>
<p></p>
<p>When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those <a href="https://www.simplifyingthemarket.com/2023/11/13/life-changing-events-that-move-the-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">life changes</a> and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.</p>
<h4><strong>How Much Equity You’ve Gained</strong></h4>
<p>Additionally, if you’ve been in your house for more than a few years, you’ve likely built-up significant equity that can fuel your next move. That’s because the longer you’ve been in your house, the more likely it’s grown in value due to <a href="https://www.simplifyingthemarket.com/2023/12/04/experts-project-home-prices-will-rise-over-the-next-5-years/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home price appreciation</a>. Data from the <em>Federal Housing Finance Agency</em> (FHFA) <a href="https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx" rel="noopener noreferrer" target="_blank">illustrates</a> that point (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-How-Home-Prices-Have-Grown-over-Time.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231220/20231227-How-Home-Prices-Have-Grown-over-Time.png"/></a></p>
<p></p>
<p>While home price growth varies by state and local 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 since 1991 saw it more than triple in value over that time.</p>
<h4><strong>Consider Your Retirement Goals</strong></h4>
<p>Whether you’re looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. <em>NAR</em> <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" rel="noopener noreferrer" target="_blank">shares</a> that for recent home sellers, the primary reason to move was to be closer to loved ones.</p>
<p>Whatever your home goals are, a trusted <a href="https://www.simplifyingthemarket.com/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">real estate agent</a> can work with you to find the best option. They’ll help you <a href="https://www.simplifyingthemarket.com/2023/10/18/what-are-the-real-reasons-you-want-to-move-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">sell</a> your current house and <a href="https://www.simplifyingthemarket.com/2023/12/08/your-homebuying-adventure-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">guide you</a> through buying the home that’s right for your lifestyle today.</p>
<h3>Bottom Line</h3>
<p>Retirement can bring about major changes in your life, including what you need from your home. Connect with a local real estate agent to explore the available homes in your area.</p>
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