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

<article class="post-794437 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-794437"><span class="entry-date">September 11, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Planning to Retire? Your Equity Can Help You Make a Move</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=Planning+to+Retire%3F+Your+Equity+Can+Help+You+Make+a+Move&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fplanning-to-retire-your-equity-can-help-you-make-a-move%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="Planning to Retire? Your Equity Can Help You Make a Move Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230911-Planning-to-Retire-Your-Equity-Can-Help-You-Make-a-Move.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Reaching retirement is a significant milestone in life, bringing with it a lot of change and new opportunities. As the door to this exciting chapter opens, one thing you may be considering is <a href="https://www.simplifyingthemarket.com/2023/09/04/why-its-still-a-sellers-market-today/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">selling your house</a> and finding a home better suited for your <a href="https://www.simplifyingthemarket.com/2023/08/29/why-you-may-still-want-to-sell-your-house-after-all/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">evolving needs</a>.</p>
<p>Fortunately, you may be in a better position to make a move than you realize. Here are a few reasons why.</p>
<h4><strong>Consider How Long You’ve Been in Your Home</strong></h4>
<p>From 1985 to 2009, the average length of time homeowners stayed in their homes was roughly six years.<span style="color: rgb(0, 112, 192);"> </span>But <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">according</a> to the <em>National Association of Realtors</em> (NAR), that number is higher today.<span style="color: rgb(0, 112, 192);"> </span>Since 2010, the average home tenure is just over nine years (<em>see graph below</em>):</p>
<p><a href="https://www.simplifyingthemarket.com/content/images/20230907/20230911-Todays-homeowners-are-staying-in-their-houses-for-an-average-of-9-years.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230907/20230911-Todays-homeowners-are-staying-in-their-houses-for-an-average-of-9-years.png"/></a>This means many homeowners have been living in their houses even longer in recent years. When you live in a home for such 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. And if your current home no longer meets them, you may have better options waiting for you.</p>
<h4><strong>Consider the Equity You’ve Gained</strong></h4>
<p>And, if you’ve been in your home for more than a few years, you’ve likely built-up substantial <a href="https://www.simplifyingthemarket.com/2023/08/15/equity-is-a-game-changer-for-homeowners-looking-to-sell/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">equity</a> that can fuel your next move. That’s because you gain <a href="https://www.simplifyingthemarket.com/2023/09/01/homeowners-have-a-lot-of-equity-right-now-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">equity</a> as you pay down your loan and as home prices <a href="https://www.simplifyingthemarket.com/2023/09/05/expert-home-price-forecasts-revised-up-for-2023/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">appreciate</a>. And, the longer you’ve been in your home, the more you may have <a href="https://www.simplifyingthemarket.com/2023/06/27/why-homeownership-wins-in-the-long-run/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">gained</a>. <a href="https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx" rel="noopener noreferrer" target="_blank">Data</a> from the <em>Federal Housing Finance Agency</em> (FHFA) illustrates that point (<em>see graph below</em>): </p>
<p><a href="https://www.simplifyingthemarket.com/content/images/20230907/20230911-How-home-prices-have-grown-over-time.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230907/20230911-How-home-prices-have-grown-over-time.png"/></a>While <a href="https://www.simplifyingthemarket.com/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home prices</a> 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.</p>
<p>Whether you’re looking to <a href="https://www.simplifyingthemarket.com/2023/07/07/the-benefits-of-downsizing-for-homeowners-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">downsize</a>, relocate to a <a href="https://www.simplifyingthemarket.com/2023/08/14/where-are-people-moving-today-and-why/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">dream destination</a>, or move so you live closer to friends or loved ones, that equity can help. Whatever your home goals are, a trusted <a href="https://www.simplifyingthemarket.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?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 sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.</p>
<h3>Bottom Line</h3>
<p>As you plan for your retirement, connect with a local real estate agent to find out how much equity you’ve built up over the years and plan how you can use it toward the purchase of a home that fits your changing needs.</p>
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