Is retirement on your mind for 2024? If so, it may be a good time to think about whether your current home will be your best fit for the next chapter in your life. In 2024, you may be in a better position to make a move than you realize. As you consider whether selling your home and making a move make sense, here are a couple of things to consider:
1) Length of time in your home. Did you know that from 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years? But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):
If you have lived in your home for a long time, you have experienced life changes and milestones that have changed your housing needs. Your home today may not meet your current and future needs. When that takes place, it may make sense to consider better options.
2) Your Home Equity Gains -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 home price appreciation. According to data from the Federal Housing Finance Agency (FHFA), if you have lived in your home just as few as 5 years, the average price growth is nearly 59%. However, did you know that if you have had your home since 1991, the average price growth has tripled?! See the FHFA chart below.
You may not have realized this when you bought your home but if you are retired or ready to retire soon, your homes equity becomes a part of your retirement plan!
3) Your Retirement Goals - If part of your retirement plans are to live closer to loved ones, downsize, or live in a dream destination, your home's equity may help you realize your goals. It's noteworthy to mention that in a recent poll by the National Association of Realtors (NAR), the #1 reason people move is to be closer to loved ones.
Whatever your goals are, my experience with helping people sell their homes and find their next destination is my specialty! I am familiar with "lock and leave" communities, active adult communities, or communities that may best meet your dreams throughout Dallas/Fort Worth. If your next destination is beyond this area, rest assured I have a great network of experienced agents across the country that can help us coordinate your move anywhere in the US and some areas abroad. Don't hesitate to reach out to me today to help you develop a plan, even if that plan is not in your immediate future.