Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. You’re not alone! The Retirement Industry Trust Association (RITA) shows 10,000 baby boomers reach the typical retirement age (65) every day, and only 47% of the people in that generation have already retired.
If this sounds like you, one thing worth considering is whether or not your current home will suit your new lifestyle. If your home doesn’t have the features or benefits you’re looking for, the good news is, you may be in a better position to move than you realize. That’s because, if you already own a home, you’ve likely built-up significant equity and that can help you fuel your next move. According to the Natinal Association of Realtors (NAR) “A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone”. In fact, over the last twelve months the average homeowner in the United States gained nearly $64,000 in equity due to home appreciation.
You can use your equity to help you achieve your homeownership goals. Whether you want to downsize, move closer to loved ones, or buy a home in a dream destination, your equity can help you get there. It may be some (if not all) of what you’d need as your down payment on a home that fits your changing needs.
Bottom Line: Retirement is a big step and so is buying or selling a home. As you move into this new phase of life, a Falvey Real Estate Group agent can guide you through the process as you sell your current home and also give you expert advice as you buy one that will suit your needs. Contact us at 518.452.3912