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.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.
How Long You’ve Been in Your Home
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):
Living in a home for an extended period often means navigating through various life changes and milestones. As these events unfold, your needs may evolve. If your current residence no longer aligns with these changing requirements, there could be more suitable options awaiting you, especially if you are considering a move to Bainbridge Island.
How Much Equity You’ve Gained
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 home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
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.
Consider Your Retirement Goals
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. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.
No matter what your home goals entail, a reliable real estate agent can collaborate with you to identify the best options, especially if you're considering a move to Bainbridge Island. They'll assist in selling your current house and guide you through the process of purchasing a home that perfectly suits your current lifestyle.
Bottom Line
Retirement often marks a significant transition in life, impacting your housing needs. Let’s connect to explore the diverse range of available homes in our area, especially if you are considering a move to Bainbridge Island.