Planning to Retire? It Could Be Time To Make a Move.

Abstract

One of your goals could be selling your house and finding a home that more closely fits your needs. Consider 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. According to the National Association of Realtors, that number is rising today, meaning many homeowners are living in their houses even longer: 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. Consider the Equity You've Gained Additionally, if you've been in your home 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 home, the more likely it's grown in value due to home price appreciation. Data from the Federal Housing Finance Agency illustrates that point: 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 over 50%. And the average homeowner who's owned their home for 30 years saw it almost triple in value over that time. Bottom Line Retirement can bring about major changes in your life, including what you need from your home.