Are you getting closer to your retirement? Retirement brings in a lot of changes, including bidding adieu to your old job and possibly selling your home to move into a smaller, more suitable one. Here are some considerations to be mindful of in today’s real estate market that could help you leverage your home equity to your advantage during your move.
The Longer You’ve Lived in Your Home, the More Equity You’ve Built
According to the National Association of Realtors (NAR), the average time homeowners used to stay in their homes was six years, but since 2010, it has increased to more than nine years. If you’ve lived in your home for more than a few years, you’ve probably built up a substantial amount of home equity that can help you move after retirement. Your home equity increases as you pay down your mortgage, and your home price appreciates over time.
Home Prices Have Appreciated
The national average of home prices for homeowners who have lived in their homes for at least five years has risen by nearly 60%. For homeowners who have owned their homes for 30 years, that average price has tripled in value. The increase in equity over the years will undoubtedly help you during your move, whether you’re downsizing, moving closer to loved ones, or relocating to your dream paradise location.
Connect with a Local Real Estate Agent
If you’re planning for retirement and considering selling your home, it’s best to contact a trusted real estate agent to learn how much you’ve built over the years and how you can use those funds to buy a home that aligns with your changing needs and lifestyle.
Paige Bird is an experienced real estate ally in Myrtle Beach. She has been named the #1 RE/MAX Agent in South Carolina for nine consecutive years. In 2022, Paige closed 75 properties, with a total sales volume of $26,472,347 and an average list-to-sales price ratio of 99.10%.
Inquire with Paige Bird today and embark on your retirement journey with confidence and financial security.
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