Many of us have experienced significant life changes in the last year and a half. For example, many people entered retirement earlier than expected. In fact, recent data shows more people retired this year than anticipated. According to the Schwartz Center for Economic Policy Analysis, 2021 saw a retirement boom:
“At least 1.7 million more older workers than expected retired due to the pandemic recession.”
It’s likely that if you’ve recently retired, your home may not fit your new lifestyle. Thankfully, you’ve likely built-up significant equity that can fuel your next move. According to the latest Homeowner Equity Insights report from CoreLogic, homeowners gained more than $50,000 in equity over the past 12 months alone. That, plus today’s sellers’ market, presents a great opportunity to sell your house and address your lifestyle.
You Can Find the Right Home for Your Needs
Not only can your equity fuel a move to a new location, but it can also help you purchase the right size home. Lawrence Yun, Chief Economist at NAR, says many homebuyers 55 and older choose to downsize – or buy a smaller home – when they make a purchase.
You Can Move Closer to Friends and Family
The 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) provides a look at the reasons people buy homes. The number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives for those reaching retirement age.
If you find yourself farther from your loved ones than you’d like to be, the equity you’ve built in your home may make it easier for you to move closer to your friends and family.
Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life. If you’ve recently retired and your needs are changing, connect with one of our agents today.