Retirement May Be Changing What You Need in a Home

Dated: November 17 2021

Views: 59

Retirement May Be Changing What You Need in a Home | MyKCM

The past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. 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.”

If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move. According to the latest Homeowner Equity Insights report from CoreLogichomeowners 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 evolving needs.

You Can Move Closer to the Ones You Love

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. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.

If you find yourself farther from your loved ones than you’d like to be, retirement and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most.

You Can Find the Right Home for Your Needs

Not only can your equity power 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:

“Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize. . . .”

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.

Bottom Line

If you’ve recently retired and your needs are changing, you’re not alone. Let’s connect so you can get a better sense of how to find a home that will match your situation.

Blog author image

Kimberlee Williams

As a Real Estate Agent, I am ready to provide the professional assistance and personal service you need. Real Estate is a complex business, but the process of buying or selling a home shouldn’t be. ....

Latest Blog Posts

A Checklist for Selling Your House This Winter [INFOGRAPHIC]

Some Highlights: If you’re planning to sell your house this winter, you’ll want it to look its best inside and out. Take the time and focus on tasks that

Read More

How To Think Strategically as a Buyer in Today’s Market

The game of chess can provide incredible lessons to apply to all aspects of life, including the homebuying process. Chess requires you to plan and think about your strategy from the very beginning

Read More

Why Now Is a Great Time To Sell Your House

As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low 

Read More

Reasons To Hire a Real Estate Professional [INFOGRAPHIC]

Some Highlights: Whether you’re buying or selling, there are many perks that come from working with a real estate advisor. Real estate professionals are experts

Read More