Life happens, all. When it does, it can have a huge impact on what you need from your home. In particular, retirement can be a time of transition — more traveling, moving closer to loved ones, or doing that one hobby you never had time for (where to begin?). This change in focus may mean you are in the market to buy a smaller home. Less is more afterall.
You Can Find the Right Home for Your Needs
A recent trend report gave some insight into why retirees choose to move. No big surprise, it shows the need for a smaller home, the desire to be closer to loved ones, and retirement itself as three of the top reasons to make a move.
You should rejoice in the knowledge that moving into a smaller home can open your schedule up even more. When you downsize, you can spend less time maintaining your home and more time with the people you love or exploring newfound hobbies. That’s a recipe that can lead to less stress and increased happiness.
Your Equity Can Make a Big Impact When You Downsize
Home equity plays a big role when you sell your existing house and move. Great news, it could be a great tool to use to help you downsize! According to a recent report, the average homeowner gained about $55,300 in equity over the past 12 months. This doesn’t affect only those in the upper tax brackets either, both low and moderate-income homeowners, have access to this as a major source of wealth.
Here’s how it works. As home prices rise, your equity does, too. Simple, right? This means you may have more equity than you realize because of the record levels of home price appreciation over the past year. You can use this to make a larger down payment on your next home, which can lead to a smaller monthly mortgage payment. Hello financial freedom! Even better, It can also be a significant help in navigating today’s competitive housing market. Offering more money up front could help your offer stand out. So many wins!
If you’ve recently retired or plan to soon, your needs are likely changing. That means now may be the perfect time to buy a smaller home. Let’s connect so we can work together to find a home that matches your situation.