Did the Value of Your Home Change Last Month?

on
It's completely natural for homeowners to feel curious about their property values for a multitude of reasons—perhaps you're contemplating selling, considering refinancing, or simply wondering how much your home has appreciated since your purchase. Just enter your address below   Whatever your motivation, Pam Boyle & Associates is here to offer you a far more precise and objective market analysis than online estimates (i.e. Zillow).  While these online valuations can serve as a useful starting point, they often fail to capture the unique characteristics of your home, such as its condition, upgrades, and other critical factors that can significantly impact its true value.  I can relate to this firsthand; I was surprised to discover that my own home's square footage was inaccurately represented on several automated valuation sites!   If you're ready to gain a clearer understanding of your property's worth, don’t hesitate to reach out for a comprehensi...
0

Retiring Soon? Why Moving Might Be the Perfect Next Step

on

 

Retiring Soon? Why Moving Might Be the Perfect Next Step




If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.

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. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):


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. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

How Much Equity You’ve Gained

Additionally, if you’ve been in your house 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 house, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):


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 nearly 60%. And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.

Consider Your Retirement Goals

Whether you're looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.

Whatever your home goals are, a trusted real estate agent can work with you to find the best option. They’ll help you sell your current house and guide you through buying the home that’s right for your lifestyle today.

Bottom Line

Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore the available homes in our area.

Comments

Post a Comment