Retirement May Be Changing What You Need in a Home

The past 18 months have brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. 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.”

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.

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.

The decision is often influenced by living in a home that’s just too big. With the kids grown and gone, rooms — or even a whole floor — are closed off. If someone is living on their own because a partner has passed away, the amount of unused space can be even larger.

But, these homes are very attractive to those working at home who need the office space and places for their children to learn remotely, if needed.

You Can Find the Right Home for Your Needs

Not only can your equity help power a move to a new location, 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.

If you’ve recently retired and your needs are changing, you’re not alone. We’d happy to answer your questions. Let’s connect at 508-568-8191 or msennott@todayrealestate. com. so you can get a better sense of how to find a home that will match your situation and effectively market the one you currently own.

We hope everyone has a happy, safe and blessed Thanksgiving.

Mari and Hank

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