Should You Sell Now? The Lifestyle Factors That Could Tip the Scale
Should You Sell Now? The Lifestyle Factors That Could Tip the Scale Are you on the fence about whether to sell your house now or hold off? It’s a common dilemma, but here’s a key point to consider: your lifestyle might be the biggest factor in your decision. While financial aspects are important, sometimes the personal motivations for moving are reason enough to make the leap sooner rather than later. An annual report from the National Association of Realtors (NAR) offers insight into why homeowners like you chose to sell. All of the top reasons are related to life changes. As the graph below highlights: As the visual shows, the biggest motivators were the desire to be closer to friends or family, outgrowing their current house, or experiencing a significant life change like getting married or having a baby. The need to downsize or relocate for work also made the list. If you, like the homeowners in this report, find yourself needing features, space, or amenities your current home just can’t provide, it may be time to consider talking to a real estate agent about selling your house. Your needs matter. That agent will walk you through your options and what you can expect from today’s market, so you can make a confident decision based on what matters most to you and your loved ones. Your agent will also be able to help you understand how much equity you have and how it can make moving to meet your changing needs that much easier. As Danielle Hale, Chief Economist at Realtor.com, explains: “A consideration today's homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.” Bottom Line Your lifestyle needs may be enough to motivate you to make a change. If you want help weighing the pros and cons of selling your house, let’s have a conversation.
Read More
Why Moving to a Smaller Home After Retirement Makes Life Easier
Why Moving to a Smaller Home After Retirement Makes Life Easier Retirement is a time for relaxation, adventure, and enjoying the things you love. As you imagine this exciting new chapter in your life, it's important to think about whether your current home still fits your needs. If it's too big, too costly, or just not convenient anymore, downsizing might help you make the most of your retirement years. To find out if a smaller, more manageable home might be the perfect fit for your new lifestyle, ask yourself these questions: Do the original reasons I bought my current house still stand, or have my needs changed since then? Do I really need and want the space I have right now, or could somewhere smaller be a better fit? What are my housing expenses right now, and how much do I want to try to save by downsizing? If you answered yes to any of these, consider the benefits that come with downsizing. The Benefits of Moving into a Smaller Home There are many reasons why you should downsize. Here are just a few from Bankrate: Your Equity Can Help Make Downsizing Possible If those perks sound like something you’d want, you may already have what you need to make it happen. A recent article from Seniors Guide shares: “And at a time when homeowners age 62 and older have more than $12 trillion in home equity, downsizing makes sense . . .” If you’ve been in your house for a while, odds are you’re one of those homeowners who’s built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Greg McBride, Chief Financial Analyst at Bankrate, explains: “Downsizing can mean taking that equity when the home is sold and using it to pay cash or make a large down payment on a lower-priced home, reducing your monthly living expenses.” When you’re ready to use all that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate. Bottom Line Starting your retirement journey? Think about downsizing – it could really help. When you're ready, let’s connect.
Read More
Retiring Soon? Why Moving Might Be the Perfect Next Step
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.
Read More
Are Grandparents Moving To Be Closer to Their Grandkids?
Are Grandparents Moving To Be Closer to Their Grandkids? During the pandemic, a lot of people made the difficult decision to keep a physical distance from their loved ones due to health concerns. Grandparents, in particular, were advised to avoid visiting their grandkids, especially when schools reopened. This precautionary measure aimed to minimize the risk of the grandchildren falling ill from potential exposure at school. Now that the pandemic has passed, many grandparents want more than ever to be near their grandchildren again to make up for that lost time. But how are they getting that “Grandparent Wish?” The data tells us many are moving to make sure they’re getting more quality time. Grandparents Are Moving To Be Near Loved Ones Recent data from the National Association of Realtors (NAR) shows people between the ages of 55 and 74 are moving farther (more than 100 miles) than any other age group (see graph below): The average age of grandparents in the U.S. is 67 years. The logical leap is that at least some of the people who are moving the furthest are grandparents. But what’s causing them to move so far? The same report from NAR shows the top reason people move is to be closer to loved ones (see graph below): Based on this data, it’s fair to say many grandparents are getting their wish of more quality time with their grandchildren by moving to be closer to them. And after experiencing isolation and loneliness during the COVID pandemic, that’s an especially good thing. If you’re a grandparent, you know how important your grandchildren are. And you may be willing to sell and move just to be closer by. As Vance Cariaga, a journalist at Go Bank Rates, explains: “Never underestimate the power of grandchildren – especially when it comes to lifestyle and financial decisions. Recent data shows that many baby boomers are relocating further away from home than they used to so they can be closer to their grandbabies.” Bottom Line The data strongly indicates that grandparents are willingly relocating to be in closer proximity to their beloved grandchildren. If you happen to have grandchildren of your own, surely you can personally understand this sentiment. When you reach the moment of realizing that it is indeed the right time to be nearer to your dear ones, rest assured, we are here to facilitate that connection.
Read More
Categories
- All Blogs (252)
- build your home (25)
- builders (13)
- buyers market (70)
- buying a home (151)
- closing costs (2)
- condominiums (10)
- credit (2)
- down payment (16)
- downsizing (8)
- finances (5)
- first time home buyer (61)
- home affordability (51)
- home equity (2)
- home loan (67)
- home ownership (106)
- home price (53)
- home tips (37)
- home value (49)
- housing market (109)
- interest rates (41)
- investment (15)
- listing agent (9)
- luxury homes (1)
- mortgage (58)
- mortgage rates (40)
- new construction (11)
- new home (27)
- owning a home (36)
- preapproval (19)
- pricing your home (32)
- real estate (123)
- real estate tips (101)
- renting (4)
- savings (7)
- second home (14)
- sellers (65)
- selling your home (68)
- senior living (12)
- vacation home (1)
- Veterans (2)
- wealth (2)
Recent Posts