Retirement May Be Changing What You Need in a Home

Dated: December 23 2021

Views: 90

Retirement May Be Changing What You Need in a Home

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

Jenetta Miller

Principal broker, owner Harmony Realty Group Licensed realtor since 1997. Auctioneer since 2008. Enjoys real estate, boating, beaches, health & fitness.....

Latest Blog Posts

Perrysburg New Listing Welcome to Meigs on the River!

WELCOME HOME! Meigs on the River neighborhood welcomes you to this 4 bedroom 2.5 bath home. Nice back yard setting with 400 sq ft expansive deck. Finished basement provides additional living space

Read More

Homebuyers Can Win In Today's Market

Two Ways Homebuyers Can Win in Today’s MarketIf your goal is to purchase a home this year, you might be looking for any advantage you can get in today’s sellers’ market. While

Read More

HOW TO GET A GOOD CREDIT SCORE

SIMPLE STEPS TO A GOOD CREDIT SCOREStart building your credit today!If you don’t already have a credit card, it’s important to open 1-2 credit card accounts immediately. This is the best

Read More

Selling Your House with a Real Estate Professional

Why Selling Your House with a Real Estate Professional Is EssentialSelling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) – you

Read More