Retirement May Be Changing What You Need in a Home

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 theSchwartz Center for Economic Policy Analysis, 2021 saw a retirementboom:

At least 1.7 million more older workers than expected retired due to the pandemic recession.

If youve recently retired, your home may not fit your new lifestyle. The good news is, youve likely built-up significant equity that can fuel your next move. According to the latestHomeowner Equity Insightsreport fromCoreLogic,homeowners gained more than $50,000 in equity over the past 12 months alone.That, plus todays sellers market, presents a greatopportunityto sell your house and address yourevolving needs.

You Can Move Closer to the Ones You Love

The2021 Home Buyers and Sellers Generational Trendsreport from theNational Association of Realtors(NAR) provides a look at the reasons people buy homes. For those reaching retirement age,thenumber 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 youd like to be, retirement and the equity youve 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,saysmany 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. Theyll help you sell your current home and guide you as youbuyyour next one while you move into this new phase of life.

Bottom Line

If youve recently retired and your needs are changing, youre not alone. Connect with a Seven Gables advisor so you can get a better sense of how to find a home that will match your situation.