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The past two years brought significant life changes for many of us. For some, the Covid-19 pandemic meant retiring earlier than expected. According to the Schwartz Center for Economic Policy Analysis, at least 1.7m older workers retired from their jobs in 2021 because of the coronavirus recession.
If you’ve recently retired, your current home may not fit your new lifestyle. The good news is the past two years also brought a significant rise in home prices. According to the latest Homeowner Equity Insights report from CoreLogic, homeowners nationwide gained on average more than $50,000 in equity in 2021 alone.
“That, coupled with a mortgage that’s paid off or close to it,” says Fara Espandi, Sales Associate at ERA Justin Realty, “presents a great opportunity to sell your house and address your evolving needs.”
Move Closer to Loved Ones
“For those reaching retirement age,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “one of the biggest reasons they buy a new house is to live closer to loved ones.”
If you find yourself farther from friends and family than you’d like to be, the equity you’ve built in your home may enable you to move and live closer to those in your life who matter most.
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.
“Many homebuyers 55 and older downsize and buy a smaller home than they’re selling,” says Espandi “depending on location that can mean a small or no mortgage. That’s important if you’re living on a fixed retirement income.”
“Whatever your home goals are,” says Darby Metzger, “a trusted real estate advisor can help you find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one and move into this next phase of life.”
If you’ve recently retired and your needs are changing, contact Fara Espandi or any of the agents at ERA Justin Realty by calling 201-939-7500.
