August 18, 2022

How Equity Can Help You Reach Retirement

Older couple looking at each other and smiling

With retirement on your mind, you may be considering your options and trying to picture a whole new stage of your life. You are not alone. Research from the Retirement Industry Trust Association (RITA) shows 10,000 people reach the typical retirement age (65) every day. 43% of people working today guess what they’ll need for retirement, rather than using a retirement calculator or basing it on living expenses.

Planning Ahead

If this sounds like you, it’s worth considering whether or not your current home will suit your new lifestyle. If your home doesn’t have the features or benefits you’re looking for, you may be in a better position to move than you realize.

That’s because, if you already own a home, you’ve likely built-up significant equity, and that can help you fuel your next move. According to the National Association of Realtors (NAR):

“A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.”

In fact, over the last twelve months, CoreLogic reports the average homeowner in the United States gained roughly $64,000 in equity due to home price appreciation.

Retirement Goals

You can use your equity to help you achieve your homeownership goals. Whether you want to downsize, move closer to loved ones, or buy a home in a dream destination, your equity can help get you there. It may be some (if not all) of what you’d need as your down payment on a home that better fits your changing needs.

To find out how much equity you have in your home, speak with a REALTOR® today.

Bottom Line

Deciding to retire is a big step, and so is deciding to sell your home. As you move into this new phase of life, speak with an expert to guide you through the retirement process and help you understand the options you have that will help you meet your goals.

And when and if you’re ready to trade your empty nest for a retirement sanctuary, start your home search at www.OneKeyMLS.com, the largest MLS in New York.

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