Retirement

Planning to Retire? Your Equity Can Help You Make a Move

/ Christopher Garguilo / Leave a comment

Reaching retirement is a significant milestone in life, bringing with it a lot of change and new opportunities. As the door to this exciting chapter opens, one thing you may be considering is selling your house and finding a home better suited for your evolving needs.

Fortunately, you may be in a better position to make a move than you realize. Here are a few reasons why.

Consider How Long You’ve Been in Your Home

From 1985 to 2009, the average length of time homeowners stayed in their homes was roughly six years. But according to the National Association of Realtors (NAR), that number is higher today. Since 2010, the average home tenure is just over nine years (see graph below):

This means many homeowners have been living in their houses even longer in recent years. When you live in a home for such a significant amount of time, it’s natural for you to experience 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.

Consider the Equity You’ve Gained

And, if you’ve been in your home for more than a few years, you’ve likely built-up substantial equity that can fuel your next move. That’s because you gain equity as you pay down your loan and as home prices appreciate. And, the longer you’ve been in your home, the more you may have gained. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below): 

While home prices vary by 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 for 30 years saw it almost triple in value over that time.

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to friends or loved ones, that equity can help. 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 as you buy the home that’s right for you and your lifestyle today.

Bottom Line

As you plan for your retirement, let’s connect so we can find out how much equity you’ve built up over the years and plan how you can use it toward the purchase of a home that fits your changing needs.

The Top Reasons for Selling Your House

/ Christopher Garguilo / Leave a comment
The Top Reasons for Selling Your House | MyKCM

Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.

Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move. RealTrends explains:

“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”

So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:

The Top Reasons for Selling Your House | MyKCM

As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.

If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.

What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer advice and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision.

Bottom Line

When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.

Planning to Retire? It Could Be Time To Make a Move.

/ Christopher Garguilo / Leave a comment
Planning to Retire? It Could Be Time To Make a Move. | MyKCM

If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.

Consider 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):

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

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.

Consider the Equity You’ve Gained

Additionally, if you’ve been in your home 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 home, 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):

Planning to Retire? It Could Be Time To Make a Move. | MyKCM

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 over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.

Consider Your Retirement Goals

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.

Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and 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 your opportunities in our local market.

Planning To Retire? Your Equity Can Help You Reach Your Goal.

/ Christopher Garguilo / Leave a comment
Planning To Retire? Your Equity Can Help You Reach Your Goal | MyKCM

Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. Research from the Retirement Industry Trust Association (RITA) shows 10,000 Baby Boomers reach the typical retirement age (65) every day, and only 47% of the people in that generation have already retired.

If this sounds like you, one thing worth considering is 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, the good news is, 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.

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 to have in your home, reach out to a trusted real estate professional today.  

Bottom Line

Retirement is a big step and so is buying or selling a home. As you move into this new phase of life, let’s connect so you have an expert to guide you through the process as you sell your current home and give you expert advice as you buy one that’ll better suit your needs.

Why a Retirement Downsize Could Be the Right Move for You—And Where to Start

/ Christopher Garguilo / Leave a comment
Retired Man considering downsizing

(Article written by Sarah Velasquez, website: ourperfectabode.com)

While some people see retirement as an opportunity to finally buy their dream home, most retirees are in the market for something smaller. If you’re planning for retirement while self-employed, it’s important to understand what your options are. Whether it’s to save money or cut back on maintenance, a smaller house is a smart move for older adults looking to simplify. You can accomplish both by deciding which home warranty provider is best for you in your new house. Getting a warranty on your new home can help you save on maintenance costs.

If you’re hopping on the downsizing bandwagon, you probably have a lot of questions about how much space is enough, what you can afford to spend, and which amenities you should look for in a downsized home. But more than anything, you’re wondering where to start!

Use these guides, apps, and other resources to kickstart your downsize.

10 Apps to Aid Your Move

Useful apps to help streamline each part of the moving process.

The Best Apps and Sites for Selling Your Stuff

Declutter your home (and sell your old things) before putting your home on the market.

8 Best Local Selling Apps to Sell Your Stuff Quickly

Local selling apps that have made it simple to sell and buy stuff right in your neighborhood.

Take Real Estate Photos Worthy of a Magazine Spread

The resource teaches you ways to ensure the photos of your home encourage potential buyers.

Senior-Specific Selling Resources

The downsizing process for seniors presents unique challenges physically and emotionally. Below are several resources specific to seniors to help ease the moving process.

How to Make Moving Easier for Seniors

Steps to approach the moving process with sensitivity to ease the emotional tension involved.

How Technology Can Help Seniors

Some seniors embrace technology, others may run from it. Either way, technology can help during the move—plus, it can have many other benefits as well.

Relocation Technology: How the Modern Moving Process Works for You

A guide to how modern technology can make the tasks involved with moving more of a minor inconvenience rather than a massive hurdle.

6 Survival Tips for Moving Your Elderly Loved One

Moving a senior loved one across the country into a new home or transitioning him or her to a senior living community is tough. Learn ways to ensure the transition goes smoothly while tending to their health, finances, and logistics.

Everyone has different retirement goals. For some, a house with ample space to entertain is the pinnacle of success, even if it means spending more time and money to maintain. If you’re looking to streamline your life in retirement, however, skip the extra square footage and downsize your home instead! While the move itself is a lot of work, you’ll be glad you made the effort when you’re enjoying your newfound money and free time during the golden years!

If you need help buying or selling your home in Southeast Virginia, contact Chris Garguilo with eXp Realty today!

More People Are Planning To Buy a Home Soon

/ Christopher Garguilo / Leave a comment
More People Are Planning To Buy a Home Soon | MyKCM

While some homeowners may be tempted to hold off until spring to list their houses, you should know – homebuyers aren’t waiting. Demand is high today as more people are trying to beat rising mortgage rates. As a result, eager buyers are entering the market or moving their plans up so they can make their purchases as soon as possible.

The most recent Consumer Confidence Survey finds that, of those surveyed, the percentage of people planning to buy over the next six months has increased substantially since last fall (see graph below):

More People Are Planning To Buy a Home Soon | MyKCM

As the graph shows, the number of consumers fast-tracking their plans to purchase a home has crept up over the past three months. That indicates many buyers are evaluating their strategy and realizing they should act sooner rather than later. And for homeowners planning to sell, it’s a signal that now may be the time to list.

While more people are moving their plans up, others are actively putting theirs in motion. Time on the market is a great indication that homebuyers are motivated and moving quickly. According to a recent realtor.com report, the average home sold faster this January than any January on record.

Danielle Hale, Chief Economist at realtor.com, notes:

“Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year.”

What Does That Mean for You?

Homebuyers are rethinking their strategies and moving their plans forward. Others are making their moves today. That means demand for your house isn’t just increasing – it’s high right now.

And because there are so few homes available for determined purchasers to choose from, if you’re planning to sell your house this year, doing so sooner means you can take advantage of high buyer demand before more houses are listed in your neighborhood. Why is this important? Because as more houses are put up for sale, buyers will have more options. But until then, your house will be in the spotlight.

Bottom Line

With so many buyers eager to make a purchase, you could benefit by listing your house soon. To understand how strong buyer demand is in our area, let’s connect so you can start making your plans today.

Resources and Tips to Help You Make the Right Downsizing Plans for Retirement

/ Christopher Garguilo / Leave a comment

(Article contributed by Alice Robertson of Tidyhome.info)

Dreaming of downsizing in retirement? If so, you are not alone in your aspirations. Countless older adults make changes to simplify their homes and their lives in preparation for a relaxing and low-stress retirement. Deciding to downsize is only half of the battle since you also need to know where to start when making your own downsizing plans. This list of practical and helpful resources from Real Estate with Mr. G can provide some clarity.

Downsizing Responsibility Without Limiting Possibilities

If what you’re really craving is less responsibility when it comes to caring for your home, you should know that you do have options. Including these creative solutions and tips:

  • First of all, try to focus on right-sizing rather than simply finding a smaller home.
  • You can use this dream home finder from our website to get started.
  • Worried about financing? You can check VA mortgage interest rates and your eligibility for VA home loans.
  • With no upper limits, VA loans could help you secure the home of your dreams.

Managing Potentially Stressful Downsizing and Moving Projects

The whole point of downsizing is to alleviate stress so that you can enjoy your retirement, so there’s no reason why the process should cause you distress. Keep these tips in mind:

  • If it’s been a while since you’ve bought a home, it can help to know what to expect.
  • You should also look for a moving checklist so you can stay organized throughout the process.
  • Need to declutter a lot of stuff before your move? Give yourself plenty of time to do so.
  • It’s also okay if you need to ask for help or hire a professional to help with downsizing.

Finding Other Professionals to Help Manage a Downsizing Move

Working with a senior move manager can be a good call for relieving stress, especially if you have room for it in your budget. These other professionals can also make moving easier:

Your golden years should be all about you and doing what you love. If you’re not in love with your current home or lifestyle, downsizing or right-sizing could be the right call. Be sure to bookmark this guide so you will have the right resources available to smooth the process. And if you plan on looking for your dream home in the Hampton Area, Christopher Garguilo has all of the resources and information you need. Reach out to get started: 757-876-7443.

For more information and resources on retirement, please click on the links below:

http://retireguide.com/guides/downsizing-for-retirement/

retireguide.com/guides/aging-in-place/

Photo Credit: Unsplash