Are you planning to retire? Your equity can help you make a move

Retirement is a major milestone in life that brings with it many changes and new opportunities. You may be better off than you think to make the move. Since 2010, the average home tenure has been just over nine (see graph below). This means that many homeowners have lived in their homes even longer in recent times. It’s only natural that you will experience changes in your home after living there for a long time. Your needs may change as you experience life milestones and changes. If your current home does not meet your needs, there may be better options available. You gain equity when you pay off your loan and when home prices increase. The longer you have lived in your house, the more equity you may have. The Federal Housing Finance Agency’s (FHFA) data illustrates this point (see graph): Although home prices vary by region, the national average shows that a typical homeowner who has lived in their home for five years saw its value increase by nearly 60%. The average homeowner who has owned their home for thirty years saw its value almost triple over that period. A trusted real estate agent will work with you to determine the best options for your home. They will help you sell your house and guide you in buying the home that is right for you today.

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