When Jim and I first started in real estate, the average time a person lived in their home before selling was six or seven years.
That was the standard in 2008-2009, and it had been that way for many years prior. I was a bit surprised to see that number has increased recently (and pretty significantly) to the new average of 10 years! Check out the graph below.
Life Changes in Ten Years
When you live in a home for a significant period of time, it’s natural for you to experience a number of life changes. As those milestones happen, your needs may change.
Maybe you’re now an empty-nester and do not need a 3-bedroom home. Perhaps you now work from home and could use a dedicated office space that isn’t the kitchen table. Or better yet, you can work from anywhere so why not move to sunny Florida? Or perhaps the best instance, you’re retired and ready to move!
Consider the Equity You’ve Gained
The good news is that 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 below:
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 destination like Sanibel and Captiva, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals.
If you’re wondering what your current home value might be, give us a call! We’re happy to provide a general ballpark or in-depth report on your home value based on our local real estate market. Please don’t hesitate to reach out with any questions you have – 239-472-1950 or firstname.lastname@example.org.