Considering Retirement? Relocating Could Be an Ideal Next Step

Attention Homeowners and Baby Boomers Nearing Retirement

As you approach retirement or if you’ve recently retired, now is an opportune moment to evaluate whether your current residence still suits your evolving lifestyle and needs. You might be in a stronger position to relocate than you think. Here are several factors to ponder as you contemplate selling your home and moving.

Duration of Residence in Your Current Home

Between 1985 and 2008, homeowners typically stayed in their homes for about six years. However, recent data from the National Association of Realtors (NAR) indicates an increase in this duration, suggesting that many homeowners are choosing to stay in their homes for longer periods (refer to the accompanying graph):

Living in the same home for many years often coincides with various life changes and milestones. As these occur, your housing needs might evolve. If your current home no longer aligns with these needs, there could be more suitable options available for you.

Equity Accumulation in Your Home

If you’ve owned your home for several years, you’ve likely accumulated substantial equity, which can facilitate your next move. This is because the longer you own your home, the more its value tends to increase, as shown by data from the Federal Housing Finance Agency (FHFA) (see graph below):

While the rate of home price growth can vary regionally, the national average indicates that homeowners who have owned their homes for five years have seen a nearly 60% increase in value. Those who have owned since 1991 have witnessed their home’s value more than triple. This equity can help seniors like you benefit from the Home Equity Conversion Mortgage (HECM) for Purchase program from lenders such as Mark Scocco with Crown Home Mortgage.

Aligning Your Move with Retirement Goals

Whether your retirement dream involves downsizing, moving to a desired location, or living closer to family, your home equity can play a crucial role in achieving these goals. According to NAR, many recent home sellers moved primarily to be nearer to loved ones.

No matter your housing aspirations, partnering with a dedicated Senior Real Estate Specialist can be invaluable. They can assist in selling your current home and guide you in purchasing a new home that better fits your current lifestyle.

Bottom Line

Retirement often brings significant lifestyle changes, including your housing needs. Connect with the senior real estate specialists at Countryside Homes NJ and RE/MAX Select to explore housing options that align with your new phase of life.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!