This Week in Seattle Real Estate | The Public Square 1.19.23

The Public Square

Planning to Retire? It Could Be Time To Make a Move
 
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. Above is the data from the FHFA that illustrates your home's price the longer you've stayed there.

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.
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.
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.

Our Thoughts
 
Retirement is one of the biggest steps in your life that you'll eventually take, and depending on what you need, determines the next step for you to take.  We encourage building generational wealth with your Real Estate assets, and also support you in selling your home if it’s the best path for your goals and desires. Factors to consider in your decision making:

Take advantage of potential tax breaks. Consult your tax advisor to see if there will be advantages for selling your home.
Eliminate maintenance costs. Some homes may require considerable maintenance, and you're on the hook for the costs if you own your home. Owners of larger homes often face expensive yearly property tax costs as well.
Downsize your home to elevate your lifestyle. Less home means more life experiences.  What do you want to do when you retire?  There are a variety of downsize options that you can explore so that you can still invest in homeownership while focusing more energy on the things you want to do.
Determine cost of living changes. The cost of daily life varies significantly in different places. Calculate the costs of necessities like transportation, groceries, utilities, healthcare and local taxes. If you plan to travel, factor in those costs as well. Your proximity to an airport could make a big difference.
Consider a Reverse Mortgage. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds. The borrowed amount becomes due and payable when the borrower dies, moves out permanently, or sells the home.

There are many more factors to consider when you plan to sell your home.  To make the planning stage much easier, connect with your trusted real estate advisor to explore the opportunities in your market.

For More Info

Local Events this Weekend

Fun Fact of the Week

Featured Properties

Remember, we are here for all your Real Estate needs. Let us know what you want to do and we will help you get there.

Maximize your home's value with Compass Concierge.

View All Listings

For Appointments

Learn More

The Dofredo Team

Ease. Confidence. Empowerment. 
Creating Wins since 2001. 
Build wealth through Real Estate.

Elinor: 206.478.6989
Jessica: 206.380.2991
Email: experts@dofredoteam.com
Website: Dofredoteam.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.