Is It Time To Buy a Smaller Home?

Life events can have a major impact on what you need from your home, and retirement is one of the biggest changes many of us face. But what does that mean for your home?

If you’re looking for ways to focus more on the important things in your life, the answer could be downsizing.

You Can Find the Right Home for Your Needs

The 2022 Home Buyers and Sellers Generational Trends from the National Association of Realtors (NAR) provides more information on why people of retirement age choose to move. It shows the need for a smaller home, the desire to be closer to loved ones, and retirement itself as three of the top reasons homebuyers over the age of 55 make a move.

If you’re in this group, changing priorities may be top of mind for you today, and that could be driving your decision to downsize. After all, as your lifestyle changes, what you need in your home likely changes, too.

Your Equity Can Make a Big Impact When You Downsize

Home equity plays a big role when you sell your existing house and move. It could be a great tool to use to help you downsize. According to the latest Homeowner Equity Insights report from CoreLogic, the average homeowner gained about $55,300 in equity over the past 12 months.

Those equity gains could allow you to make a larger down payment on your next home. And putting more money down can lead to a smaller monthly mortgage payment, which can give you greater financial freedom.

If you’ve recently retired or plan to soon, your needs are likely changing. That means now may be the perfect time to downsize. DM me so we can work together to find a home that matches your situation.

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