If you're nearing retirement or have already retired and are considering downsizing to a smaller home, you need to consider your possible equity. If you’ve owned your home for a while, you’ve likely built up some equity. This equity can help you purchase a new home that better suits your changing needs.
Home prices have generally increased over time, and if you've owned your home for five years, you might have around 56% equity. Depending on the location, properties purchased in 1991 may have doubled or even tripled in value.
If you have a substantial amount of equity and are thinking of moving closer to loved ones or a more desirable location, now could be an opportune time to make that move. Many retirees are downsizing and can even consider paying for their new home in cash. There are various options available to explore, and we're here to address any questions you or your acquaintances might have.
If you or someone you know is interested in making this dream a reality, we'd be glad to discuss how we can assist and facilitate this transition. Feel free to call or email us anytime. We look forward to helping you achieve your goals!