Is Retirement Changing Your Home Needs?

According to recent data from the Schwartz Center for Economic Policy Analysis 2021, in the past year at least 1.7 million older workers ended up retiring earlier than expected. If you were one of the many Americans who retired early as a result of the pandemic, it might be time to start assessing whether or not your current home meets your retirement needs. You may find that your home doesn’t fit your retirement plans and if that’s the case, the current seller’s market presents a great opportunity to sell your house and address your evolving requirements. 

Many newly retired people find that they’d like to either move closer to loved ones, or move into a smaller home that’s easier for them to navigate. Since housing is one of the biggest expenses during retirement, having a clear plan for your housing is crucial. 

Moving Closer to Loved Ones 

The recent data from the 2021 Home Buyers and Sellers Generational Trends report illustrates that Baby Boomers were the generation that sold the most homes in 2021 at 43%. To this day, the number one reason for Baby Boomers to buy and sell is to move closer to friends and family, due to retirement. 

Once you retire and have more time on your hands, you may realize that you’re farther away from your family than you’d like to be. 

Downsizing into a Smaller Home 

Odds are, if you currently own a home you’ve gained a handsome amount of equity over the past 2 years. That accrued equity can help support your move into a smaller home, if that’s an idea you’re interested in. Lawrence Yun, Chief Economist at NAR, says homebuyers over the age of 55 typically choose to move into a smaller home. 

Regardless of what your home goals are, when the time is right, a local real estate expert can help you navigate your home sale and purchase. With a trusted Realtor by your side, you can have a stress-free experience and ease into your new chapter of life. You may be considering a move to a 55+ community, read this blog to find out if that’s the best option for you. 

If you’ve recently retired and your home needs are changing, let’s connect to find a home that matches your lifestyle. Give us a call at 562-896-2456. 

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About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster