Retiring Soon? Why Moving Might Be the Perfect Next Step

debijohnston • December 31, 2023

If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.


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 (see graph below):



When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changing and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.


How Much Equity You’ve Gained

Additionally, if you’ve been in your house 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 house, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):


While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.


Consider Your Retirement Goals

Whether you're looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.

Whatever your home goals are, a trusted Realtor like mtself can work with you to find the best option. They’ll help you sell your current house and guide you through buying the home that’s right for your lifestyle today.

Bottom Line

Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore the available homes in our area.


By Debi Johnston December 31, 2023
As the new year approaches, the idea of buying a home might be on your mind. It’s an exciting goal to set, and it's never too early to start laying the groundwork. One crucial step to prepare for homeownership is building a solid credit score. Lenders review your credit to assess your ability to make payments on time, pay back debts, and more. It’s also a factor that helps determine your mortgage rate. An article from CNBC explains: “When it comes to mortgages, a higher credit score can save you thousands of dollars in the long run. This is because your credit score directly impacts your mortgage rate , which determines the amount of interest you’ll pay over the life of the loan.” This means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability, especially today. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 770. But that doesn’t mean your credit score has to be perfect. An article from Business Insider explains generally how your FICO score range can make an impact: “. . . you don’t need a perfect credit score to buy a house. . . . Aiming to get your credit score in the ‘Good’ range (670 to 739) would be a great start towards qualifying for a mortgage. But if you’re wanting to qualify for the lowest rates, try to get your score within the ‘Very Good’ range (740 to 799).” Working with a trusted lender is the best way to get more information on how your credit score could factor into your home loan and the mortgage rate. As FICO says: “While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.” If you’re looking for ways to improve your score, Experian highlights some things you may want to focus on: Your Payment History: Late payments can have a negative impact by dropping your score. Focus on making payments on time and paying any existing late charges quickly. Your Debt Amount (relative to your credit limits): When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible. Credit Applications: If you’re looking to buy something, don’t apply for additional credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score. A lender will help you navigate the process from start to finish, from assessing which range your score falls in to telling you more about the specifics for each loan type. Bottom Line As you set your sights on buying a home in the upcoming year, a focus on boosting your credit score could help you get a better mortgage rate when the time comes. If you want to learn more, connect with a trusted lender.
By duda November 10, 2021
A little elbow grease; a big difference! By: Leanne Potts Beautiful you-can-do-it inspirations for easy DIY projects. As anybody who’s been inspired by HGTV can tell you, DIY home projects on TV look amaaaazing. But DIY renovations in real life: kiiiinda the toughest thing ever. And, yet, these rookie craftsmen did beautiful, jaw-dropping work that will totally inspire you. Check out these easy DIY projects for your home: #1 Pinterest-Worthy DIY Window Seat An empty recess in a room is a ripe spot for a DIY project, as home improvement blogger Britt Kingery can tell you. She and her husband, Justin, built a window seat so ridiculously Pinterest-worthy you’ll want to make one for yourself (like, right now). It’s a roomy 10-foot beauty, so you can seat a houseful of guests without dragging chairs all over the place. And (bonus!) there’s storage underneath for stashing lots of stuff out of sight. You can custom-create your own for about $250 if you’ve got a few essential DIY tools. Or you can do an Ikea hack to get the same result. Just attach one of their long, horizontal storage systems to your walls. Then add cushions and preformed molding for the same custom look. The big reveal doesn’t happen overnight, and a renovation almost always looks worse before it looks better. Britt Kingery, home improvement blogger #2 Miracle Makeover With Just Paint, Stain (and Patience) “The Brady Bunch”-orange wall and abused floors in the before photo are homely enough to strike you blind. But what a miracle paint, sanding, and stain can do! Lighter shades on the walls, trim, and floor reflect natural light, making the space so much brighter. And for very little money (about $150). The key to such an amazing transformation, Kingery says, is to be a tortoise, not a hare. Sanding, taping, patching holes, and waiting on stain, paint or polyurethane to dry takes care and patience if you want professional-looking results. “The big reveal doesn’t happen overnight, and a renovation almost always looks worse before it looks better.” #3 Instant Open Floor Plan Cramped, dark kitchens are so very 1981. Sarah Lemp of the “All Things With Purpose” blog turned her dated kitchen into an open, light-filled space that feels and functions like a larger room. The cost? $300. Yep. For less than the cost of a set of countertop canisters at Williams Sonoma, Lemp worked magic. The biggest fix? She just removed a set of overhead cabinets that blocked light and the view into the dining area, making an instant open floor plan. Then she turned to paint, the budget remodeler’s friend. She used a soft griege (designer-speak for grayish beige) for the walls of the kitchen and dining area. She painted the remaining upper cabinets white, and the bottom ones dark gray. “I love the look of white cabinets, but figured a darker color was more kid-friendly,” she says. Lemp skipped the requisite subway tile backsplash and went with peel-and-stick shiplap instead. “It was easier and cheaper,” she says. #4 Brighter Bedroom With Paint and Wood This may be an ugly room, but we’re not sure because it’s so dark all we can see are cheap blinds and a poofy valance that hasn’t been fashionable since the Olsen twins were toddlers. It needed major help. Ashley Rose and Jared Smith of the blog “Sugar and Cloth” pulled off a weekend makeover by painting the walls a lighter color and replacing the window treatments with wispy, white drapes that practically pull sunlight into the room. A pair of wall-mounted reading lamps added a second layer of light, because a lonely overhead fixture can’t light the whole room all by itself. And that wall behind the bed? It’s strips of reclaimed wood with an adhesive backing. Peel, stick, and you’re done. No nails. No glue. And just one tool: a level to make sure you stick the wood strips in a straight line. Awesome. #5 An Easy-Peasy Backyard Patio Dirt’s ugly. It’s also a pain, turning into mud when it rains, dust when it doesn’t, and sneaking into your house on the feet of dogs and kids. Covering it with a paver patio is a great fix. Chelsea Foy of the blog “Lovely Indeed” built this one in a neglected flower bed in just 10 hours. She used patio stones molded to look like several individual bricks, because leveling one large stone is tons easier than leveling a bunch of bricks. Those arcs of large river rocks just off the patio make a natural-looking transition between the factory-perfect pavers and the rest of the yard. They’ll also give you less lawn to mow or flowers to tend. #6 Fancy Wall Molding for a Bargain Price Wall molding makes a room look so custom, so finished, so much better than boring old drywall. But it costs around $25 a square foot just for the materials. Mysha Barton of the blog “Remington Avenue” pulled it off along her stairs for just $30 — total. The secret? She used MDF (medium density fiberboard, aka fake wood) to keep it cheap, and didn’t mount it in the traditional way with board panels on the wall. Instead, she put thinner “chair rail molding” directly on the wall, and painted everything white, including the wall to get that rich look of molding. The toughest part was cutting all those angles, Barton says. She got it done with a miter box and a handsaw. “My advice is to use scrap wood to practice your angled cuts before taking on your expensive molding pieces.” Barton did this project in just eight hours with three small children in the house, so even if 10th-grade geometry made you cry, you can do this. #7 A Space-Saving Workbench A DIY workbench is a gateway project, one that can lead you to harder projects and possibly, a home improvement addiction. Make this workbench your very first project and you’ll have room to do scads of projects — money-saving ones. It’ll fit in a small space because it’s actually a door mounted on door hinges, so you can fold it flat against the wall when you’re not using it. Be sure to buy a solid wood door, not a hollow one, so it’s sturdy enough to stand up to years of projects.
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