Housing Market Savvy for the Golden Years
Are you standing at the precipice of retirement and find the specter of a potential recession looming large? Are you seeking ways to bolster your financial security in such uncertain times?
If you’re about to retire and the possibility of a recession is keeping you awake at night, you may be wondering how you can safeguard your financial future.
There’s a simple solution that many Americans have already turned to: selling their homes while they still hold high value and opting to downsize or rent.
Recent surveys show that around 13% of baby boomers, roughly one in eight, have downsized their homes in order to trim expenses amidst an unpredictable economy.
The reasoning behind this choice is clear when you look at today’s real estate market. The average selling price of U.S. homes is still 33% higher than what it was in late 2019, before the pandemic hit.
In the latter part of 2019, the average 30-year mortgage rate was 3.7%. Fast forward to today, and it’s surged to a staggering 6.7%.
It stands to reason, therefore, that in an economic downturn, we can expect the mortgage rate to decrease or house prices to drop—or even a combination of the two.
While trying to predict the housing market may not be a concern if you’re younger or in the middle of your career, if you’re nearing your late 50s or beyond, timing can be crucial. And taking this step could be a wise move for financial security.
Are you on the cusp of retirement and feeling uncertain about the future of your home? Don’t navigate this alone – reach out to Chante Earl with Realty Masters and Associates, your Master Realtor, for personalized advice and strategy. Click here to schedule a free, no-obligation consultation today. Let’s make your golden years truly shine!
