Featured News 2015 Baby Boomers: Maximize Your Home Equity

Baby Boomers: Maximize Your Home Equity

Whether you're a homeowner, a renter, or thinking about selling, it's important that you have a housing strategy for retirement. According to a recent study by JPMorgan Asset Management, real estate represents a whopping two-third of Baby Boomers' median household assets – so what you do with your house is very important!

If you're a Baby Boomer who's considering selling your current property and moving to another area for retirement, here are some money making tips to take into consideration:

It may be better to wait.
Daren Blomquist, vice president of Realty Trac, which analyzes housing data, said that if people can afford to wait to sell, they could see the sale prices increase in the next year or two. Blomquist told Bankrate® that when we look at the average sale prices in most parts of the U.S., we haven't surpassed the 2005 peak. So, there's more of a runway left for recovery in most housing markets, he said.

Sell while the market's hot.
Right now, some markets are sizzling hot, and these include Chicago, Los Angeles, Washington DC metro area, Southern California's Riverside County, and New York's Brooklyn borough. In some of these areas, housing prices have risen 5% in the last year. If you happen to own a house in any of these markets, now may be the time to sell, especially if you're planning on moving to a more affordable area.

Rent instead of selling.
Instead of selling your home, consider renting it out, even if you have to liquidate some of the equity in order to buy that retirement property you've had your eye on. Since builders are very cautious right now, there's limited inventory in single-family homes, and that translates into strong rental prices.

If you've owned your house for two decades, there's a good chance you'll be able to make a nice income by putting renting out your current home.

For further real estate advice, reach out to a real estate attorney in our directory!

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