For older Americans, a significant source of their wealth is their home, especially if its value has built up over time. However, home values ebb and flow with changes in local market supply and demand, mortgage interest rates, and the general economy. Housing experts caution seniors not to fret or worry over a possible drop in home values.
While there are many factors beyond your control, there are steps you can take to maintain and build your home’s value for the future. One key is to maintain the major systems that can affect value: the roof, heating and air conditioning, plumbing, and electrical. If part of the home seems dated, there are cosmetic touch-ups you can do to spruce things up.
Nonetheless, home ownership has been a terrific investment over time. From 2020 to 2024, home values, in general, have risen 11.5 percent annually. If you’re not pressed to sell your home, hold out for a time when the market trends upward, mortgage rates are reasonable, and your property has the right curb appeal to attract buyers.
Council of Seniors Wants Seniors to Feel More Secure
More retirement income helps seniors maintain their homes. That’s one reason why here at Council of Seniors, we’re intently focused on getting Congress to pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) has shortchanged seniors in recent years, this bill is crucial. Once passed, the amount of $581 that was withheld will be reimbursed.
Signing our petition immediately helps us. Washington politicians must wake up to the growing number of Americans expecting action.
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