Now’s the Time To Upgrade to Your Dream Home
Upgrade to Your Dream Home: Why Now Could Be the Perfect Time
If you've been dreaming of selling your current home and moving to a larger or more luxurious property, you're in good company. According to a recent Inman survey, many homebuyers today are driven by the need for more space or a desire for an upgraded home. However, like many, you may have postponed this goal due to recent market uncertainties. It's understandable, especially if you're concerned about affordability with rising costs. But here’s some good news: conditions are aligning in your favor to make that dream move more attainable now. Here’s why.
Leverage Your Equity for an Upgrade
One of the biggest advantages in today’s market is the significant equity many homeowners have built over recent years. Despite market fluctuations, home prices nationally have continued to grow, adding to homeowner equity. Selma Hepp, Chief Economist at CoreLogic, notes that current homeowners hold an average of about $315,000 in equity – roughly $129,000 more than they had at the start of the pandemic.
For you, this means that if you've been in your home for a while, you likely have substantial equity that can be applied toward the down payment on your next home, making the financial step-up more feasible.
If you're curious about your specific equity situation, consider reaching out to a real estate agent for a professional equity assessment to see how much purchasing power you’ve gained.
Mortgage Rates Have Decreased, Boosting Your Buying Power
Another compelling reason to consider moving now is the current trend of falling mortgage rates. Lower interest rates can make monthly payments more manageable, giving you greater purchasing power. Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains that lower rates reduce the interest portion of each payment, making mortgages that previously seemed out of reach more accessible.
With improved affordability, you have more flexibility to consider homes that might have previously been beyond your budget. Connecting with a trusted lender can help you explore options that fit comfortably within your financial plan.
Bottom Line
If you're ready to sell your home and move up to the larger, upgraded home you've envisioned, now may be an ideal time to make that happen. With substantial equity and favorable mortgage rates, you’re positioned to take advantage of these conditions to move into a home that better suits your lifestyle and needs.
Let’s connect to start planning your upgrade and help you maximize today’s market advantages.
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Broker Associate | License ID: BK3421812
+1(407) 361-6655 | antonio@homesellingflorida.com