Wouldn’t it be nice if your house were bigger? What’s the harm in buying it once again this year?
Would you like to have more space in your home or a more functional floorplan? Taking action may be necessary. It’s a perfect time to sell your home and move up if you have a flexible schedule or if your general living needs have changed over the years. What is the reason?
With favorable mortgage rates, and higher-priced home sales pushing more transactions across the country, today’s sellers are getting the space they need (and have always wanted) with houses on the upper end of the housing market.
Since there are fewer homes for sale than there are buyers, and there is such significant demand from today’s homebuyers, sellers are making a killing this season. Bidding wars are becoming increasingly popular, driving up the price of more and more homes around the country.
This means that sellers can use the extra revenue from higher-priced sales to buy their next house while still taking advantage of today’s cheap mortgage rates. It’s the ideal setting for upgrading to a true dream home.
New research got released by the Institute for Luxury Home Marketing in April.
An analysis of 2020 sales of homes over 5,000 square feet conducted by The Institute supports the retention of that preference. Compared with the number of sales in 2019, a 17% increase in 5,000+ sq ft homes sold.
The luxury home market continues to see record highs in most ex-urban communities with affluent homebuyers because fewer buyers live in high-density areas due to working from home. Furthermore, low interest rates continue to make it more affordable for buyers to own more significant properties, which is helping to drive this trend.”.
According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), they also predict:
Market conditions are highly favorable across the board, and so is the price range across the board. A sufficient number of homes is only available in homes with a price tag of $1 million or more.
It might not be within everyone’s budget; nonetheless, if it’s within your budget this season, consider taking action as soon as possible. Although there are more properties on the market now, the research shows increased investor interest in the area, bringing more competition sooner rather than later.
If you plan to sell your current place, consider moving to a bigger and better space. Contact Metro Homes if you want to consider upgrading your home.
Discuss your current status and learn about the potential of your local market.