Now’s the Perfect Time To Upgrade to Your Dream Home

Now’s the Perfect Time To Upgrade to Your Dream Home

If you’re considering a move to a larger or more upgraded home, now could be the ideal time to take the leap. According to a recent Inman survey, the desire for more space or an improved home is a leading motivator for today’s buyers. (See graph below)

Here’s why you should consider making your move now:

1. Leverage Your Equity: With home prices steadily increasing, many homeowners have accumulated substantial equity. You can use this equity to boost your down payment, making an upgrade more financially feasible. Selma Hepp, Chief Economist at CoreLogic, explains:
   “Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.”
2. Take Advantage of Lower Mortgage Rates: Mortgage rates have recently dropped, boosting your purchasing power. Lower rates reduce your monthly payment, making it easier to afford a higher-priced home. Nadia Evangelou, Senior Economist at NAR, highlights:
   “When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment.”

Bottom Line

With strong equity gains and favorable mortgage rates, now is an excellent time to move up to your dream home. Partner with a trusted real estate agent to explore your options and maximize the current market benefits.