If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home.
But there’s also a good chance you have been holding off on that goal because of recent market challenges. It makes sense – when you are planning an upgrade that could increase your monthly housing cost, affordability has a huge impact. But there’s good news: now’s actually a great time to make that move happen. Here’s why:
You Have a Lot of Equity To Leverage
One of the key benefits in today’s market is the amount of equity you’ve likely built up in your current house over the years. Even with recent shifts in the housing market, national home prices have steadily grown.
What does that mean for you? If you’ve been in your home for a few years, you are probably sitting on a significant amount of equity. You can put that toward the down payment on your next home. This helps keep the amount you borrow within a comfortable range.
This can make upgrading more achievable than you might think. If you’re curious how much you’ve built up over the years, ask me for a professional equity assessment.
Mortgage Rates Have Fallen, Boosting Your Purchasing Power
And there’s another big reason why now is a great time to make your move. Mortgage rates are trending down. Lower rates can help make your future monthly payments more manageable, and they also increase your purchasing power.
That gives you more flexibility when shopping for homes and may allow you to afford a house at a price point that was previously out of reach.