Have you been yearning for more space or a new location? Well, now may be the time to move forward and buy your dream home. The housing market surely is crazy right now, but it is providing the optimal formula for selling and upsizing your home!
High Demand for Houses
The first part of this optimal formula is that there is extremely high demand for houses right now, and few houses listed on the market. In addition, the price of lumber has risen; less people are building, which means more people are looking to purchase a home. Bidding wars have gained momentum, and this continues to raise the home’s sales price more and more. According to the Institute for Luxury Home Marketing, “there was a 17% increase in the number of 5,000+ sq ft homes sold when compared to the number of sales in 2019” and, “luxury home prices continue to see record highs”. Therefore, you can sell your current home and could make a significant profit right now!
Low Mortgage Rates
The second part of the equation is that mortgage rates are still at historical lows. FoxBusiness claimed mortgage rates are at a record low, stating, “averages for 15-year loans are down week-over-week and continue to mirror 10-year averages”. Many buyers are beginning to see the affordability of buying a larger property due to these rates, and this only continues the trend.
In addition, Lawrence Yun, Chief Economist for the National Association of Realtors, explained, “the only area where there is sufficient inventory is in the $1 million-plus homes.” This may not fit everyone’s budget, but if it does, you may want to make the move now.
What This Means for You
The housing market is hot, making selling your home very lucrative. In addition, upsizing to a larger home is more affordable with today’s low interest rates. If you have been wanting to buy a bigger home, now is the ideal time. Connect with us to discuss your upsizing options, and to get pre-approved.
