Now’s the Time To Upgrade to Your Dream Home

If you’ve been thinking about selling your house and moving up to a bigger or nicer home, you’re not alone. According to a recent Inman survey, many homebuyers today are motivated by the desire for more space or an upgraded home. But with recent market challenges, you might be wondering if now is the right time to make your move. The good news? It is! Here's why upgrading to your dream home today is more achievable than you might think.

You Have a Lot of Equity To Leverage

One of the biggest advantages for homeowners right now is the significant amount of equity you’ve likely built up in your current home. Even with market shifts, home prices have been steadily rising over the past few years, increasing homeowner equity. As 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.”

This means that if you’ve been in your home for a few years, you may have built up substantial equity, which can be used as a significant down payment on your next home. This extra financial cushion can help keep your new mortgage more affordable, even if you’re moving into a larger or more luxurious home.

If you’re curious about how much equity you’ve gained, reach out to a real estate professional for a personalized equity assessment.

Mortgage Rates Have Fallen, Boosting Your Purchasing Power

Another reason why now is a great time to upgrade: mortgage rates have been trending down. This can have a huge impact on your purchasing power and the affordability of your next home. Lower interest rates mean lower monthly payments, which can make it easier to afford a more expensive home than you may have previously thought possible. As Nadia Evangelou, Senior Economist at the National Association of Realtors (NAR), puts it:

“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.”

This means you can explore homes at higher price points while keeping your monthly payments within your budget. Working with a trusted lender can help you understand your options and take advantage of lower rates.

Bottom Line

If you’ve been dreaming of upgrading to a bigger or more luxurious home, now is the time to make it happen. With the equity you’ve built in your current home and falling mortgage rates, you’re in a strong position to turn that dream into a reality. Don’t wait – take advantage of today’s market conditions and get the expert guidance you need to make your move.

Let’s connect so you can make the most of your current equity and explore your options for upgrading to your dream home!