Is Now the Time to Move?
According to the latest Profile of Home Buyers and Sellers by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.
With today’s changing buyer needs, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families. Here’s why it might be a great time to make that happen.
Homeowners are earning much more equity today than they have before. According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,000 in equity. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize. Pair this with historically low interest rates, it sure seems like the right time to move on!
Ten years ago, we couldn’t have imagined a mortgage rate under 3%. Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan.
As a homeowner, you have a huge opportunity to move up right now. Whether you want to save more each month or get more home for your money based on your family’s changing needs, it’s a great time to reach out to a local real estate professional in your area. Of course, we are here to help!