Is It Time to Move On From Your Current Home?

Embracing a Move

According to the National Association of Realtors’ most recent House Buyers and Sellers Generational Trends Report, the typical person has lived in their present house for ten years; as you reflect on your time in your house, It doesn't have to be your lifelong home, even if that was your original intention. Life changes as we grow and evolve, and we adapt.

Why People Move

According to a recent Realtor.com survey, a third of those who want to sell their houses and move in 2023 are doing so because their current property no longer fits their needs. According to NAR, the top-selling reasons this year are:

Job Transition

Proximity to family and friends

Retirement related moves

Excessive or inadequate living space

Downsizing versus Upsizing

Why are sellers hesitant about selling?

Many home sellers had locked in lower mortgage rates when mortgage rates were lower. Since many homeowners now have reduced mortgage rates, they are reluctant to move, which reduces the amount of inventory that is readily accessible—maintaining upward pressure on home prices. However, demand is still high, surpassing supply.  Houses being listed at fair market prices, in good shape, are selling quickly; this creates an ideal climate for sellers. Don't miss this chance to profit from a strong home seller’s market!

You can use the equity you obtain from selling your house to help fund the purchase of your new home. According to the NAR research noted earlier, 38% of recent purchasers utilized the money from the sale of their prior home to pay for the down payment on their new home. 

The number of new listings in 2023 is still at a record low, and the active housing inventory has decreased. Purchase application data witnessed a weekly gain of 8%, while September 2022's reduction is responsible for the year-over-year decline. 

Before committing to your current property, consult us to determine your available equity and options in the current housing market.

Conclusion

With low inventory levels and high demand, now may be the perfect time to leverage the equity from your existing property to fund your next dream home. Our team of experts is here to guide you through this process and ensure a smooth transition. So, don't hesitate to explore your options and take advantage of the market conditions to fulfill your ever-changing life goals and aspirations.