If you’re considering selling your house to upgrade to a larger or more luxurious home, you’re in good company. Recent surveys indicate that the primary motivation for many homebuyers today is the desire for more space or an upgraded living environment.
Take Advantage of Your Equity
One of the significant advantages of today’s market is the equity you've likely accrued in your current home. Despite recent fluctuations in the housing landscape, national home prices have continued to rise, contributing to the equity homeowners possess.
What does this mean for you? If you've owned your home for several years, you may have accumulated a considerable amount of equity. This can be used as a down payment on your next property, helping to keep your mortgage amount manageable. If you’re unsure about how much equity you have, consider reaching out to your real estate agent for a professional equity assessment.
Falling Mortgage Rates Enhance Your Buying Power
Another compelling reason to consider moving now is the recent decline in mortgage rates. Lower rates can make your monthly payments more affordable, enhancing your purchasing power. According to Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors, this trend allows you more flexibility in your home search and may help you afford a property that previously seemed out of reach. A trusted lender can assist you in finding the best financial plan for your budget.
Conclusion
If you’re ready to sell your current home and upgrade to the more spacious or luxurious residence you’ve always wanted, the time is now. With substantial equity and lower mortgage rates, you are well-positioned to make that move.
To maximize your current market advantage and make informed decisions, collaborate with a reliable real estate professional who can assist you through every step of the homebuying journey.
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