A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floor plans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need by upgrading their homes.
For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a larger home, and current low interest rates are making mortgage payments more affordable than they have been in years.
As the economy begins to rebound from COVID more broadly beyond housing, mortgage rates will increase once again. Every quarter-point increase in mortgage rates equates to a three percent increase in a homeowner’s monthly payment.
In addition to equity and low interest rates, factors such as historically low inventory make it a great time to sell your home and maximize your return, making it easier to upgrade your home.
Clearly, today’s strong gains in home equity paired with record-low interest rates and low inventory make fall a great time to move up into a new home that meets your changing needs.
If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need for upgrading your home.
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Realtor® | Real Estate Negotiation Specialist
Coldwell Banker Ref Real Estate