Are you clamoring for extra rooms or a more functional floorplan in your house? Maybe it’s time to make a move and purchase a bigger home.
Some organizations have allowed and planned to have its employees work remotely. Are you one of these people? Hence, you may need extra space for your home office or your overall needs may have simply changed. Either way, it’s a great time to sell your house and move up! Mortgage rates are in the buyer’s favor and higher-priced home sales are powering more moves across the country. With this momentum, sellers in today’s market are purchasing homes in the upper end of the housing market—their dream home.
With so few homes available for sale and high demand from today’s homebuyers, sellers are profiting in major ways this season. Bidding wars are gaining traction, driving up the sale price of more and more homes throughout the country. This means sellers are able to leverage extra cash from higher-priced sales while also taking advantage of today’s low mortgage rates when they purchase their next home. It’s the perfect scenario to move up into a true dream home.
According to the April Luxury Market Report from the Institute for Luxury Home Marketing:
“The Institute’s recent analysis of sales in 2020 for homes over 5,000 square feet support the continuing preference for larger homes. The analysis determined that there was a 17% increase in the number of 5,000+ sq ft homes sold when compared to the number of sales in 2019.
Luxury home prices continue to see record highs in the majority of affluent ex-urban communities, as the influence of being able to work from home is still driving buyers away from living in high density areas. Low interest rates also remain in play, allowing buyers to realize the affordability of owning a larger property, which further reinforces this trend.”
Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), also explains:
“The market is hot pretty much everywhere and across all price points . . . The only area where there is sufficient inventory is in $1 million-plus homes . . . .”
While this price range certainly doesn’t fit every budget, it may fit yours. If this range is in your reach this summer, let’s make moves sooner rather than later. Today, more homes are available in this segment of the market. However, as the report mentions, more buyers are investing here too and competition is heating up.
If you’re planning to sell your current home to move into a larger one, let’s connect today. We’ll discuss your current situation and the opportunities in our local market.