Is Now a Good Time to Move?

 Is Now a Good Time to Move?

How long have you lived in your current home? If it has been a while, you may be thinking about moving…

According to the latest Profile of Home Buyers and Seller by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That is a lot of time to be in one place considering that the average length time homeowners used to stay put was closer to 6 years!

With how the homebuyer needs have been changing recently, especially with how the current health crisis has altered our daily lifestyles, many homeowners are rethinking where they are standing right now and considering if they should move to a home with more space for their families. We explain why it might be a great time to make that change!

The real estate market has changed a lot in the past 10 years, and current homeowners are earning much more equity today than they used to have. According to CoreLogic, in the first quarter of 2020, the average homeowner gained around $9,600 in equity. If you are considering on selling your house right now, you may have accumulated more equity to put toward a move than you realize! CONTACT US if you would like to learn more!

Going back 10 years, many homeowners also locked in a low mortgage rate. In 2010, the average rate was only 4.09%. This motivated homeowners to stay in their homes longer than usual to keep their rate low, rather than moving. Just a few days ago, however, mortgage rates hit a new historic low rate at 2.86%.

Ten years ago, we could not have imagined a mortgage rate under 3%. Looking at the math today, making a move into a new home, and looking at a significantly lower rate than you have now, could save you greatly monthly, and over the life of your loan.

In the bottom line… 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 is a great time to connect to discuss the market in our area. Buyers are actively looking for more homes to buy, and you can win big by making a move if the time is right for you.