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For many Americans, buying a home is the first taste of achieving part of the American dream. There’s a sense of pride that comes along with building your family’s wealth through your monthly mortgage payment.
It may seem hard to imagine that the first home you purchased (which made your initial dreams come true) might not be the house that will allow you to achieve the rest of your dreams. The good news is, it’s okay to admit your house no longer fits your needs.
According to CoreLogic, prices in the starter-home market have appreciated by 5.9% year-over-year. At the same time, inventory in this specific category closed 2019 with a 3.4-month supply (down from 3.9 months in December2018, which is the most recent data available). These two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.
This is great news if you own a starter home and are looking to move up to a larger home; the equity in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of buyers out there searching for the American dream, and your house may be exactly what they’re after.
If you’ve outgrown your starter home, let’s talk about market conditions in our area so we can make your move-up dreams come to life.