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If you've been thinking about selling your current home and upgrading to a bigger or nicer one, you're not alone. Many homeowners are driven by the desire for more space or a home that better suits their lifestyle.
But like many others, you might have been holding off because of recent market conditions. It's understandable—when you're considering a move that could increase your monthly housing costs, affordability plays a major role. However, there's good news: now is actually a great time to take that step forward. Here's why:
You’ve Likely Built Significant Equity in Your Home
One of the biggest advantages in today’s market is the equity you've likely built up over the years. Even with recent changes in the housing market, home prices have consistently grown, leading to higher equity for many homeowners. As CoreLogic’s Chief Economist, Selma Hepp, notes:
"Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic."
If you've been in your home for a few years, you’re probably sitting on substantial equity. You can use this toward the down payment on your next home, helping keep your borrowing within a comfortable range and making your upgrade more affordable.
Lower Mortgage Rates Can Increase Your Buying Power
Another key reason to consider upgrading now is that mortgage rates have recently fallen, giving you more purchasing power. Lower rates mean lower monthly payments and more flexibility when it comes to finding the home that fits your needs. Nadia Evangelou, Senior Economist at the National Association of Realtors (NAR), explains:
“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.”
A trusted Evergreen Home Loan Officer can help you explore your options and create a plan that works for your budget.
StepUp with Evergreen
If you're ready to sell your current home and upgrade to a larger, more comfortable space, now’s the perfect time. Your built-up equity, combined with lower mortgage rates, gives you an excellent opportunity to make that move. On top of these opportunities, Evergreen Home Loans has a program to magnify the benefits of upgrading now. With StepUp, you can purchase your next home before selling your current one, giving you control over your move and eliminating the pressure of contingent offers. With Evergreen’s StepUp, you can confidently take the next step toward your dream home!
Let Evergreen Home Loans guide you through the process, so you can make the most of today’s market. Connect with us today to get started!
Source: Keeping Current Matters
