How long have you lived in your current home? If it’s been a while, you may be thinking about moving. According to the Profile of Home Buyers and Sellers in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.
With today’s changing homebuyer needs, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families. Here’s why it might be a great time to make that happen.
The real estate market has changed in many ways over the past 10 years, and current homeowners are earning much more equity today than they used to have. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize.
Dialling back 10 years, many homeowners also locked in a fairly low mortgage rate. In 2010, the average rate was only 18%. This motivated homeowners to stay in their houses longer than usual to keep their rate low, rather than moving.
Ten years ago, we couldn’t have imagined a mortgage rate under 13%. Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan.
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’s a great time to reach out to our real estate Regional Sales Experts. 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.