If you’ve been thinking about upsizing or moving into a bigger, nicer, more expensive home now may be the time to move.
The housing market is not a single entity. The market is divided by a number of factors. There are categories like a starter home, luxury, or vacation homes. Homes can be turn key or fixer uppers. The market is also broken down by price range and the market for different price ranges can vary widely.
Take today’s market. Homes in the under $300,000 category are moving quickly. Demand is outpacing supply and there is only a few months worth of inventory. It’s a seller’s market with houses selling fast, prices are increasing and competition can be fierce.
But homes above $300,000?
Not so much.
There is less demand for homes above $300,000. There is also more inventory and less competition. It’s more of a buyer’s market.
If you are currently living in a home worth less than $300,000 and have a desire to live in a home worth $300,000 or more you could sell your current home in a seller’s market and move up to something bigger or nicer or in a different location in a buyer’s market.
Rates are still low, making a potential move more attractive. After an initial rise, following the Presidential election and the transition to a new administration, rates have dipped to pre-election levels.
If you’ve been contemplating moving up this might be the market for you.
For more information contact Aaron Walker or Jay Rapson at Aaron Lending, LLC.