Dreaming of a Bigger Home? Is This The Year?

Dated: June 3 2021

Views: 44

Dreaming of a Bigger Home? Why Not Buy It This Year?

Dreaming of a Bigger Home? Why Not Buy It This Year? | MyKCM

Are you clamoring for extra rooms or a more functional floorplan in your house? Maybe it’s time to make a move. If you’ll be able to work remotely for the long-term or your overall needs have simply changed, it’s a great time to sell your house and move up. Why? With mortgage rates in their favor and higher-priced home sales powering more moves across the country, sellers in today’s market are finding the space they need (and have always dreamed of) by purchasing a home in the upper end of the housing market.

With so few homes available for sale and high demand from today’s homebuyers, sellers are profiting in major ways this season. Bidding wars are gaining traction, driving up the sale price of more and more homes throughout the country. This means sellers are able to leverage extra cash from higher-priced sales while also taking advantage of today’s low mortgage rates when they purchase their next home. It’s the perfect scenario to move up into a true dream home. According to the April Luxury Market Report from the Institute for Luxury Home Marketing:

“The Institute’s recent analysis of sales in 2020 for homes over 5,000 square feet support the continuing preference for larger homes. The analysis determined that there was a 17% increase in the number of 5,000+ sq ft homes sold when compared to the number of sales in 2019.

Luxury home prices continue to see record highs in the majority of affluent ex-urban communities, as the influence of being able to work from home is still driving buyers away from living in high density areas. Low interest rates also remain in play, allowing buyers to realize the affordability of owning a larger property, which further reinforces this trend.”

Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), also explains:

“The market is hot pretty much everywhere and across all price points . . . The only area where there is sufficient inventory is in $1 million-plus homes . . . .”

While this price range certainly doesn’t fit every budget, if it’s in your reach this summer, you may want to make your move sooner rather than later. Today, more homes are available in this segment of the market, but as the report mentions, more buyers are investing here too, so competition may heat up sooner rather than later.

Bottom Line

If you’re planning to sell your current home to move into a larger one, let’s connect today. We’ll discuss your current situation and the opportunities in our local market.

Blog author image

Jason Shafor

Jason is a born and raised Flagstaff native. He has over 15 years of home building experience in Northern Arizona. Jason takes the same blue collar, hard working habits he developed and implements the....

Latest Blog Posts

The Missing Piece of the Affordability Equation

Housing Wealth: The Missing Piece of the Affordability EquationThe real estate market is soaring today. Residential home values are rising, and that’s a big win for homeowners. In 2020, there

Read More

Now Is The Time To Sell Your House!

Don’t Wait To Sell Your HouseWe’re in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing

Read More

Hope Is on the Horizon for Today's Housing Shortage

Hope Is on the Horizon for Today’s Housing ShortageThe major challenge in today’s housing market is that there are more buyers looking to purchase than there are homes available to buy.

Read More

The Right Real Estate Professional Will Guide You Through This Unprecedented Market

The Right Expert Will Guide You Through This Unprecedented MarketIn a normal market, it’s good to have an experienced guide coaching you through the process of buying or selling a home. That

Read More