Over the past year, we have had many opportunities to reflect on what we consider most important in our lives. The place we call home is one of the biggest things many of us reevaluate. George Ratiu, Supreme Economist at realtor.com, shares:
“The very nature of the pandemic, through the health implications, social distancing and need to isolate, has really brought a central focus to the importance of home for most Americans … In a sense it has raised real estate as a centerpiece of our lives.”
For some, this has stimulated interest in moving to a home that is more suited to our changing needs. In recent study on the preferences of today’s home buyer, the National Association of Home Builders (NAHB) states:
“When asked more specifically how the pandemic may have affected their preference for home size…21% or about 1 in 5 buyers now want a bigger home as a direct result of the health crisis, while another segment – 12% – would prefer a smaller one instead. “
Although you may expect more time at home to lead to a need for more space, it is interesting that a significant portion of homeowners actually want less. For those who own larger homes now and want to move, today’s housing market is full opportunities. Danielle Hale, Chief Economist at realtor.com, explains:
“In a real estate market reversed in favor of sellers, housewives and older homeowners really own the cards …Those who sell homes can use the profits to help them buy new ones. “
As a homeowner today, you probably have equality that you can buy your next home. With the equity growth homes seen over the past year, you may have more than you think, which can help significantly as you move into your next home. According to a report the la National Association of Real Estate Agents (POMEGRANATE):
“Home sellers cited that they sold their homes for an average of $ 66,000 more than they bought it. Vendors aged 22 to 30 earned the lowest at $ 33,400 in equity compared to sellers aged 66 to 74 earned $ 100,000 in equity because they probably lived in their homes for a longer period of time. ”
Despite the benefits of increasing home equity, some homeowners are still hesitant to move and could consider remodeling or instead changing their current space. However, if you’ve been thinking about aging in place instead of downsizing, you may want to reconsider. La American Census Bureau shows:
“Of the nation’s 115 million homes, only 10% are willing to accommodate older populations. “
If your house is no longer suitable for your developing needs, the time may come to power your equity for you and reduce the house you really want.
Today’s housing market favors homeowners who are willing to sell their homes and move on. If you’re thinking about a reduction this year, let’s connect to discuss your options in our local market.
Content previously posted in Keep Current Things