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

Dated: June 3 2021

Views: 262

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

Beth Ross

Having moved to SC from CA in 2005 I have found this was the best decision I could have ever made. I love the areas of the Grand Strand and Pee Dee and find new places to explore every day. I was a ....

Latest Blog Posts

Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes

Surprising Shift Favors Homeowners: Buyers Now Prefer Existing HomesIn April, the National Association of Home Builders (NAHB) posted an article, Home Buyers’ Preferences Shift

Read More

Why This Isn’t Your Typical Summer Housing Market

In real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. As the

Read More

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

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

Read More

An Open Letter to Sellers in this Crazy Market

sharing this from an appraiser I follow as it's what I am telling sellers at this time... I encourage you to follow him too you can do that at then end of the post!Dear Sellers,How are things? I

Read More