Have You Outgrown Your Starter Home?
For several Americans, buying their first home is their first big step of achieving part of the American Dream. There is a sense of pride that comes along with owning your own home and building your family’s wealth through making your monthly mortgage payment.
It may seem difficult to imagine that the first home you purchased, which made your dreams come true, may not be the home that will allow you to achieve the rest of the dreams that you have in store. The great news is that it’s okay to admit that your home no longer fits your needs. Things can change over time and you may need a different home to accommodate you.
According to CoreLogic’s recent Home Price Index, prices in the starter home market have appreciated faster than any other category over the last year at 9.4%. At the same time, inventory in this category has dropped 14.2%. These two stats are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.
This is good news if you own a starter home and are looking to trade up to a larger home as the equity you have in your home has risen as prices have continued to increase. Even better is the fact that there is a large pool of buyers out there searching for your starter home to help them achieve their American Dream.
The bottom line is if it has come to be time where you have outgrown your starter home, contact a local real estate professional such as myself who can explain the market conditions in your area and help you find your next home. You may be pleasantly surprised with what your home’s value has matured to!
If you are interested in searching for your next home or if you want to know the present value of your home, please contact me and I would be happy to assist you.