{"id":5107,"date":"2024-10-07T10:30:00","date_gmt":"2024-10-07T10:30:00","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2024\/10\/07\/nows-the-time-to-upgrade-to-your-dream-home\/"},"modified":"2024-10-07T10:30:00","modified_gmt":"2024-10-07T10:30:00","slug":"nows-the-time-to-upgrade-to-your-dream-home","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2024\/10\/07\/nows-the-time-to-upgrade-to-your-dream-home\/","title":{"rendered":"Now\u2019s the Time To Upgrade to Your Dream Home"},"content":{"rendered":"\n
\"Now\u2019s\n

If you\u2019ve been wanting to sell your house and move up to a bigger or nicer home, you\u2019re not alone. A recent Inman<\/em> survey<\/a> reveals the top motivator for today\u2019s homebuyers<\/a> is the desire for more space or an upgraded home (see graph below<\/em>):<\/p>\n

\"No<\/a>But there\u2019s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges<\/a>. It makes sense \u2013 when you\u2019re planning an upgrade that could increase your monthly housing costs, affordability<\/a> has a huge impact on when you make your move. But there\u2019s good news: now\u2019s actually a great time<\/a> to make that move<\/a> happen. Here\u2019s why.<\/p>\n

You Have a Lot of Equity To Leverage<\/strong><\/h4>\n

One of the key benefits in today\u2019s market is the amount of equity<\/a> you\u2019ve likely built up in your current house over the years. Even with recent shifts in the housing market<\/a>, national home prices<\/a> have steadily grown, adding to the equity homeowners have today. Selma Hepp, Chief Economist at CoreLogic<\/em>, explains<\/a> it well:<\/p>\n

\u201c<\/em>Persistent home price growth has continued to fuel home equity gains for existing<\/em><\/strong> <\/em>homeowners who now average about $315,000 in equity<\/em><\/strong> and almost $129,000 more than at the onset of the pandemic.\u201d<\/em><\/p><\/blockquote>\n

What does that mean for you? If you\u2019ve been in your home for a few years, you\u2019re probably sitting on a significant amount of equity. You can put that toward the down payment on your next home, helping keep the amount you borrow within a comfortable range.<\/p>\n

This can make upgrading more achievable than you might think. If you\u2019re curious how much you\u2019ve built up over the years, ask your real estate agent for a professional equity assessment.<\/p>\n

Mortgage Rates Have Fallen, Boosting Your Purchasing Power<\/strong><\/h4>\n

And there\u2019s another big reason why now\u2019s a great time to make your move: mortgage rates<\/a> are trending down. Lower rates can help make your future monthly payments more manageable, and they also increase your purchasing power<\/a>. As Nadia Evangelou<\/em>, Senior Economist and Director of Real Estate Research at the National Association of Realtors<\/em> (NAR), points out<\/a>:<\/p>\n

\u201cWhen mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.\u201d<\/em><\/p><\/blockquote>\n

That gives you more flexibility when shopping for homes and may allow you to afford a house at a price point that was previously out of reach. A trusted lender can work with you to figure out the best plan for your budget<\/a>.<\/p>\n

Bottom Line<\/h3>\n

If you\u2019re ready to sell your current home and find the bigger, nicer home you\u2019ve been dreaming of, don\u2019t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today.<\/p>\n

To make the best decisions and get the most out of your current market advantage, work with a trusted real estate professional who can guide you through every step of the homebuying process.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"

If you\u2019ve been wanting to sell your house and move up to a bigger or nicer home, you\u2019re not alone. A recent Inman survey reveals the top motivator for today\u2019s homebuyers is the desire for more space or an upgraded home (see graph below): But there\u2019s also a good chance you, like many other people, […]<\/p>\n","protected":false},"author":1,"featured_media":5108,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-5107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2024\/10\/20241007-Now-s-the-Time-To-Upgrade-to-Your-Dream-Home-original.png?fit=750%2C410&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdz2Zu-1kn","_links":{"self":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/5107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/comments?post=5107"}],"version-history":[{"count":0,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/5107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media\/5108"}],"wp:attachment":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media?parent=5107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/categories?post=5107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/tags?post=5107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}