Entry-Level Homeowners Are in the Driver’s Seat - Great Time To Buy

Dated: February 26 2020

Views: 149

Entry-Level Homeowners Are in the Driver’s Seat | MyKCM

One thing helping homeowners right now is price appreciation, especially in the entry-level market. In the latest Home Price Insights report, CoreLogic reveals how home prices increased by 4% year-over-year and projects prices will rise 5.2% by December 2020.

Why is this good news for the homeowners? 

When prices appreciate, homeowners gain equity. In addition, those planning to sell this year, especially in the entry-level market, can potentially earn a substantial profit.

Dr. Frank Nothaft, Chief Economist at CoreLogic, says:

“Moderately priced homes are in high demand and short supply, pushing up values…Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median.”

As Dr. Nothaft indicates, the lack of inventory continues to drive home price growth. This means there’s a high demand for homes in this tier of the market, making it a great time to consider using your equity to move up to a bigger or more premium home.

When you upgrade your home, you may be able to find the amenities or features you’ve dreamed of – such as a yard to plant or garden in with your family this spring, or more outdoor space for entertaining this summer. Maybe it’s the master bath you’ve always hoped for, or a garage to finally park your car inside.

Whatever you choose, if you’re moving out of an entry-level house, you’re likely going to be in the driver’s seat as a seller.

Bottom Line

If you’d like to own a bigger home, let’s get together to discuss your situation. You may be surprised by the current value of your home and the equity you’ve gained.

Blog author image

Sheri Edwards

I am a Texas Native that is happy to be back in God's country after 8 years out of state. I have three boys, an amazing husband, and two crazy golden doodles. My passion is making a difference in th....

Latest Blog Posts

The Do’s and Don’ts of Buying Vacant Land

Building a custom home is hard work that is rewarded when you move into the home of your dreams. The first step is finding the perfect lot to build on. Before you purchase a lot to build on, be

Read More

8 Ways to Make Buyers Fall in Love with Your Home!!

We all want people to love our home as much as we do, but especially when you are trying to sell it! While it’s impossible to please every buyers’ taste, there are several easy things

Read More

What Does 2021 Have in Store for Home Values???

According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the

Read More

Learn The 4 Reasons People Are Buying Homes in 2021

According to many experts, the real estate market is expected to continue growing in 2021, and it’s largely driven by the lasting impact the pandemic is having on our lifestyles. As many

Read More