Now’s the Time To Upgrade to Your Dream Home in Chattanooga, Tennessee!
If you’ve been dreaming about selling your current house and upgrading to a bigger or more luxurious home, you’re not alone. According to a recent Inman survey, the top motivation for homebuyers today is the desire for more space and upgraded features.
However, like many others, you may have been holding off on this goal due to recent market challenges. It makes sense – upgrading to a dream home often means an increase in monthly costs, so timing is key to affordability. But here’s the good news: now is actually a fantastic time to take that leap. Here’s why:
Leverage Your Home Equity
One of the biggest advantages in today’s market is the amount of equity you’ve likely built up in your current home. Despite market fluctuations, national home prices have continued to rise, which means homeowners are sitting on more equity than ever. As Selma Hepp, Chief Economist at CoreLogic, puts it:
“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.”
What does this mean for you? If you’ve been in your home for several years, you may be sitting on a significant amount of equity. This can be used toward a down payment on your next home, potentially making your monthly payments more manageable. Curious to see how much equity you’ve built up? Contact a real estate agent for a professional equity assessment.
Lower Mortgage Rates = Increased Purchasing Power
Another key reason why now is a great time to move up is that mortgage rates are trending down. Lower interest rates make monthly payments more affordable and can increase your purchasing power. Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors, explains it well:
“When 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.”
With lower rates, you have more flexibility to explore homes that may have previously been out of reach. A trusted lender can help you find the best financing option for your budget and goals.
Bottom Line
If you’re ready to sell your current home and upgrade to the home you’ve always wanted, there’s no need to wait. The combination of built-up equity and falling mortgage rates means you’re in an ideal position to make a move now.
Let Lawrence Team Homes guide you through every step of the buying process, ensuring you make the best decisions and get the most out of today’s market. Reach out to us today, and let’s make your dream home in Chattanooga a reality!
