{"id":6037,"date":"2024-10-07T05:30:00","date_gmt":"2024-10-07T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/nows-the-time-to-upgrade-to-your-dream-home\/"},"modified":"2024-10-07T05:30:00","modified_gmt":"2024-10-07T10:30:00","slug":"nows-the-time-to-upgrade-to-your-dream-home","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/nows-the-time-to-upgrade-to-your-dream-home\/","title":{"rendered":"Now\u2019s the Time To Upgrade to Your Dream Home"},"content":{"rendered":"

\"Now\u2019s<\/p>\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

Source: New feed<\/p>\n","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":6038,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_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":[1],"tags":[54],"class_list":{"0":"post-6037","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"\nNow\u2019s the Time To Upgrade to Your Dream Home—NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/nows-the-time-to-upgrade-to-your-dream-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Now\u2019s the Time To Upgrade to Your Dream Home—NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"If you\u2019ve been wanting to sell your house and move up to a bigger or nicer home, you\u2019re not alone. 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