Do you think it’s time to move to a bigger, nicer home?
A Bigger Nicer Home
Is it time to move to a bigger, nicer home? Has your income increased and you feel that a bigger home in a nicer neighborhood is now within your reach? If yes, it may be time to realize your dreams.
Short Supply
As with most commerce,the laws of supply and demand govern the real estate marketplace. Let’s start by examining the home you’re in now. There’s a lot demand for starter homes and moderate priced homes. This is because increased consumer confidence and a strong job market have brought many first time buyers into the market. After all, they realize that longer they wait to buy, the more difficult and more expensive it will be if they wait. We’re seeing that demand for these homes is causing the selling prices to increase. Multiple offers are being received by the sellers of these homes. In fact, bidding wars are not uncommon. Due to rising prices, you may find that you have substantial equity in your present home. And that equity could make a great down payment on that luxury home you’ve been dreaming of.
Less Demand
However, when you’re looking to purchase that bigger home, the reverse may also be true. There’s a substantial supply of larger homes on the market. This is caused by the baby boomers selling their large family homes as they move into the retirement communities. Due to this oversupply of homes, selling prices tend to either decrease or remain flat as opposed to the rest of the market. And quite often, the larger homes can be had at a discount. Many areas now have more luxury homes on the market than there are buyers.
Bottom Line
What we have a market where many buyers are looking to purchase smaller starter homes, and that includes condos. In addition, there are many sellers who are hoping that you’ll buy their home. If you’ve been thinking of upgrading to a larger, nicer home, does this sound like it’s a great time to do so?
Of course it’s a great time! Call us today to learn what the value of your current home may be.
Would you like to look at homes in other Monmouth County towns?