Now’s the Time To Upgrade to Your Dream Home

<article class="post-1222861 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1222861"><span class="entry-date">October 7, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Now’s the Time To Upgrade to Your Dream Home</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Now%E2%80%99s+the+Time+To+Upgrade+to+Your+Dream+Home&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fnows-the-time-to-upgrade-to-your-dream-home%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/nows-the-time-to-upgrade-to-your-dream-home/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fnows-the-time-to-upgrade-to-your-dream-home%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fnows-the-time-to-upgrade-to-your-dream-home%2F&amp;description=Now%E2%80%99s+the+Time+To+Upgrade+to+Your+Dream+Home" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/nows-the-time-to-upgrade-to-your-dream-home/?shareSlug%3Dnows-the-time-to-upgrade-to-your-dream-home" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: Now’s the Time To Upgrade to Your Dream Home&amp;body=Now’s the Time To Upgrade to Your Dream Home%0D%0Dhttps://gilliggroup.com/blog/nows-the-time-to-upgrade-to-your-dream-home/" target="_blank"><span class="force-hidden">Email</span></a>
</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Now’s the Time To Upgrade to Your Dream Home Simplifying The Market" decoding="async" loading="lazy" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241003/20241007-Now-s-the-Time-To-Upgrade-to-Your-Dream-Home-original.png" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent <em>Inman</em> <a href="https://www.inman.com/2024/08/23/big-life-moments-arent-only-factor-driving-homebuyers-in-2024-poll/" rel="noopener noreferrer" target="_blank">survey</a> reveals the top motivator for today’s <a href="https://www.simplifyingthemarket.com/2024/09/27/buy-now-or-wait-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">homebuyers</a> is the desire for more space or an upgraded home (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241003/20241007-Whats-Motivating-Buyers-original.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20241003/20241007-Whats-Motivating-Buyers-original.png"/></a>But there’s also a good chance you, like many other people, have been holding off on that goal because of recent <a href="https://www.simplifyingthemarket.com/2024/08/26/what-mortgage-rate-are-you-waiting-for/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">market challenges</a>. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, <a href="https://www.simplifyingthemarket.com/2024/08/26/what-mortgage-rate-are-you-waiting-for/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">affordability</a> has a huge impact on when you make your move. But there’s good news: now’s actually a <a href="https://www.simplifyingthemarket.com/2024/10/01/this-is-the-sweet-spot-homebuyers-have-been-waiting-for/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">great time</a> to make that <a href="https://www.simplifyingthemarket.com/2024/09/25/why-buying-now-may-be-worth-it-in-the-long-run/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">move</a> happen. Here’s why.</p>
<h4><strong>You Have a Lot of Equity To Leverage</strong></h4>
<p>One of the key benefits in today’s market is the amount of <a href="https://www.simplifyingthemarket.com/2024/09/09/the-surprising-amount-of-home-equity-youve-gained-over-the-years/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">equity</a> you’ve likely built up in your current house over the years. Even with recent shifts in the <a href="https://www.simplifyingthemarket.com/2024/09/06/early-forecasts-for-the-2025-housing-market-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">housing market</a>, national <a href="https://www.simplifyingthemarket.com/2024/10/03/home-values-rise-even-as-median-prices-fall/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home prices</a> have steadily grown, adding to the equity homeowners have today. Selma Hepp, Chief Economist at <em>CoreLogic</em>, <a href="https://www.corelogic.com/intelligence/home-equity-report-q2-2024/" rel="noopener noreferrer" target="_blank">explains</a> it well:</p>
<blockquote><p><em>“</em><strong><em>Persistent home price growth has continued to fuel home equity gains for existing</em></strong><em> </em><strong><em>homeowners who now average about $315,000 in equity</em></strong><em> and almost $129,000 more than at the onset of the pandemic.”</em></p></blockquote>
<p>What does that mean for you? If you’ve been in your home for a few years, you’re 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>
<p>This can make upgrading more achievable than you might think. If you’re curious how much you’ve built up over the years, ask your real estate agent for a professional equity assessment.</p>
<h4><strong>Mortgage Rates Have Fallen, Boosting Your Purchasing Power</strong></h4>
<p>And there’s another big reason why now’s a great time to make your move: <a href="https://www.simplifyingthemarket.com/2024/09/17/mortgage-rates-drop-to-lowest-level-in-over-a-year-and-a-half/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">mortgage rates</a> are trending down. Lower rates can help make your future monthly payments more manageable, and they also increase your <a href="https://www.simplifyingthemarket.com/2024/09/20/lower-mortgage-rates-boost-your-buying-power-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">purchasing power</a>. As <em>Nadia Evangelou</em>, Senior Economist and Director of Real Estate Research at the <em>National Association of Realtors</em> (NAR), <a href="https://www.nar.realtor/blogs/economists-outlook/the-upcoming-rate-cut-5-things-homebuyers-should-consider" rel="noopener noreferrer" target="_blank">points out</a>:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<p>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 <a href="https://www.simplifyingthemarket.com/2024/09/10/why-pre-approval-should-be-at-the-top-of-your-homebuying-to-do-list/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">budget</a>.</p>
<h3>Bottom Line</h3>
<p>If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today.</p>
<p>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>
</div>
</div></article>