Move Up Buyers, Should You Sell Your Starter Home Now?
Is now a good time to sell your starter home and become a move up buyer? Let’s review the real estate market from your home buyers’ perspective. Currently, many starter home buyers are running around searching for a starer home in low inventory real estate markets with rising prices across many states. According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month. Now, for those home sellers who also need to buy a home, a domino effect causes fear. Home sellers (selling a starter home) who are in turn move up buyers themselves, face the same problems that starter home buyers do. Low inventories and rising costs cause home sellers to worry that while they will sell their starter home without a problem, they may not find a new move up home.
Starter Home Sellers Should Not Fear Becoming Move Up Buyers.
Sell your home in today’s real estate market and become a move up buyer with no fear. First, if you are a move up buyer, especially a luxury or premium home move up buyer, there is actually more inventory available in these real estate markets. Ask your Agent for the current list before beginning to sell your starter home. We see more of these homes on the market and now may be a great time to negotiate a deal on a luxury home that you may not have previously realized you can be a move up buyer for. Also, due to the growing demand in today’s real estate market, builders are offering luxury new construction options for move up buyers. Don’t forget to ask your Agent about these as well.
Your family home is an investment. Perhaps the largest investment you will ever make. When you sell your starter home and become a move up buyer in an up market, your investment payoff is greater too. If homes are appreciating in your local real estate market at 5% annually, would you like to gain 5% on a home valued around $250,000 or on one valued around $400,000? Of course, when you look at home ownership from an investment standpoint, it makes more sense to own the pricier home and become a move up buyer. So whether you have a starter home to sell and you are a move up buyer, or if you need to relocate to a whole new area, there are plenty of options for you and your Agent to explore.
Asking your Agent to sell your home with a future closing date that matches your move up purchase date may help. Also, ask your Agent to check if your new purchase can be contingent upon the sale of your starter home. The right home buyers will wait for you to find your next home. Also, the sellers of your move up home might wait for you to sell your starter home if this is a win-win for all sides. These are additional ways to help make the transition of a move up buyer easier on you when you also need to sell your home.
The Real Estate Market for Move Up Buyers.
If you’re a move up buyer and need to sell your home, relax. Don’t let the fear of light inventory or rising prices of starter homes in your local real estate market keep you from becoming a move up buyer to the luxury real estate market. An experienced Agent makes the best guide to selling a starter home for move up buyers in today’s real estate market. A great place to begin your search for the right Agent is LocateMyAgent.com where top local Agents compete for your business and you get a rebate when using LocateMyAgent.com to introduce you to your Agent. If you are going to have both, a home purchase as a move up buyer and the sale of your starter home, you get two rebates (one for each real estate transaction). Real estate simplified.