Is It Time to Invest in Your Dream Home by Acadian Homes?
The housing market struggles to keep up with demand as the scarcity of houses for sale has fostered a backlog of buyers. With so many motivated buyers, house hunting, you often end up with multiple bids on the same place, triggering a price increase. When combined with other factors, this backlog has created a “Seller’s Market.”
Who Are the Homebuyers?
Millennials constitute more than a third of today’s homebuyers. Many are getting married and having children making it appealing to move forward with their first home. Others have growing families and are looking for a larger home to meet their needs. Interest rates are still at all-time lows giving renters the incentive to buy as well.
After sheltering in place, many owners have re-evaluated their needs in a home, including size, amenities, and location. Another motivated buyer has decided to move away from city life, making coastal Mississippi, the Secret Coast, an ideal place for homebuyers.
What Does It Mean for Homeowners?
If you have lived in your current residence for five or more years, it may be a fantastic time to sell and build your dream home. There is a shortage of houses for first-time homebuyers. If you are looking to upsize, your current house may be the perfect fit for those just getting into the real estate market. Were you considering downsizing? Families looking for more space after being cooped up during lockdown may find your house to be just right.
According to CoreLogic, homeowners gained more than $1.5 trillion in equity in 2020. The number of mortgages in negative equity fell by 21% in the fourth quarter of 2020 and the average annual equity gain of $26,300 per homeowner was the highest since 2013. People who owned their homes for 5-14 years sold them last year for approximately $50,000-$80,000 more than their original purchase price. Those who lived in their homes for 16-20 years before selling earned an average profit of $85,000.
If you have dreamed of building a new home that suits your family’s needs, now may be a perfect time. Use the equity gained in your existing residence towards a new home. Many homebuyers are seeking a home today; yours may be just what they are looking for.
Contact Susan Siemiontkowski, our New Home Specialist, to get started on our new home journey today. 228-239-2621
This post was written by Acadian Homes