Entry Level Homeowners Are In The Driver’s Seat

Share this:

One thing helping homeowners right now is price appreciation, especially in the entry-level market.

We are seeing this right here in Waxhaw and throughout the Charlotte area as homes priced in the $100,000s, $200,000s, and even $300,000s are selling quickly, often with multiple offers, and sometimes while they are “Coming Soon,” meaning before showings are allowed.

In the latest Home Price Insights report, CoreLogic reveals how home prices increased by 4% year-over-year and project prices will rise 5.2% by December 2020.

Why is this good news for the homeowners?

When prices appreciate, homeowners gain equity. In addition, those planning to sell this year, especially in the entry-level market, can potentially earn a substantial profit.

Dr. Frank Nothaft, Chief Economist at CoreLogic, says:

Moderately priced homes are in high demand and short supply, pushing up values…Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median.

As Dr. Nothaft indicates, the lack of inventory continues to drive home price growth. This means there’s a high demand for homes in this tier of the market, making it a great time to consider using your equity to move up to a bigger or more premium home.

When you upgrade your home, you may be able to find the amenities or features you’ve dreamed of – such as a larger yard for children, pets or gardening this Spring, or more outdoor space for entertaining this Summer.  Perhaps it’s the master bath you’ve always wanted, a nicer kitchen, or a 3-car garage.

Whatever you choose, if you’re moving out of an entry-level house, you’re likely going to be in the driver’s seat as a seller.

Bottom Line

If you’d like to own a bigger home, let’s get together to discuss your situation. You may be surprised by the current value of your home and the equity you’ve gained.

Visit my home valuation website, https://jgrappone.FreeHomeValues.net, for a free and instant home value estimate, and contact me directly to schedule an in-person home valuation property tour.

Share this: