If you have been considering a move up or buy your first-time home, consider this the optimal time to make the investment! While today’s homeowners have been staying in their homes longer, equity has been building, and when equity grows, selling a house becomes increasingly desirable. This equity can now be applied forward to the purchase of a new home.
According to Q2 2020 U.S. Home Sales Report:
“The latest figure, based on median purchaser and resale prices, marked yet another peak level of raw profits in the United States since the housing market began recovering from the Great Recession in 2012.”
With the “work-from-home” opportunities presented since the beginning of the pandemic, you might have been taking a looser look at how well your present home fulfills your new needs going forward. Additionally, those with kids who are faced with distance learning for this 2020-2021 school year, have to figure out extra space for undistracted school work to be done.
Many California homeowners are considering accessing the equity in their homes to make a move to a home that better accommodates their new circumstances.
This need for more appropriate living conditions has spawned a group of buyers who are not just talking about looking for a new home, they are actively engaged in the buying process. The Covid-19 crisis and the record low mortgage rates have converted some prospective buyers into active buyers. Millennials are driving this market rush according to Keeping Current Matters:
“Of Millennials planning a home purchase in the next year, 57% are actively searching for a home.”
Especially here in the North Bay, we have seen a growing number of interested buyers looking for a simpler, quieter way of life which offers more more affordable housing than the South Bay or San Francisco.
Bottom Line: If you have considered taking advantage of your built-up equity and wish to improve your present living arrangements now that you are spending more time at home, this is the time to sell.
If you need a fast close or are just shy of qualifying for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099. We have helped thousands of buyers just like you for over 32 years.