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Entry-Level Homeowners Are in the Driver’s Seat

Tuesday, February 25, 2020   /   by DeeDee Meyers

Entry-Level Homeowners Are in the Driver’s Seat


Entry-Level Homeowners Are in the Driver’s Seat



 



One thing helping homeowners right now is price appreciation, especially in the entry-level market. In the latest Home Price Insights report, CoreLogic reveals how home prices increased by 4% year-over-year and projects 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 yard to plant or garden in with your family this spring, or more outdoor space for entertaining this summer. Maybe it’s the master bath you’ve always hoped for, or a garage to finally park your car inside.



 



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.


  #ken couture, #yourhomesoldguaranteed, #mortgage