Homes are some of the largest assets most Americans will invest in during their lifetimes. A thirty-year mortgage and a hefty down payment reflects the heavy investment in their new asset. Surprisingly, many of these homeowners will sell their homes in search for another, between five to seven years after the purchase of this long-term investment. Why are homeowners shedding their largest assets about as often as they change cars?
Aside from location, space is one of the greatest attributes when it comes to real estate. When most first time homebuyers start out, they typically purchase homes with less than the ideal count of 3 bedrooms and 2 bathrooms due to budgetary limits. Homeowners investing into a property they are bound to outgrow, purchase their homes foreshadowing the sale of these properties. Real estate is cyclical, meaning the cost of properties, like the stock market, tend to see moments of growth and recession. This uncertainty in the housing market can be troublesome for those hoping to sell their properties with a profit to utilize in the purchase of a larger, more expensive home.
The United States housing market has undergone a period of expansion since the housing market reset of 2008. The covid-19 pandemic added further fuel to the hot market as it caused a large upswing in demand for homes as the cost of borrowing money was reduced significantly. This increased demand and price made purchasing a new home for more space nearly impossible. Homeowners of starter homes would sell their properties at a large profit but find themselves outbid on a more practical purchase. Just as every market must come to an end, the buying frenzy of the early 2020s has begun to simmer down, but the market has not switched to the buyer’s market many had hoped for.
Moving into a larger home while selling a current residence is no easy feat, therefore, it is important to have the right person to guide you in the process. The current real estate market is a bit more normal than the covid market. Instead of bidding wars and high demand, buyers can take their time deciding on a property. Unfortunately, the price of borrowing money has increased dramatically, preventing many buyers from purchasing in the price range they had hoped for. In today’s market, it is important to work with the right real estate agent that is able to help you sell your starter home for the most possible and assist you in negotiating a great deal for your new purchase.
Villamar Real Estate & Investments is a local real estate agency focusing in all of Florida that specializes in helping clients negotiate the best deal. Florida, like most of the country, is experiencing a leveling of the housing market, which gives buyers an edge they lacked a few months prior. In addition to capitalizing on the buyer’s advantages on the purchasing side, Villamar Real Estate & Investments works to produce the highest return for the sale of your old home. If you are in Asheboro and realize your home lacks the space for your future, give Villamar Real Estate & Investments a call. Not only will they implement creative marketing strategies to sell your home for the most money, but they will also assist you in their expertise for negotiating a great purchase.