Did You Outgrow Your Home in 2020

By
Real Estate Broker/Owner with Dave Jones Realty, llc. 0789397

Did You Outgrow Your Home in 2020?

Did You Outgrow Your Home in 2020? | MyKCM

It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home.

Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house.

According to the latest Home Price Insights from CoreLogic, prices have appreciated 7.3% year-over-year. At the same time, the National Association of Realtors (NAR) reports that inventory has dropped 22% from one year ago.Did You Outgrow Your Home in 2020? | MyKCMThese two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a home and you’re thinking about selling. The equity in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of buyers out there searching for the American dream, and your home may be high on their wish list.

Bottom Line

If you think you’ve outgrown your current home, let’s connect to discuss local market conditions and determine if now is the best time for you to sell.

Comments (2)

Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Our hoe is  going just the other way.  My wife feels the need to start to downsize, and I point out the storage areas an ask what she wants to keep.  That always gives me a few extra years

Jan 11, 2021 10:38 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Dave while this is a great time to sell, there are challenges in purchasing for all the reasons you mentioned.  So those who are looking to upsize really need to talk to an experience professional Realtor to come up with the proper strategy to do so.

Jan 11, 2021 01:25 PM