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4 Reasons to Move Up to Your Dream Home this Spring

Monday, May 9, 2016   /   by Dan Malloy

4 Reasons to Move Up to Your Dream Home this Spring

Spring is in full force; the summer months are right around the corner. If you are debating moving up to your dream home, here are four great reasons to consider listing your current home and moving up to your dream home now, instead of waiting.


1. Buyer Demand is High & Inventory is Low


Recent numbers show that buyer demand is at the highest peak experienced in years, and inventory for sale is at a 4.5-month supply, which is still markedly lower than the 6 months needed for a historically normal market.


Demand in many markets is far exceeding the supply, and more properties in March sold in less than 30 days (42%) than in any month since last July.


Listing your home today can greatly increase exposure to buyers who are out in force and ready to act.


2. Prices Will Continue to Rise


CoreLogic recently released their latest Home Price Index in which they predict that national home values will appreciate by 5.3% by this time next year.


The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting for your current home’s value to increase before selling could price you out of your new home if you aren’t careful.


3. Mortgage Interest Rates Are Still Near Record Lows


Interest rates have remained below 4% for some time now and are substantially lower than the rate previous generations paid when getting a mortgage.


The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will rise over the next 12 months.


An increase in rates will impact YOUR monthly mortgage payment. Even an increase of half a percentage point can put a dent in your family’s net worth. Whether you are moving up or buying your first home, your housing expense will be more a year from now if a mortgage is necessary to purchase your home.


4. It’s Time to Move On with Your Life


The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait?


Look at the actual reason you are buying and decide whether it is worth waiting. Have you always wanted to live in a certain neighborhood? Would a climate change be just what the doctor ordered? Would you like to be closer to your family?


Bottom Line


If the right thing for you and your family is to move up to the home of your dreams this year, buying sooner rather than later could lead to substantial savings.

Malloy Home Team at Premier Brokers International
9123 N. Military Trail, Suite 104
Palm Beach Gardens, FL 33410
561-876-8135
561-370-5736

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All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.