Many people are spending more time at home, which might mean they need more space or upgraded features.
If this sounds familiar, you may be considering moving to a bigger home. Whether you want to buy a bigger home or are hoping to buy your first, today presents a very desirable opportunity to do so.
If you have owned your home for a while now, you’ve likely built up substantial equity that you can use to buy your next home. Even if it’s only been a few years since you purchased your home, you may have more equity than you think.
The amount of equity your home has is a major factor in deciding whether to move or not. Most homeowners saw an increase in equity of about $17,000, according to the Homeowner Equity Insights Report.
Equity Is The Driver for Most Homeowners
Equity is the number one driver for homeowners considering buying a bigger home. Any equity you currently have can be used as a down payment on another property. Furthermore, this year is seeing some of the lowest mortgage interest rates in years. This combined with equity makes for an optimal time to buy that bigger home you’ve been considering.
If you’re thinking about moving to a bigger home, contact a real estate agent to learn more about the equity you already have and how it can help you reach your homeownership dreams.