It’s pretty clear that people who were planning on making their move in 2021 are pumping the breaks. What else can explain the limited inventory on Cape Cod and elsewhere, even though demand is at record levels? There are lines at open houses and multiple offers seem to be more the norm than exception.
Potential sellers may be concerned about the effects of the virus crisis. Or unemployment rates. Or wondering where they can move after selling their property. Or maybe the timing just doesn’t feel right.
But the question is: are they missing out on a great opportunity?
In today’s housing market, all eyes are on millennials. Not only are millennials the largest generation, they’re also currently between 25 and 40 years old. These are often considered prime home buying years when many people begin to form their own households and invest in real estate. Many millennials, who are spending more time at home these days, have also discovered a need for more space or upgraded features, making moving more desirable than ever.
“Older millennials will be trade-up buyers with many having owned their first homes long enough to see substantial equity gains.”
We recently worked with a couple, who fits this description. They bought their first home from Mari 10 years ago. (Pictured above.) A three bedroom. two bath Cape on a quiet cul de sac close to highway access to Boston and Providence, it was a perfect first home for them and the young couple who purchased it. We also helped Taylor and Brittany find a new, larger house with more land that better fit their lifestyle and business needs.
Even if you bought a home during the last few years, you may have more equity than you realize, and that’s a big factor to consider when you’re thinking about moving. According to the Homeowner Equity Insights Report from CoreLogic:
“In the third quarter of 2020, the average homeowner gained approximately $17,000 in equity during the past year. This marks the largest average equity gain since the first quarter of 2014.”
Whether you’re looking to upsize, downsize or move to that someday neighborhood, the growing equity you have in your current home can be the driver you’re looking for to fund your next move.
If you’ve put your plans on hold for whatever the reason, let’s connect to shed light on the equity you have in your current home and the opportunities it can create.
Don’t wish for it; go for it!
Mari and Hank