Hire a Professional!HomebuyersLuxury HomesMoney TalkNew Build October 10, 2024

Now’s the Time To Upgrade to Your Dream Home

If you’re thinking about selling your home and upgrading to a larger or more luxurious property in the Cincinnati or Northern Kentucky area, you’re not alone. A recent Inman survey reveals that the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):

No Caption Received

However, like many others, you may have been delaying this decision due to the recent market challenges. It’s understandable—when upgrading to a bigger home that could increase your monthly housing expenses, affordability becomes a key factor. But there’s good news: now is actually a prime time to make your move. Here’s why.

**You Have Significant Equity to Leverage**

One of the biggest advantages in today’s real estate market, particularly in regions like Cincinnati and Northern Kentucky, is the equity homeowners have built in their current properties. Despite fluctuations in the housing market, national home prices have continued to appreciate steadily, adding to the equity you may have. Selma Hepp, Chief Economist at CoreLogic, puts it simply:

“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity, and almost $129,000 more than at the onset of the pandemic.”

For you, this means if you’ve been in your home for several years, you’re likely sitting on substantial equity that can be used as a down payment on your next home, making your upgrade more financially feasible. If you’re curious about your exact equity, reach out to a real estate agent in the Cincinnati or Northern Kentucky area for a professional assessment.

**Falling Mortgage Rates Increase Your Purchasing Power**

Another reason why now is a great time to upgrade is the trend in falling mortgage rates. Lower rates not only make your future monthly payments more affordable but also boost your purchasing power. Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:

“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.”

This increase in purchasing power can be a game-changer when shopping for homes in sought-after areas like Cincinnati’s neighborhoods or Northern Kentucky communities, where prices might have felt out of reach before. Consult with a trusted local lender to see how the current rates could work to your advantage.

**Bottom Line**

If you’re ready to sell your home in the Cincinnati or Northern Kentucky real estate market and move into the larger, nicer home you’ve been dreaming of, now is the time. With your accumulated equity and today’s lower mortgage rates, you’re in an excellent position to make the most of the current market conditions.

Partner with a trusted real estate professional in the Cincinnati and Northern Kentucky area who can guide you through the home-selling and buying process, ensuring you make the best financial decisions every step of the way.