If you’re looking to sell your home and upgrade to a larger or more appealing place, you’re in good company. According to a recent survey by Inman, the main reason many buyers today are making a move is because they want more space or a better quality home.

You might be one of many who have been putting off your goal due to recent challenges in the market. That’s understandable—when you’re considering an upgrade that could raise your monthly housing expenses, affordability plays a big role in your timing. However, there’s some encouraging news: now may be the perfect time to make that move. Here’s why.

One of the major advantages in today's market is the equity you've probably built up in your home over the years. Despite recent changes in the housing market, national home prices have been consistently rising, which has contributed to the equity that homeowners are seeing now. Selma Hepp, Chief Economist at CoreLogic, puts it nicely:

““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.”
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— Selma Hepp, Chief Economist at CoreLogic

What does that mean for you? If you’ve owned your home for a few years, there’s a good chance you’ve built up a solid amount of equity. You can use that equity as part of the down payment on your next home, which can help keep your loan amount manageable.

Upgrading might be more within reach than you realize. If you're interested in finding out how much equity you've accumulated over the years, just ask your real estate agent for a professional assessment.

Mortgage Rates Have Fallen, Boosting Your Purchasing Power

Another major reason to consider making your move now is that mortgage rates are falling. When rates are lower, it can make your monthly payments more affordable and enhance your purchasing power. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), highlights:

““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.”
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— Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR)

This approach provides you with greater flexibility when looking for homes and could help you afford a house that once seemed too expensive. A reliable lender can collaborate with you to develop a plan that suits your budget.

Bottom Line

If you're thinking about selling your home to upgrade to a bigger, nicer place, now is the time to act. With your equity and lower mortgage rates, you're in an excellent position to make that move today.

To make the smartest choices and maximize your current market advantage, let’s connect. I’m here to guide you through every step of the homebuying process.