Is your family increasing in size?
Are you having a new baby?
Just get a good promotion?
Considering upsizing to a new home?
Let me tell you, you are part of 43% of the market that wants to upgrade or upsize your home. However, you are the segment that is hardest hit by the market dynamics at the moment... two fold! One, prices are going up- they have gone up about 12% on average in the U.S. over the last year. Two, interest rates are going up substantially.
Let me give you an example of a typical family that wants to upsize and how this has changed from one year to the next. Here is a family that wanted to buy a $360,000 home last year and would pay a 3.5% interest rate on that. However, this year that house might be worth $403,000, that’s a 12% increase, and they would have to pay a 4.5% instead of 3.5%. That would make a difference of $426 in monthly payments for the same house that you would have bought last year, but you are buying this year.
Don't wait for the market to be out of reach so that you cannot upsize or upgrade your home!
Call us at, (843) 900-0155. We'll help you make the right decision at the right time.