Families tend to move into bigger homes as they grow, but, once children grow up and move out, parents are left with a large, expensive home without enough people to fill it. For many, this signals the perfect time to downsize into a smaller home with less maintenance and less financial liability.
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You can use the equity that you’ve built to buy a new home.
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If you no longer need your larger home, think about all the costs you can cut by downsizing. You can use the equity that you’ve built to buy a new home and invest in your retirement fund.
If you or someone you know is in a situation where they could benefit from moving into a smaller home with less maintenance, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.
Want to sell your home? Get a FREE home value report.
As we know, the real estate market crashed in 2007 and 2008 and bottomed out around 2011. Since then, our Lane County market has appreciated by almost 10% per year, but lately, that rate has slowed to 5%
What does this mean? It means we’re reaching the peak of the market. We’re in year seven of our current market cycle, and we’ve never exceeded a seven-year run of appreciation, so that’s as good of an indicator as any that we’re in for a shift.
Another indicator is interest rates. At the end of 2018, rates hovered around 5% range, and they were expected to be close to the 5.25% mark at this time, but that hasn’t happened. In fact, they’ve decreased, and as of the filming of this video, they’re expected to be at 4% or lower. Why the decrease? The economy is expected to slow down, which means now is the time to sell your home at the very top of the market.
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The economy is expected to slow down, which means now is the time to sell your home at the very top of the market.
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Many sellers are noticing that home values are higher, and they’re taking advantage of that. As the law of supply and demand dictates, the more inventory increases, the more demand diminishes. At the moment, listings average about two to three offers before selling. Last year, the average was about seven.
If you’re a buyer, the drop in interest rates makes now the perfect time to buy—especially if you’re currently renting. If you buy now, your monthly mortgage payment would be lower than your rent.
If you have any other questions about our Lane County market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.
