Have you been yearning for more space? Well, now may be the time to move forward and buy your dream home. The Maryland housing market surely is crazy right now, but it is providing the optimal formula for selling and upsizing!
High Demand for Houses
The first part of this formula is that there is extremely high demand for houses right now, and fewer homes listed on the market. In addition, the price of lumber has risen; less people are building, which means more people are looking to purchase a home. Bidding wars have gained momentum, and this continues to raise the home’s sales price more and more. According to the Institute for Luxury Home Marketing, “there was a 17% increase in the number of 5,000+ sq ft homes sold when compared to the number of sales in 2019” and, “luxury home prices continue to see record highs”. Meaning, you can sell your current home and could make a significant profit right now!
Low Mortgage Rates
Historical low mortgage rates have been influencing the second part of this equation. FoxBusiness claimed mortgage rates are at a record low, stating, “averages for 15-year loans are down week-over-week and continue to mirror 10-year averages”. Buyers are starting to see the affordability of buying a larger property due to these rates, which encourage this trend to continue.
In addition, Lawrence Yun, Chief Economist for the National Association of Realtors, explained, “the only area where there is sufficient inventory is in the $1 million-plus homes.” This may not fit everyone’s budget, but if it does, you may want to make the move now.
What This Means for You
Selling your home is lucrative in this hot housing market. In addition, upsizing to a larger home is more affordable with today’s low interest rates. If you have been wanting to buy a bigger home, now is the time to do so. Ready to upsize your home? Connect with one of our team members today and we will guide you through your home buying journey.