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Entry-Level Homeowners Are in the Driver’s Seat

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One thing helping homeowners right now is price appreciation, especially in the entry-level market. In the latest Home Price Insights report, CoreLogic reveals how home prices increased by 4% year-over-year and projects prices will rise 5.2% by December 2020.

Why is this good news for the homeowners?

When prices appreciate, homeowners gain equity. In addition, those planning to sell this year, especially in the entry-level market, can potentially earn a substantial profit.

Dr. Frank Nothaft, Chief Economist at CoreLogic, says:

“Moderately priced homes are in high demand and short supply, pushing up values…Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median.”

As Dr. Nothaft indicates, the lack of inventory continues to drive home price growth. This means there’s a high demand for homes in this tier of the market, making it a great time to consider using your equity to move up to a bigger or more premium home.

When you upgrade your home, you may be able to find the amenities or features you’ve dreamed of – such as a yard to plant or garden in with your family this spring, or more outdoor space for entertaining this summer. Maybe it’s the master bath you’ve always hoped for, or a garage to finally park your car inside.

Whatever you choose, if you’re moving out of an entry-level house, you’re likely going to be in the driver’s seat as a seller.

Bottom Line

If you’d like to own a bigger home, let’s get together to discuss your situation. You may be surprised by the current value of your home and the equity you’ve gained.

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Thinking of Selling? Now May Be the Time.
Mark Sincavage

Mark Sincavage is a seasoned real estate professional with a proven track record of success. Holding real estate licenses in New Jersey and South Carolina, and previously in New York, Mark's career has been marked by remarkable achievements. Since 2010, he has facilitated real estate transactions totaling over $350 million. Mark currently operates as a valuable resource for clients, providing real estate referral services through the Coldwell Banker Realty Referral Network. With an extensive network of real estate agents—locally, nationally and globally, a wealth of knowledge, and a rich tapestry of experiences, Mark has established himself as the go-to partner for successful real estate transactions. His dedication to professional growth and excellence is evident through his prestigious credentials, which include Seller Representative Specialist (SRS), Seniors Real Estate Specialist (SRES), Short Sale and Foreclosure Resource (SFR), and Resort & Second Home Property Specialist (RSPS). When the time comes to embark on a residential real estate journey, Mark Sincavage stands ready to offer his expertise and guidance, ensuring a smooth and successful experience for all his clients.