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Entry-Level Homeowners Are in the Driver’s Seat

3/2/2020

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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 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.
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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

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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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Susan Meola Properties, Inc. | 97 Worcester Street | West Boylston, MA | (508) 835-8030
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  • Home
  • Sellers
    • Seller Questionnaire
    • WhatsMyHomeWorth?
  • Market Reports
  • Buyers
    • Buyer Questionnaire
    • Search Listings
    • Featured Listings >
      • 14 Sartelle St
      • 8-8TuckFarmRd
    • Neighborhood Information >
      • West Boylston MA
      • Holden, MA
  • Blog
  • About