submitted by Kathleen Layton, Berkshire Hathaway Home Services/Fox Roach Realtors Newtown Office
I saw an article the other day that said the average homeowner has been in their home for 10 years, which is twice as long as they were in 2008 and prior. If you’ve been in your home even longer than that, chances are your needs have shifted and your current space may not fit your current situation.
For many, that shift has occurred in the past 18 months. The strain on space not originally designed to accommodate those working from home, and adaptations that won’t work long term are a top reason for moving. So is the desire for more outdoor space and less congestion.
Others find themselves maintaining space they no longer need or want. Regardless of the reason, many homeowners are in a great position when it comes to the equity they have in their homes. That equity, when paired with today’s low interest rates, can help fuel a major upgrade when selling your current home and purchasing a larger one. Or if you’re done with bigger and want to downsize, it can contribute to a larger down payment and lower your monthly payments providing a more comfortable standard of living.
Either way, today’s low interest rates and your built-up equity could mean that it’s time to explore your options. And that’s what your local Realtor is for!