Entry-Level Homeowners Are in the Driver’s Seat

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. Today there are fewer than 70 single-family homes on the market for under $1M in Huntington Beach, Fountain Valley, Costa Mesa and Westminster COMBINED. If you’re considering moving out of an entry-level house, you are going to be in the driver’s seat as a seller.

Our commitment to seamless  service means the only thing you have to do is contact us. We’ll do the rest.  Call me today at 714.343.9294

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.

If you’re moving out of an entry-level house and working with Micah Stovall, you’re going to be in the driver’s seat as a seller.

If you’d like to own a bigger home, sit down with Stovall Team today to discuss your situation. You may be surprised by the current value of your home and the equity you’ve gained. Call me at 714.343.9294.