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Why Now Is A Good Time To Sell Your Home & Buy A New One- Simultaneously

Monday, November 11, 2019   /   by Andria Sanchez

Why Now Is A Good Time To Sell Your Home & Buy A New One- Simultaneously

Why Now Is A Good Time To Sell Your Home & Buy A New One-Simultaneously 

Home buying activity (demand) is up, and the number of available listings (supply) is down. When demand outpaces supply, prices appreciate. That’s why firms are beginning to increase their projections for home price appreciation going forward. As an example, CoreLogic increased their 12-month projection for home values from 4.5% to 5.6% over the last few months.

The reacceleration of home values will cause some to again voice concerns about affordability. Just last week, however, First American came out with a data analysis that explains how price is not the only market factor that impacts affordability. They studied prices, mortgage rates, and wages from January through August of this year. Here are their findings:

Home Prices
“In January 2019, a family with the median household income in the U.S. could afford to buy a $373,900 house. By August, that home had appreciated to $395,000, an increase of $21,100.”

Mortgage Interest Rates
“The 0.85 percentage point drop in mortgage rates from January 2019 through August 2019 increased affordability by 9.7%. That translates to a $40,200 improvement in house-buying power in just eight months.”

Wage Growth
“As rates have fallen in 2019, the economy has continued to perform well also, resulting in a tight labor market and wage growth. Wage growth pushes household incomes upward, which were 1.5% higher in August compared with January. The growth in household income increased consumer house-buying power by 1.5%, pushing house-buying power up an additional $5,600.”

When all three market factors are combined, purchasing power increased by $24,500, thus making home buying more affordable, not less affordable. Here is a table that simply shows the data:Forget the Price of the Home. The Cost is What Matters. |  MyKCM

Bottom Line
Mortgage Interest rates are down, wages are up and affordability is high. Now is the time to take advantage of increasing appreciation when selling your home and mortgage interest rates and affordability when buying your new home. If you are thinking of selling your home and buying your dream home- simultaneously, call Andria at Haven Real Estate Group. Let’s get together to discuss what steps you need to take to make that happen.


Andria Sanchez

Haven Real Estate Group



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