Have you outgrown your starter home?

For many Americans, buying their first home is their first taste of achieving part of the American Dream. There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment.

It may seem hard to imagine that the first home you purchased (which made your dreams come true) might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s ok to admit that your home no longer fits your needs!

According to CoreLogic’s latest Home Price Index, prices in the starter home market have appreciated faster than any other category over the last year, at 9.4%. At the same time, inventory in this category has dropped 14.2%.

Prices of Starter Homes in the DMV

These two stats are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a starter home and are looking to move up to a larger home as the equity in your home has risen as prices have gone up. Even better is the fact that there is a large pool of buyers out there searching for your starter home to help them achieve their American Dream!

Bottom Line

If you have outgrown your starter home, contact a local real estate professional who can explain the market conditions in your area and help you find your next home!

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If you are thinking about buying a home, find out what all of your options are by meeting with a local real estate professional who can evaluate your needs and help you with next steps!

Each neighborhood is different so you need someone you can count on for up-to-date information. I am eager to serve you with your home purchase in the DMV.

To reach us, call 240-801-5471 or send us an email at yeswesellhomes@kw.com.

Search for the newest homes in your preferred area by map (click the picture below).

Thinking of selling your home?

Put Patrick to work for you. When it’s time to move, you need someone who will market your home, show it to prospective buyers, negotiate the purchase contract, arrange financing, oversee the inspections, handle all necessary paperwork and supervise the closing. We can take care of everything you need, from start to finish.

Call or text 240-801-5471 for more information.

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