Is it Time to Move Up in Today’s Housing Market?

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Is it Time to Move Up in Today’s Housing Market?

The housing market has shown a tremendous change in many aspects of homeownership, affecting the entire nation also with the Ballantyne, NC area as shown in the National Association of Realtors (NAR)’s historic data. One of the aspects that has shown quite a dramatic change is that of the median tenure of a family in a home (how long they stay in the home).

The graph below shows that from the year 1985 to 2008 the median tenure was 6 years. However since 2008 the median has risen to 9 years, which boasts a 50% increase.

Is it Time to Move Up in Todays Housing Market, ballantyne homes for sale, NC Realtors, Showcase Realty

Why the sudden change?

There are a lot of reasons that can explain the increase, however here are the top 2 reasons:

  • The previous housing market struggles left many with homes that were worth less than the mortgage on the property (negative equity)
  • The previous economic crisis made homeowners feels uncertain about making financial moves

The drastic changes that have occurred with home prices in the last year have helped approximately 90% of homes gain a positive mortgage equity with 70% of them having at least 20% mortgage equity.

As the economic situation begins to show positive signs of progress and higher wages, many homeowners now have a better financial standing than they did a few years ago.

How does this affect the housing market?

Many homeowners today are not in a home that reflects their current or future family circumstance. Some baby boomers still reside in empty, 4-bedroom colonial homes while millennial couples who are hoping to expand their family reside in 1-bedroom condos.

A lot of these homeowners in Ballantyne, NC are ready to move up. With the housing market still hosting a low inventory, this has become a major challenge but still great news for sellers. If you’re thinking about selling, now is still a great time to take advantage of the market.

Showcase Realty is more than happy to assist you in your home search and real estate needs in Ballantyne NC and its surrounding areas. Don’t hesitate in today’s market! Call us today at 704.997.3794 or send us a message here!

We have a long list of Ballantyne Homes for Sale to keep you wanting to own now more than ever!

Are you worried about your credit scores and your ability to buy a home? Don’t fret! Make sure to read Will Home Buyers with Low Credit Scores Qualify for a Mortgage Loan? to understand more about your options. Now is the time to feel good about the housing market. Here is why The Housing Market is Doing Great.

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