For many Tri-Citians, buying their first home is their first taste of achieving part of the American Dream. Our team of agents loves to work with first-time home buyers because there’s a real sense of excitement during the search and all the way through move-in day. There’s also a strong sense of pride that coincides 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 national Home Price Index, prices in the starter home market have appreciated faster than any other category over the last year, at 9.4 percent. At the same time, inventory in this category has dropped 14.2 percent.
These two stats are directly related: As inventory goes down and demand goes up, prices rise.
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!
If you’ve outgrown your starter home, get in touch with us below and we’ll talk with you about the local Tri-Cities market conditions and help you find your next home!