3 Signs It’s Time for a Bigger House - ALCOVA Mortgage

3 Signs It’s Time for a Bigger House

View of Wilmington North Carolina from across the river

Your home is one of your biggest investments, so it’s important that it serves the needs of you and your family. If you are thinking about upgrading to a bigger house, here are three signs it might be time to make your move!

Life Transitions

The most common reason people chose to move into a bigger home is life transitions. Getting married, starting a family, or having ageing parents moving in are just a few examples. Of course, more people usually require more space, but life transitions often mean you need a different kind of space too. Determining your exact needs in addition to more space is crucial for your new home search, too. Check out our handy checklist to pinpoint exactly what you want and need during your home search.

Working from Home

Whether it’s by choice or the reaction of the climate we’re living in, working from home is gaining in popularity. In fact, about one-third of Americans are working from home because of the coronavirus. Working from home has both its advantages and disadvantages, so if you don’t currently have a good home office space, it can be tough to take those business calls or simply focus on the tasks at hand. A new home with a designated office space should do the trick!

Outgrown Your Starter Home

It may seem hard to imagine that the home you’re in today might not be your forever home. However, it’s okay to admit if you have outgrown your starter home. Here’s the good news – now is a good time to sell!

According to the latest Home Price Insights from CoreLogic, home prices increased by 6.7% in September 2020 compared with September 2019 and increased month over month by 1.1% in September 2020 compared with August 2020. At the same time, inventory in the real estate market is down which increases competition among buyers. Put simply, this means that home prices have gone up as inventory decreased and demand increased.

This is great news if you are thinking about selling and upgrading. The equity in your house has likely risen as prices have increased. There’s a large pool of buyers out there searching, and your home may be high on their wish list.

If you’re one of the many homeowners with big dreams of owning a larger home, now might be a great time to find out what your options are. Contact one of our expert Loan Officers today, and we will help you get started!

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Licensed in AL, AR, CO, DC, FL, GA, IN, KY, MD, NC, OH, OK, PA, 
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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, AR, CO, DC, FL, GA, IN, KY, MD, NC, OH, OK, PA, SC, TN, TX, VA, WA, WV |
308 Market St SE, Roanoke, VA 24011