Now is a GREAT Time to 'Trade Up' in Kitsap!
We write a lot about helping first-timers and Kitsap newcomers get into housing - it's an area of real estate we are passionate about, for sure. But a fair amount of our clientele fall into the Already Homeowners category, and aren't looking to move into/out of the area.
Typically, this client is someone who finds themselves at a new lifestage: maybe they are expecting a new baby and need more space; perhaps their small children have grown and need a bigger yard - or a better school. Sometimes we see clients who are moving an elder into their home, and need space that will reflect those needs. Sometimes we see "empty nesters" - whom you typically think of as downsizing - actually trading up because they want a nicer home for their golden years, never mind if the space is smaller. This higher end home can nonetheless be more expensive, and therefore amounts to "trading up."
If you think you might fit one of those descriptions, consider whether now might be your very best time to list your current home, and get moving!
- Kitsap is currently dealing with a low-inventory situation, and it's particularly problematic in the lower to mid range homes - so your "seller" home is likely to sell VERY quickly.
- Overall, we see homes on the market for about a month right now, but it tends to be shorter in the homes below the median pricing, and slightly longer for homes above the median.
- That means that you'll have a bit more leisure picking your "trade up" home to buy, because that's not where the heaviest buyer's competition lies. This week's Dupuis Team YouTube video was on how to make yourself even more competitive as a buyer:
- You most likely have some accrued equity in your current home, between paying down your mortgage and appreciation due to our current market values. This will help make for a great down payment on that trade up home.
- If you are going to get a loan for the new home, interest rates are unbelievably low right now, and likely to stay that way for a bit. That means you can likely get a bigger loan than you might have previously qualified for, based on the same income.
- Finally, these lower rates mean lots and lots of new homeowners are able to qualify, and you won't have any problem selling the current home.
- Check out our YouTube video from a few weeks ago, about this very situation, being both a seller and a buyer:
If you are interested in getting the process started, please give us a ring! We can walk you through the steps, and talk about any particulars of your own unique situation. We'd love to hear from you today!