Price appreciation is really helping homeowners right now, especially in the entry-level market. A recent report by Home Price Insights reveals that home prices have increased 4% year-over-year and it projects prices to increase 5.2%.
So why is this good news for homeowners? When prices appreciate, homeowners get equity. People planning to sell this year, especially in the entry-level market can potentially earn a profit.
The lack of inventory continues to drive home price growth, which means there is a high demand for homes in this tier of the market. This makes it a great time to use your equity to move up to a bigger home with more amenities.
If you are moving out of an entry-level home, you’re likely to be in the driver’s seat as a seller.