Welcome to this week’s JHT Market Update.

For many years, downsizing and reducing square footage was a common thread amongst home buyers, especially among retirees and younger buyers.

Naturally, with more time spent at home these days, homebuyers realize the value of more square footage, and smarter floor plans.

While upsizing might not be for everyone, those who have downsized ‘too far’ to smaller condos with little maintenance have found themselves missing the extra space, especially during the Holiday Seasons when grandkids and young families came to visit.

Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and are more attainable than ever before, due to increased housing affordability, allowing buyers to find what they need in the higher-end market.

Housing equity is making it possible for buyers to leverage their home equity to afford down payments on larger homes, with the addition of low interest rates making mortgage payments more affordable than they have been in years.

According to the Institute for Luxury Home Marketing: “Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”

Today’s strong gains in home equity paired with low mortgage rates make fall a great time to upsize on your home and meet your changing needs.

To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 65 new listings on the market, 51 new contracts and 76 sales.

*Opinions are our own and not the views of eXp Realty.

Sources:
(1) https://www.keepingcurrentmatters.com/2020/10/01/buyers-are-finding-more-space-in-the-luxury-home-market/
(2) https://americanlifestylemag.com/real-estate/buying-selling/are-you-ready-to-upsize-your-space-2/