Did You Outgrow Your Home in 2020?

January 11, 2021

All Real Estate News

wo children, a boy and a girl, are sitting on a couch, enthusiastically playing a video game using controllers. They both appear happy and engaged in the game. Behind them, an adult man (possibly their father) is sitting on a comfortable chair, working on a laptop. The room is well-lit with natural light coming through the window blinds, and the furniture appears to be soft and inviting. The atmosphere is relaxed, combining work and play in a family setting.

It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home.
Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house.
According to the latest Home Price Insights from CoreLogic, prices have appreciated 7.3% year-over-year. At the same time, the National Association of Realtors (NAR) reports that inventory has dropped 22% from one year ago.

Did You Outgrow Your Home in 2020? | MyKCM

These two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.
This is great news if you own a home and you’re thinking about selling. The equity in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of buyers out there searching for the American dream, and your home may be high on their wish list.