Now’s the Time To Upgrade to Your Dream Home In Baltimore

If you’ve been dreaming about upgrading to a bigger or nicer home, you’re not alone. Many Baltimore homeowners are feeling the same way. In fact, according to a recent survey, the top motivator for today’s homebuyers is the desire for more space or an upgraded home. But if you’ve been holding off on making that move due to concerns about the market, you might want to think again—now’s actually the perfect time to act.

Why Now Is the Best Time to Upgrade Your Home

With interest rates fluctuating and housing costs top of mind, it’s easy to see why many are waiting for the "right" moment to upgrade. But here’s the deal: several key factors are aligning to make now the ideal time to trade up.

Let’s dive into why this is especially true for Baltimore homeowners.

1. You Have a Lot of Equity To Leverage

One of the most significant advantages in today’s market is the amount of equity many homeowners have built up. Thanks to rising home prices, most Baltimore homeowners are sitting on a substantial amount of equity. According to Selma Hepp, Chief Economist at CoreLogic:

“Persistent home price growth has continued to fuel home equity gains for existing homeowners, who now average about $315,000 in equity.”

This means if you’ve been in your home for several years, you're likely in a great position to put that equity to good use. The funds from selling your current home could go toward the down payment on your new dream home. This would help keep your mortgage loan smaller, making the move more affordable than you might have thought.

Curious how much equity you've built up? I can help you with a professional equity assessment. Contact me today to learn how much leverage you really have!

If you’re thinking about selling your home, check out this helpful guide: Selling Your Home in Baltimore: What You Need to Know.

2. Mortgage Rates Are Falling, Boosting Your Purchasing Power

Another reason why now is the right time to upgrade is that mortgage rates have recently been trending down. This is great news for buyers because lower rates mean more purchasing power. Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors, explains:

“When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to qualify for mortgages that may have been unaffordable at higher rates.”

In other words, if you were worried about the affordability of upgrading your home, lower mortgage rates can help make those monthly payments much more manageable. You might even find that the home you thought was out of reach is suddenly within your budget.

You can also explore other prime opportunities in the local market by reading Why Now’s a Great Time to Buy in Baltimore.

3. The Baltimore Market Has Plenty of Opportunity

Here in Baltimore, there’s no shortage of fantastic neighborhoods and properties to choose from. Whether you’re looking for more space in the suburbs like Catonsville or Ellicott City, or you want to upgrade to a modern, spacious home in a popular area like Federal Hill or Canton, there’s something for everyone.

Upgrading your home doesn’t have to mean leaving the city. Baltimore’s real estate market has plenty of hidden gems just waiting to be found. For an overview of some great areas, take a look at our Baltimore Neighborhood Guide.

And with rates down and equity up, it’s a prime time to make your move.

What’s Next? Let’s Connect and Make It Happen!

If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait any longer. Your equity, paired with today’s lower mortgage rates, puts you in a great position to upgrade. The Baltimore real estate market is full of opportunities, and with the right expert on your side, you can make the best move possible.

Get in touch with me today to learn more about how we can make your dream home a reality.

For more insights on the housing market, check out CoreLogic's Real Estate Market Insights.