Did You Outgrow Your Home in 2020?

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_](https://www.corelogic.com/insights/home-price-index.aspx) from _CoreLogic_, prices have appreciated 7.3% year-over-year. At the same time, the _National Association of Realtors_ (NAR) [reports](https://www.nar.realtor/newsroom/existing-home-sales-decrease-2-5-in-november) that inventory has dropped 22% from one year ago.[](https://i0.wp.com/cherylbowerrealestate.com/wp-content/uploads/2020/12/20201223-MEM-Eng-1.jpg?ssl=1)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](https://www.simplifyingthemarket.com/2020/12/17/homeowner-equity-increases-an-astonishing-1-trillion/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of [buyers](https://www.simplifyingthemarket.com/2020/12/15/the-holidays-arent-stopping-homebuyers-this-year/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) out there searching for the American dream, and your home may be high on their wish list. ### **Bottom Line** If you think you’ve outgrown your current home, let’s connect to discuss local market conditions and determine if now is the best time for you to sell. Posted in [For Sellers](https://cherylbowerrealestate.com/category/for-sellers/), [Housing Market Updates](https://cherylbowerrealestate.com/category/housing-market-updates/), [Move-Up Buyers](https://cherylbowerrealestate.com/category/move-up-buyers/), [Pricing](https://cherylbowerrealestate.com/category/pricing/)