Will 2025 be a good year to buy a house

Will 2025 be a good year to buy a house?

As families grow and lifestyles change, many homeowners begin to feel the need for more space. If you’re wondering, Will 2025 be a good year to buy a house? you’re not alone. The good news is that the real estate market offers plenty of opportunities for those looking to upsize. In this vlog, we’ll explore key considerations for move-up buyers, including signs it’s time to move, how to get started, costs involved, and whether you should buy or sell first. Let’s dive in!

My House Feels Cramped, Should I Move?

It’s common for homeowners to feel cramped as their needs evolve. Maybe your family has grown, you’ve started working from home, or you just need more space to breathe. When your current home no longer suits your lifestyle, it might be time to consider upsizing.

Signs it’s time to move include:

• Lack of storage space
• Feeling crowded in communal areas
• Needing an extra bedroom or office
• Wanting a larger yard or outdoor space

If you’re experiencing any of these issues, moving to a bigger home can significantly enhance your quality of life.

Where to Start: Speak with a Real Estate Professional or a Quality Lender First?

When planning to upsize, your first step should be consulting with professionals who can guide you through the process.

• Speak with a Real Estate Professional:

  A knowledgeable real estate agent can provide valuable insights into the current market, help you understand your home’s value, and identify suitable properties that meet your needs.

• Consult a Quality Lender:

  Understanding your financial situation is crucial. A lender can pre-approve you for a mortgage, giving you a clear idea of your budget. This step helps you make informed decisions and strengthens your position when making an offer on a new home.

How Much Does It Cost to Sell a Home?

Selling your current home involves various costs that you should factor into your planning:

• Selling Real Estate Agent Commission:  

  Commissions are negotiable. Budget at least 3-4% of the actual sales price for the listing agent.

• Closing Costs:

Expect to pay around 1-3% of the sale price. Depending on movement of homes in your market, your offer to purchase may have a clause for the buyer’s agent commission (which are negotiable) for 2-3% of the actual sale price of the home.

• Repairs and Staging:

Pre-sale repairs, cleaning, and staging can range from a few hundred to several thousand dollars.

• Moving Costs:

  Depending on the distance and amount of belongings, moving expenses can vary significantly.

How Much Does It Cost to Buy a Home?

Buying a home comes with its own set of expenses. Here are the key costs to prepare for:

• Down Payment:

  Usually between 5% and 20% of the home’s price.

• Closing Costs: 

  These can add up to 2-5% of the purchase price and include fees for appraisal, title insurance, and loan origination.

• Buyer Agent Commission:

  Maybe 2-3% of the actual sale price of the home.

• Home Inspection:

  Typically costs between $300 and $500.

• Moving Expenses:

  Similar to selling, the cost depends on the complexity of the move.

Should I Buy or Sell First?

Deciding whether to buy or sell first is one of the most common dilemmas for move-up buyers. Here are the pros and cons of each approach:

• Buying First:

  • Pros:
    • You have time to find the perfect home without the pressure of a looming sale.
    • Avoid temporary housing.
  • Cons:
    • Managing two mortgages if your current home doesn’t sell quickly.
    • Potential financial strain.

• Selling First:

  • Pros:
    • You know exactly how much equity you have to put towards the new home.
    • Avoid the financial risk of carrying two properties.
  • Cons:
    • You might need temporary housing if you can’t find a new home immediately.
    • Added pressure to find a home quickly.

Each option has its challenges, so the best choice depends on your financial situation, market conditions, and personal preferences. Your real estate agent can help you navigate these decisions and find the right strategy for you.

In Closing-

Upsizing your home is an exciting journey that can bring more comfort and convenience to your life. If you’re asking, “Will 2025 be a good year to buy a house?” the answer is promising, especially with the right preparation and guidance. To help you get started, I offer a 15-minute evaluation to discuss your needs and outline the next steps.

Click here to schedule your free consultation today. Or click here and I will call you – HeyBob! Call Me!

Let’s make your move to a new home as smooth and rewarding as possible!

Make It A Great Day!