How much do move-up buyers typically move up? Rule of thumb is an increase of about 50% in both size and price. That means if a buyer sells for $185,000 they might buy for $277,500… and if the home they sell is 1,500 sq ft, the home they buy might be 2,250 square feet.
Of course these are only averages… those who sell smaller, less expensive homes typically make a bigger jump up than those who sell larger homes.
Last year 47% of home sellers traded up when they also purchased another home, and 54% purchased a home that was newer in age. Buyers age 35-44 traded up the most, and home sellers cited that they sold their homes for a median of $40,000 more than they purchased. There was only a median of 14 miles between the homes they bought and the homes they moved from. Overall, buyers said they expect to live in their homes for a median of 14 years, while 23% say they are never moving.
Keep in mind that averages are only averages and only you know what is right for you. Conditions are favorable for move-up buyers… contact me or your Realtor to discuss if the time is right for you.
Sharlene Hensrud, RE/MAX Results
HomesMSP Team - Sharlene, John, Angela – Minneapolis-St. Paul Buyer's Agents