The Tri-Cities Real Estate Market is a little crazy right now. Yes, you can sell your home for a record high netting you a great return on your investment! However, what do you do when your home sells and you get a huge check? Buying your next home is a big decision and with how much home prices have gone up some people wonder if now is a good time to buy another home.
This is what I have noticed and I think most Tri-Cities Real Estate Brokers would agree. Just a few years ago the starting price point for a first time home buyer in Tri-Cities was around $150,000. Now it seems like the same house that sold for $150,000 in 2005 is now selling for $325,000 in 2020-2021. However, if you look at the higher end homes priced between $650,000 and $950,000 they have remained about the same price. Also, the second time home buyers and the median prices have started to remain around $450,000 to $485,000.
If you are trying to sell a home to buy a new home it is a great time to upgrade from your first home and take a leap into the $450,000 price range. For Example, if you bought a house in 2005 for $150,000 and you can sell it now for $325,000 then you will have over $100,000 to use a down payment on your next home. Also, with interest rates as low as they are you may be surprised what your mortgage will look like after you Crunch the numbers on a $450,000 with over $100,000 as a down payment and you land a lock-in on an interest rate below 4%.
If you are considering selling your home and buying a new home then Brandon Patton with Tri-Cities Real Estate Market Leaders has additional options that could save you thousands on fees. Brandon Patton only charges a 1% listing fee when he sells your home. If your home is selling for $325,000 that would save you $6,500. Also, when you buy your new home you will get $2,000 with the keys to your new home. Reach out to Brandon Patton and get a free report and advice on the best path forward. Brandon has sold over 500 homes in the Richland, Kennewick, Pasco, West Richland, Benton City, Prosser, and "Tri-Cities Area".
If you are ready to start your Tri-Cities Homes for Sale Search then Visit one of Brandon Pattons Real Estate websites and get signed up to save money with your next Tri-Cities Real Estate Transaction.