Buying your first home is a milestone you'll never forget. It’s the place where so many memories begin, whether that’s getting married, welcoming a new baby, adopting a pet, or simply building the life you’ve always dreamed of.
But that was only the start.
For most people, a first home isn't meant to be their forever home. It's simply the first step toward whatever comes next.
If your life has changed since you first got the keys, you're not stuck. Making a move may be more possible than you realize.
Starter Home Inventory Is Still Relatively Low
If you've been thinking about moving up, here's something to keep in mind. Starter homes are still in short supply, and that's great news if you're considering selling your first home.
For years, we simply haven't built enough homes for first time buyers. Builders have started focusing more on smaller, entry level homes, but according to the Census, there's still a long way to go before supply catches up with demand.
That means your current home is in high demand, which puts you in a great position if you're thinking about selling. The only question is finding the right place to move next.
There Are More Move-Up Homes on the Market
Here's the good news. While starter homes are still in short supply, the overall number of homes for sale has been increasing. That means you may have more options to choose from when it's time to make your next move.
As Nadia Evangelou, Principal Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:
““Too much of the inventory available today remains concentrated at higher price points, leaving a shortage of options for entry-level and middle-income buyers.”
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That means you may have more options for your next home than you think. Whether you're looking for an extra bedroom, a home office, a bigger backyard, or just more space for your changing lifestyle, today's market could give you the opportunity to find exactly what you need.
At the same time, your current home could be exactly what another buyer has been searching for since homes like yours are still in limited supply. That gives you a real advantage when it's time to sell and could help you get a stronger price. As Zillow says:
““Starter home value appreciation has outpaced other types of homes nationally, mostly because they’re so in demand.”
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Your Biggest Advantage May Be Your Equity
Here's the best part. While you've been living in your home, it's likely been building equity. Every mortgage payment you've made and every increase in your home's value has helped grow your ownership, giving you more equity over time.
According to Cotality, the average homeowner with a mortgage has about $295,000 in equity. Your amount may be different, but that equity could help cover the down payment on your next home or reduce how much you need to borrow at today's mortgage rates.
When you put it all together, moving up may be more within reach than you realize.
Your current home is in high demand.
You may have more options when searching for your next home.
And the equity you've built can help make the move more affordable.
Your first home did exactly what it was meant to do. It gave you the perfect place to begin your homeownership journey.
Now, it could be the key to helping you move into your next home.
Bottom Line
Your first home was never meant to be your forever home. It was meant to help you build a life while creating a strong financial foundation for whatever comes next.
If your current home no longer fits your lifestyle, let's connect. You may be closer to your next home and your next chapter than you think.
