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 I expect that number will be even higher this year as the percentage of traditional buyers and sellers continues to grow. The typical move-up buyer is under 45 years old and has owned their current home about 5-10 years.
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 - Email - Twin Cities Buyer's Agent
