Is Now a Good Time to Move?

Dan May • Sep 15, 2020

Is Now a Good Time to Move?

How long have you lived in your current home? If it’s been a while, you may be thinking about moving. According to the latest Profile of Home Buyers and Sellers by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.

With today’s changing homebuyer needs, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families. Here’s why it might be a great time to make that happen.

The real estate market has changed in many ways over the past 10 years, and current homeowners are earning much more equity today than they used to have. According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,600 in equity. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize.

Dialing back 10 years, many homeowners also locked in a fairly low mortgage rate. In 2010, the average rate was only 4.09%. This motivated homeowners to stay in their houses longer than usual to keep their rate low, rather than moving. Just last Thursday, however, average mortgage rates hit a new historic low at 2.86%. Sam Khater, Chief Economist at Freddie Mac explains:


Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months.”


Ten years ago, we couldn’t have imagined a mortgage rate under 3%. Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan (See chart below):

As the example shows, you can save a substantial amount every month if you qualify for today’s low mortgage rate, and the savings can really add up over the life of a 30-year fixed-rate loan.


Bottom Line

As a homeowner, you have a huge opportunity to move up right now. Whether you want to save more each month or get more home for your money based on your family’s changing needs, it’s a great time to connect to discuss the market in our area. Buyers are actively looking for more homes to buy, and you can win big by making a move if the time is right for you.

By Dan May 08 May, 2024
This Red Day, KW will be honoring our Veterans. Your generous donation will help us provide a nutritious meal to 500 deserving men and women. These brave vets have served our country, and now it's our turn to serve them. Any amount of donation can make a big difference. Please use QR code to donate. here Thursday May 9th 11am-1pm Main parking lot at The VA Wilshire Federal Building 11000 Wilshire Blvd, Los Angeles, CA 90024
By Dan May 08 May, 2024
An area homeowner contacted me recently requesting advice on which paid service I recommend for identifying potential real estate fraud activity on their Beverlywood area single family residence.. My response was, “NONE! IT’S A SCAM. Your tax dollars enable you receive this important information for FREE.” Here is an explanation of how the service works. Below you will find a link to the website to register. The Los Angeles County Assessor’s e-Notification service gives homeowners the opportunity to register their e-mail to be alerted whenever a foreclosure, transfer of title, or mortgage is recorded on their property with the Los Angeles County Registrar-Recorder/County Clerk. This notification allows property owners a means to identify potential real estate fraud activity, such as a fraudulently recorded lien or deed. What is the Property Owner e-Notification Alert? Currently, the Registrar-Recorder will, within 30-days, mail a copy of a Grant Deed, Quit Claim Deed, Deed of Trust, or, within 5-days, mail a copy of a Notice of Default, or Notice of Sale to the property owner upon its recording. Now, homeowners can also opt-in for e-mail notifications. Once a homeowner registers, they will be sent an e-mail of any activity on their property within 48-hours. How does a homeowner enroll in the Property Owner e-Notification? To enroll in Property Owner e-Notification Alert, the homeowner simply creates a profile on the Los Angeles County Assessor’s portal website at https://assessor.lacounty.gov/news-information/ enotification, click on Register Today, fill in the information, check the box for Opt-In for AIN/Recorded Document e-mail notification and click submit. Once they have created an account, log in to the portal and select “Property Owner e-Notification Alerts” on the landing page. Enter the AIN (Assessor Identification Number) on the “Property Owner e-Notification Registration” page and select “Add.” Once added, they will begin to receive electronic notifications when a document is recorded with their linked AIN. A homeowner may repeat this step to register any other LA County properties on their account. There is no limit and there are no fees. Why does the LA County Assessor offer E-Notification? The service allows property owners the opportunity to seek free, legitimate assistance and helps them avoid falling victim to real estate scams. Also, if a property owner suspects erroneous or fraudulent activity, they can report it to the Department of Consumer and Business Affairs at (800) 593-8222 , online at dcba.lacounty.gov , or by e-mail at homehelp@dcba.lacounty.gov . Dan May is among the leading real estate professionals in Los Angeles County. He can be reached at (310)739-8647 and dan@danmayrealestateteam.com Give Dan a call to confidentially discuss your options, your home’s value and/or for a list of local vendors.
By Dan May 01 May, 2024
Market Snapshot: 16 Single Family homes sold within the Beverlywood HOA and Adjacent boundaries (area 9 in the MLS) during the entire month of April 2024 compared to 15 in March and 9 in February. The 16 single family homes that sold in April were on the market for an average of 23 days and sold for an average of $1026.61 per sq. ft. of living space and 97.45% of the OLP (Original List Price). As of May 1st there are currently 22 Single Family homes for sale within the entire Beverlywood HOA and adjacent boundaries, down from 23 the prior month and 27 in February. The 22 single family homes currently For Sale have been on the market for an average of 59 days at a average price of $2,310,272 and $1122.87 per sq. ft. There are currently 15 Single Family homes “under contract” which means in escrow, likely closing soon. I study the market every day. Call Dan May today for local knowledge, flexible commission and proven results at (310)739-8647 .
By Dan May 01 Apr, 2024
Market Snapshot: 15 Single Family homes sold within the Beverlywood HOA and Adjacent boundaries (area 9 in the MLS) during the entire month of March 2024 compared to 9 in February, a 67% increase. The 15 single family homes that sold in March were on the market for an average of 36 days and sold for an average of $950.34 per sq. ft. of living space and 98.81% of the OLP (Original List Price). As of April 1st there are currently 23 Single Family homes for sale within the entire Beverlywood HOA and adjacent boundaries, down from 27 the prior month. The 23 single family homes currently For Sale have been on the market for a median of 39 days at a median price of $1,995,000 and $1024 per sq. ft. There are currently 21 Single Family homes “under contract” which means in escrow, likely closing soon. Analysis: With just 23 homes for sale and 15 sold last month alone, that calculates to less than 2 months supply of homes. Fewer than 6 months supply is considered a SELLER’s market. The unofficial start of the Residential Selling Season is the day after the April 15th Income Tax Deadline, April 16th. Contact area specialist Dan May today for a confidential, no obligation consultation at (310)739-8647 , you will be glad you did!
By Dan May 25 Aug, 2023
By Dan May 01 Aug, 2023
By Dan May 31 Mar, 2023
By Dan May 31 Mar, 2023
By Dan May 31 Mar, 2023
By Dan May 07 Dec, 2022
Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market.
More Posts
Share by: