Have You Outgrown Your Starter Home?

For many Americans, buying their first home is their first taste of achieving part of the American Dream.

It may seem hard to imagine that the first home you purchased might not be the home that will allow you to achieve the rest of your dreams. The good news is that it is totally normal to admit that your home no longer fits your needs!

According to CoreLogic’s latest Home Price Index, prices in the starter home market have appreciated faster than any other category over the last year, at 9.4%. At the same time, inventory in this category has dropped 14.2%.

These two stats are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a starter home and are looking to move up to a larger home, as the equity in your home has risen as prices have gone up. And on top of that, there is a large pool of buyers out there searching for a starter home to help them achieve their own American Dream!

Your starter home will be the house you look back at with loving nostalgia over the years. While you love your condo or home, you might be ready to trade up to a larger house. Here are 3 signs it is time start house hunting:

  1. Your House No Longer Meets Your Needs

Sure – when you first purchased your home, it was exactly what you wanted! You purchased it for a reason, after all. However, as we get older, our needs change and families can grow. Maybe your current home isn’t in your desired school district or you recently got a new job making your commute too long. These things can be considered undesirable and can be reason to start the search for a new home.

  1. Not Enough Space

If you find yourself keeping things in boxes or getting rid of certain things to make room for others, you have outgrown your home.

  1. No Room for Entertainment

Many people do not consider the importance of holidays and entertaining when buying a home. When families grow and events continue popping up, you may want the space to host large events and seat all guests comfortably. If you find yourself squeezing everyone in and constantly worrying about the lack of space at parties, consider letting someone else be the host or upgrading to a home with plenty of room for entertaining.

You will always remember your first home. While it will always hold a special significance to you, don’t let it hold you back from moving on.

If you think you’ve outgrown your home, give us a call! You will find plenty of seasoned professionals with the Robinson Team who are more than ready to assist you in selling your current house and finding your new home.

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Our agents write often to give you the latest insights on owning a home or property in the Chattanooga Metro Area area.

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