Find Your Perfect Home and Keep the Kids in Their Current School!
Find Your Perfect Home and Keep the Kids in Their Current School!
Finding a new home that's perfect for a growing family is exciting yet challenging. You want more space, a big yard, and great schools, all while managing a tricky housing market. It’s especially tough when you need to sell your current home before buying your next one. If this sounds like you, don’t worry. With the right plan, you can upsize to your dream forever home without too much hassle. Here’s how.
The Real Estate Market: What You Need to Know
Looking for More Space?
In Greater Atlanta, many families are looking to move up from their starter homes. These families want houses with four to five bedrooms, a playroom, or a home office. A bigger fenced yard and access to top schools in Gwinnett County are also top priorities. Preferred locations include neighborhoods like Mill Creek, Peachtree Ridge, and Archer, as well as nearby Hall, Jackson, and Barrow counties.
Market Challenges
The main challenge in today’s market is low inventory. This means there aren’t many homes available, so competition is high. Many families need to sell their homes to buy a new one, which requires careful timing. Plus, most families want to move during the summer to avoid disrupting their kids' school year.
With low inventory, families might also face bidding wars, where they must compete with other buyers. This can lead to higher prices. Last year, home prices rose by about 10%, making timing your move crucial.
What’s in It for You?
Why Now?
Even with these challenges, now can be a good time to upsize. With interest rates still manageable, obtaining a bigger mortgage for your next home is possible without breaking the bank. But you need to act fast—rates and prices could rise.
Your Equity Position
Many families have owned their current homes for five to ten years, and these houses have gained in value. If you have more than 40% equity, you are in a great position. You can use this equity for a larger down payment on your next home, making you more competitive in bidding situations.
Dual Income Boost
With a household income of $140,000 to $220,000, and putting down 10-20%, or using bridge financing, upsizing is within reach. Bridge loans let you buy a new home before selling your current one, avoiding two moves.
How to Make It Happen
Selling First, Buying Second
Consider bridge loans to bridge the gap between selling and buying. They allow you to buy without waiting to sell. This option adds peace of mind, knowing you won't need temporary housing.
Timing Is Everything
Watch the market trends. More homes are listed in spring and summer. Listing your home early in this period can position you well. Syncing your sale with school schedules can make the transition smoother for your kids.
Maximize Your Home's Appeal
Getting a good price for your current home involves showing it at its best. Consider professional photos, drone shots, and even 3D tours. Use strategic pricing to attract buyers and consider expert guidance on negotiating the best offers.
Tap Into Professional Services
Real estate services can help you navigate this market. Agents provide access to off-market listings, giving you a jump on new homes. They also help negotiate deals or guide you through inspections, financing, and closing. If tech is important, look for services offering digital transaction management, which can make paperwork less daunting.
Explore the Neighborhood
When choosing your forever home, don’t just focus on the house. Consider swim and tennis amenities, internet access, and proximity to your required schools. All these factors contribute to the lifestyle you’re creating for your family.
Attend the Open House
To get started, check out open houses to see what you like and don't like. For instance, go to the open house at 3615 Greenside Court, Dacula, GA, this Sunday from 2-3 pm. Seeing homes in person helps solidify what features you value most and helps refine your must-haves.
Planning for Convenience and Success
What If the Market Changes?
If mortgage rates climb by another 0.5%, it could impact your buying power. Prepare now with pre-approval for mortgages so you’re ready. Keep an eye on new listings and market changes, as these could ease the market tightness.
Work with Experts
Ensure the real estate services you choose offer comprehensive support. This includes full-service buying, listing, marketing, and flexible selling options that suit your needs. Look for those who understand your specific market and can provide tools, like AI school-zone alerts or instant property valuations.
Consider Future Needs
When selecting a neighborhood, think long term. Consider where schools, parks, and shops are located. Proximity to work and leisure activities, like sports or arts programs, can be vital.
Final Thoughts
Finding a forever home in Greater Atlanta involves balancing the sale of your current house, buying a new one, and coordinating it all with the school calendar. With careful planning and professional support, it’s possible to upsize successfully. You can make this transitional phase smooth and rewarding, ensuring your family enjoys both the new home and the benefits of your community.
By understanding the market, leveraging your equity, and working with trusted professionals, you’ll be able to navigate this exciting time with confidence. Now is an excellent opportunity to explore the vibrant neighborhoods in Gwinnett and surrounding counties, securing the perfect home that accounts for both your current needs and future dreams.
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