Need More Space? Upsizing in Gwinnett County

If you're a growing family in Gwinnett County thinking about upsizing your home, you're not alone. Many families are searching for larger homes with more space for kids, work-from-home needs, and bigger yards. But with the current market, this process can be a bit tricky. Let's break down what's happening and how you can upsize without too much hassle.

The Problem: Low Inventory and Timing Challenges

One of the main issues right now is the number of homes available. There are 271 active listings in Gwinnett County, and homes stay on the market for about 49 days. This isn't an easy time if you're trying to sell one house and buy another. Many families want to sell their current home first to avoid handling two mortgages, but they don't want to move twice or live out of boxes while searching for a "forever" home.

• Low Inventory: Fewer choices make it challenging to find the perfect home that suits all your needs.

• Contingent Offers: Making an offer on a new home that's dependent on selling your old one can be tough when supply is limited.

• School Schedules: Moving between homes smoothly without disturbing school routines is a significant concern.

Why This Matters for Families

For families looking to move to neighborhoods near top schools like Mill Creek, Peachtree Ridge, and Archer, the dream of finding the perfect home seems out of reach due to competition and limited options. Balancing the timing of closing sales with school calendars can also make upsizing stressful.

The Agitation: Reality Hits the Hardest

With a median home price of $535,000 and a price decrease in 37.6% of listings, families might feel hopeful about getting a deal. However, with about 19.8% of homes coming back on the market, it shows that some deals may fall through, increasing uncertainty.

Consider the scenario where a family finds a 3,500 sq ft home with a spacious yard only to face the struggles of making a contingent offer without losing the home to a quicker buyer. Plus, homes are selling for about $185 per square foot, causing families to budget carefully.

What This Means for Families

For those sitting in a starter home bought 5-10 years ago at $300,000-$450,000, there is a good equity position, but this doesn't eliminate the stress of selling and buying without disruption. Understanding how to navigate these tricky waters is crucial.

The Solution: Navigate the Market Like a Pro

While the market presents challenges, there are ways to make the upsizing process smoother for your family.

1. Leverage Your Equity Wisely

With significant equity in your current home, consider:

• Using a bridge loan to buy the new home without having to sell your current one first.

• Putting down a strong offer to help secure your new dream home quickly.

2. Choose the Right Time to List

If you're uncertain about when to list your home, you might try:

• Timing your sale with respect to school calendars to minimize disruption.

• Listing during times when the market traditionally has more buyers, like spring or early fall.

3. Be Flexible with Locations

While Gwinnett County hotspots are popular, looking slightly beyond can offer more options:

• Explore Hall, Jackson, and Barrow counties where you can still have a manageable commute.

• Consider neighborhoods with swim/tennis facilities and fiber internet for added lifestyle enjoyment.

4. Work with a Real Estate Agent Who Understands Family Needs

An agent who knows family requirements and the local market can:

• Help coordinate selling and buying simultaneously, reducing stress.

• Provide access to upcoming listings that might not be on the market yet.

5. Use Technology to Your Advantage

Consider options like:

• Same-day tour buttons to quickly see homes as soon as they list.

• AI school-zone alerts to find homes in top school districts before others do.

Is It the Right Time for Your Family?

Even with a tricky market, upsizing now can be a great move if you're prepared and strategic. By carefully managing timing, financing, and location preferences, you can find a home that fits your family's current and future needs.

Here's What You Can Do Next:

• Take Action with a Home Trade-In Checklist: This can guide you in upsizing without moving twice.

• Explore Smart Financing Options: Understand your options with bridge loans and how to use your equity.

• Stay Informed: Use alerts and updates to not miss out on prime opportunities.

So if upsizing is on your mind, take the first step by exploring your options with confidence and informed decision-making. Doing so could place your family in a forever home in a community that's right for you all. Happy home hunting!