If 2011 was the year of the first time buyer then 2012 will be the year of the move up buyer. To talk about why move up buyers are the biggest section of the market is our real estate expert Nick Krautter with Keller Williams Real Estate and Sellpdx.com
Q. Why the big shift to move up buyers?
A. Many people have been waiting for the market to start recovering before selling and making the move. Match that up with interest rates still being around 4% and timing for moving up is becoming better and better.
Q. What’s the hardest part for people selling homes and moving up?
A. The hard part is timing. If you find a home you want to buy before your homes sells you’re not in the best position to buy. If you sell and can’t find the right house then you need to rent while you keep looking. I’d say it’s about 50/50 for a one time move and renting and looking. Most of my clients actually enjoy the departure while they keep looking and it takes some of the stress out of the move.
Q. Are people buying and then selling?
A. Not as much as they used to – most people want to know what they’ll have when they move. The third version of the move up is keeping your current home as a rental which works for some but certainly not everyone.