MOVE UP/DOWN BUYERS ARE BACK
Despite the “golden handcuffs”

What is a move up/down buyer? And what is a “golden handcuff'“?

MOVE UP/DOWN BUYER: A move-up/down buyer is someone who currently owns a home but needs to either “move up” to a larger home or “move down” to a smaller one. They may also be unhappy with their current home or neighborhood and want to make a change!

GOLDEN HANDCUFF: Many of these homeowners have locked in remarkably low interest rates—sometimes as low as 2.7% for a 30-year mortgage. These low rates have made it difficult for them to consider giving up their current homes. While they want to make a move, they are often discouraged by higher interest rates, and what they can afford to buy often feels too similar to their current homes, leaving them feeling that making a change isn’t justified.

WHY ARE THESE BUYERS BACK in the MARKET NOW?

It’s challenging to pinpoint the exact cause of this surge; it’s not just us—the market is significantly busier than normal after a slow start to spring.

SOME KEY FACTORS:

· Earlier news this year shifted the timeline for the highly anticipated drop in mortgage interest rates to December, leading buyers to either not want to wait that long or, due to family dynamics and other life events, had to make the move now.

· Buyers have been acclimating and budgeting for interest rates in the high 6% to 7% range since fall 2022.

· Inventory levels are slightly up which helps with stronger offer terms all around including lower prices.

· Rates appear to be heading in the right direction.

· Wages continue to rise, helping to offset affordability challenges.

Read on for real client stories from this summer!

R + D:

Wick assisted this sweet family with two very small children, one of whom is a newborn! He helped them buy their forever family home, while Karoline facilitated the sale of their first home, which we had previously helped them purchase back in 2016.

KEY WINS:

Wick and Karoline found them a lender who provided a great solution for buying their future home and completing the closing before selling their current one. This approach allowed them to get a significantly higher price for their house by selling it vacant and staged.

Wick helped the buyers secure a win in a multiple-offer situation on their new property.

Karoline efficiently managed all the preparations for the sale of their first home, successfully securing two offers. Their home at 2506 NE Dekum closed in just three weeks with a cash sale, selling for $35,000 over the list price.

A + K:

KEY WINS:

Wick was able to get their offer accepted on the very first day the home was listed. This property in Happy Valley checked all the boxes, being well within their price range and serving as their dream home with more square footage and a larger yard!

Simultaneously, Karoline helped A + K prep, clean, landscape, and stage their home in Creston-Kenilworth. It sold in the first weekend, receiving five offers and ultimately closing for $40,000 over asking price.

L + A are Currently in Phase Two

KEY WINS After securing their dream location and home well within the budget, they took extra time to refinish floors and paint before moving in. We just listed their previous home this Thursday!

This home also had a tight timeline—from moving out on 8/4 to listing on 8/15. During this time, all the wood flooring was replaced, the interior was fully painted, landscaping was completed, and the home was professionally staged, deep cleaned, and had the carpets cleaned.

Fingers crossed for a speedy sale and closing!

Although all these move-up buyers were able to purchase before selling, not everyone has that luxury.

R + C

A road trip through Oregon two months ago sparked the desire to move from Kirkland, WA, to Lake Oswego. In collaboration with a fantastic Windermere agent in the Seattle area, we successfully put their current home in Kirkland under contract and also negotiated a pending sale on a stunning property in Lake Oswego, contingent upon the successful sale of the buyers’ home. Both are set to close on the same day.