Now may be a great time for homebuyers to upgrade

According to local real estate agents in Carmel Valley and Del Mar, California, now may be the perfect time for home buyers who want to move up to a larger home to do so, the Del Mar Times reports.

What makes this an advantageous time to buy a new home is that home values for many existing properties in the area may have remained stable. However, the source says many of the larger, more expensive properties have come down in price, and now carry the additional advantage of low interest rates.

"I think it's a great time for people to buy. And a great time for people to buy who want to move up to a bigger home. Theirs have come down, [but] not nearly as much as the people above them," Richard Stone, of Keller Williams Realty in Carmel Valley, told the paper.

Despite these potential advantages, home sales in the area have come down, some experts say, as a result of the expiration of the tax credit for first-time homebuyers.

Though officials in the region are advocating for 'upsizing' at this time, conditions may not be ripe for such big moves in other parts of the state. According to the International Business Times, the state is continuing to report high property prices, relative to local incomes.  

More News