Existing home owners purchasing homes are increasing per reports and are beginning to outpace first-time buyers. These buyers are moving up (75%), down sizing or making a lateral move.
Why should they buy a home now? With mortgage rates and home values increasing, homes are becoming more expensive to buy. By acting now with a home purchase, home buyers can still enjoy great values in their move-up homes before rates and values go even higher.
See this graph from The KCM Blog that shows the additional costs of waiting to buy a home with increased rates and home values:
Graphics courtesy of The KCM Blog.