Still Have a Starter Home? You Can Move-Up Now.

 

I will have to admit that I don’t like calling homes a starter home because what is the first home for most is the second home or third home for others. However, if you or your family have outgrown the home you currently reside in, this is the perfect time to move-up. Why so? Well entry-level or starter homes are still flying off the shelf in DFW. Homes that can sell under $250,000 are high in competition. The homes in the $300,000s and up are taking their time to sell and prices are being slashed left and right. The time to move-up is happening now.

Tell me more Drea. 

Well, you can sell your home at top dollar and use the proceeds from the sale to move-up putting 10-20% down on that home. Interest rates are still incredibly low and your payments will still be in range of affordability. There’s an affordable payment and more home for you or your family.

If that condo is getting too small and you want a house, this is a good time to move up to a house. If the house is 1500-1600 square feet and you now need about 2500-3000 square foot, look into selling and moving up to your next home.

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.

The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer which can eventually lead to a price change.

Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home.

The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

But not all who are buying luxury properties have a home to sell first.

In a Washington Post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:

“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”

Bottom Line

The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

Sutton Fields in the Celina 380 Corridor

The 380 corridor development in North Texas has seen consistent growth over the years and it doesn’t look to be slowing down. If you still think 380 is strictly farmland, you need to drive back down the highway that stretches as far east of Texas to Greenville and hits the deep west of Texas near Lubbock. However the twenty mile concoction that consist of North Texas is growing tremendously.

As the 380 corridor development of North Texas expands, it brings the light of small towns that will become thriving areas. One city in particular near the corridor is the current small town of Celina, TX. As of today, the population of Celina is standing at 12,000 people (based on 2016 population).  Celina’s economic development manager, Corbett Howard, is a former mayor of the town who envisioned Celina to be next boomtown city of DFW. The building projections of homes has it becoming the fastest growing city in the metroplex. The city is bound to become the largest city in Collin County due to its vast amount  of land that has yet to be developed.

 

One development in particular is the Sutton Fields community which is a mile from the 380 corridor settled in with Prosper ISD school district. The developer Centurion American describes the community as the following:

Perfectly situated in Celina, the quaint city known for its small town charm and community pride, Sutton Fields will be the home of 240 homesites featuring beautiful floorplans and options to truly make your home yours. Personalize your home to fit your family’s needs and live your dreams affordably just minutes from Highways 75 and 380. With quick access to all that Dallas and Fort Worth has to offer, this idyllic community offers limitless opportunities to explore the outdoors. Whether it’s in the community amenity center, on the bike trails, or at Lake Ray Roberts and Lake Lewisville, there is plenty offered in and nearby the newest multi-family development. Children will attend some of the most top-rated schools North Texas has to offer in the Prosper Independent School District and future homeowners will love experiencing life in a small city with big dreams in Sutton Fields!

Photo from Sutton Fields Facebook Page
Photo from Sutton Fields Facebook Page

One of the attractions that has my eyes buzzing is the community garden right in the community. As a country girl, I realized that I am in love with communities that give you the small town charm and love of nature that I grew with but still within minutes of “city life”.  Below Centurion American gives particular amenities in the community:

  • Beautifully-Designed Planned Amenity Center
  • Open Green Space
  • Multiple Ponds
  • Pocket Farming and Farmers’ Markets
  • Community Gardens
  • Community Events
  • Protected Bee Hive Community

The development has started and currently the streets are in. There will be eight builders in the community which include First Texas Homes, Lennar Homes, Beazer Homes, M/I Homes, Sandlin Homes, Oakdale Homes, Megatel Homes, and DR Horton. Sales will start soon as the builders gather to start building their model homes. Prices are ranging from the mid 200s to high $600s. This community will have something for everyone. Looking to view more floorplans for Sutton Fields? Visit move-updallas.com and search Sutton Fields (Celina).

Want to know more about this community, contact New Avenue Realty at 972-813-9788 or info@newavenuerealty.com.