By Mike Lentz | The Mike Lentz Team – Keller Williams Realty
Move-up buyers in South Jersey hold three key advantages right now. Starter homes remain in short supply, creating strong seller demand. Move-up inventory has increased, offering more choices. And built-up equity provides significant buying power for the next home.
Remember how exciting it was to buy your first place? It felt like crossing a long-awaited finish line. It gave you a place to build your life. Maybe it’s where you lived when you got married. Or where you welcomed a child or a pet into the family.
But that was just the beginning.
For most people, your first house was never meant to be your forever home. It’s a stepping stone for what comes next. And if your life looks different today than it did when you got the keys, you’re not stuck. Move-up buyers who are ready for the next step may find that moving is more realistic than they think.
Starter Home Inventory Remains Tight
If you’ve been wondering whether now is the right time to move up, here’s something worth knowing. Starter homes remain one of the hardest types of homes to find. And that’s good news if you’re thinking about selling your first place.
Historically, we haven’t been building enough homes for first-time buyers. And even though homebuilders have shifted more attention toward smaller, entry-level homes lately, the Census shows there’s a long way to go to re-build supply.
That means your current house is in demand. That’s a dream scenario for sellers. But that’s only half the story. You also need somewhere to go.
Move-Up Buyers Now Have More Options
Here’s where this gets interesting. While the supply of starter homes remains tight, data from Redfin shows that the number of homes for sale has been climbing overall. This shift creates unique conditions for move-up buyers across Camden, Burlington, Gloucester, Salem, and Cumberland counties.
As Nadia Evangelou, Principal Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:
“Too much of the inventory available today remains concentrated at higher price points, leaving a shortage of options for entry-level and middle-income buyers.”
That means you may have more choices for your move up than you’d expect. Whether you’re hoping for another bedroom, a home office, a bigger backyard, or simply more room for this next stage of life, current market conditions may finally be giving you the chance to find it.
At the same time, your current house may be exactly what someone else has been looking for. Homes like yours are still in short supply. That’s a unique advantage for move-up buyers. And it could help you sell for a stronger price. As Zillow says:
“Starter home value appreciation has outpaced other types of homes nationally, mostly because they’re so in demand.”
Your Built-Up Equity Changes Everything
Here’s the cherry on top. There’s one more thing your first home has been doing behind the scenes, and that’s building equity. Every mortgage payment you’ve made and every year your home’s value has grown has quietly increased your ownership stake in your house.
According to Cotality, the average homeowner with a mortgage has $295k in equity built up. While your number may be different, once you sell, it could become the down payment on your next home or help reduce the amount you need to borrow at today’s rates.
Three Advantages Working Together for Move-Up Buyers
Put it all together and your move up becomes a lot more realistic than you think:
- The house you’re selling is in demand.
- The house you’re buying may be easier to find.
- And the equity you’ve built can help bridge the gap between the two.
Your first home did exactly what it was supposed to do. It gave you a place to start. Now, it may be the thing that helps you take the next step.
If you’re thinking about making a move but feel stuck because you need to sell and buy at the same time, you’re not alone. This is one of the most common scenarios we help people navigate.
Bottom Line
Your first home was never meant to be your forever home. It was meant to help you build a life and build the financial foundation for whatever came next.
If your current home no longer fits the life you’re living today, you may be closer to your next chapter than you realize. Move-up buyers who are ready to explore their options should know that the conditions right now may work in their favor. If you want to talk through what this means for your situation, schedule a quick call and we’ll walk through it together.
For the full picture in your county, see our county market reports for Camden, Burlington, Gloucester, Salem, and Cumberland counties.
