In five out of the nine U.S. regions, buyers sought to trade up and buy bigger homes than last year. Forty-six percent of all buyers traded up in the size of their home, up from 42 percent in 2015, NAR’s report showed.
As homeowners gain more equity, they may be looking to trade up for a bigger home. So far in 2016, sellers reported selling their homes for a median of $43,100 more than they purchased it, which is up from $40,000 in 2015 and $30,100 in 2014. The most common reason for selling a home was that the home was too small.
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