If you’re a homeowner looking for something a bit bigger or nicer, you might find yourself selling while simultaneously shopping the market for a new home. If moving to a new place will mean scoring a better property or paying a higher mortgage, you’ve likely been referred to as a move-up buyer.
“Move-up buyers can be many different kinds of people,” says Dominic Labriola, a founding partner and the COO of Craft & Bauer Real Estate Co. “They might be a growing family who needs more space or who want to get their kids into a certain school district when they come of school-age. They might be someone seeking more status by moving to a more upscale residence or area to showcase their financial success.”
So what does it mean to be a move-up buyer when shopping for a new home, and how can you best navigate the move-up market? We spoke to some real estate experts who shared their top tips on moving up in the real estate game.
A move-up buyer is anyone who currently owns property and is looking to make a vertical move.
“A move-up buyer is an existing homeowner that has built up equity in their home and may have possibly outgrown their existing home—therefore, the perfect buyer in today’s market,” says William Ashman, a senior agent with real estate firm Avenue 8. “They’ve got a larger chunk for their down payment, making their payments lower and their offer more competitive.”
Ashman says that, in general, these buyers are in the market to gain more overall space for their families. Many are looking for second homes, having outgrown their starter home. Some married couples are looking because they can finally afford their dream home. And others might be moving after their children go off to college, yet still looking for
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