A “Step-Up” buyer is a person or family that currently owns a home and is selling that home to purchase a larger, typically more expensive, home.
This person or family is selling out of a stronger market with typically more buyers than they are buying into. Hence they are getting a better deal percentagewise on their purchase than the person or family purchasing their current, less expensive, home.
When the market again experiences appreciation the larger, more expensive, home will gain the homeowner more equity than will the less expensive property.
There are currently 738 single family homes and 229 condo/townhomes on the market in Rochester, MN.
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