You and your partner are thinking that it would be nice to have less upkeep, and less housecleaning to do. You finally take the plunge and decide it’s time to sell your home. After you give me a call and we have a chat about what you’re looking for, I look some properties up and tell you the prices. You go into sticker shock!
When real estate prices rise, it can be a good thing and a bad thing at the same time. How can that be, you say? Let me give you an example. Your home has probably appreciated by at least 20%. You have paid your mortgage down considerably, and you now have plenty of equity in your home. With the rise of prices you have lots of cash to purchase a home. The only problem you have is the smaller home you want to purchase has also gone up that same 20%, AND there are more buyers looking for that style and size of home.
Sometimes homeowners tell me they aren’t sure they want to list their current home just yet because prices may go up some more. While that is true, if the price on your home is going up, the price on the home you want to purchase is ALSO going up. And depending upon the type of market we are in, the rate at which the smaller home goes up in price can be more significant than what your current large home could be worth. It depends upon where the market demand is.
If you are thinking it could be time for a move, give me a call, we can go over the figures and decide if it’s truly time for a change.
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