Do you feel like you missed the market on selling your home? Believe it or not, now is a perfect time to sell if you’re also looking to move up to a more expensive home. If you are buying a home that is more expensive than the home that you currently own, we call that a move-up purchase.
Why is the current market perfect for move-up buyers?
Let’s say your home is worth $500,000 and you want to buy a home for $900,000. If the market is moving up at 10% your current home would be worth $550k while the home you’re trying to buy is moving to $990,000. That means the delta just expanded from a $400k difference to a $440k difference. When the market is slowing and prices are dropping by 10% then your home will be worth $450k and the new home would be $810k. This moves the delta from $400k to a $360k delta – a swing of $80,000!
While every scenario is different, it is clear to see from the numbers that moving up during a slowdown makes sense! If you’re moving up there is no reason to sit on the sidelines right now.
When the market is a little bit soft – and it happens only from time to time – it doesn’t last long.
Our expectation is that we’ll see the market start to strengthen throughout the fall and get back to a strong sellers market in the beginning part of next year. So you have a few months to take advantage of the market if you are looking for a move up home. Our clients are having great success right now and we are really excited for buyers going into contract in this environment who are able to keep their contingencies and negotiate on price.
If you’re interested in learning more about the current dynamics of the market and what might be best for you, please reach out.
We’d love to talk to you about how we can help you buy and/or sell your home. Let’s chat!
Let's Meet for Coffee
Sign up for our newsletter for a weekly round-up of the latest real estate news – and some beautiful homes!