Why it pays to move in a down market?
We often hear of sellers or potential sellers wanting to wait for markets to recover, or for prices to hit some pre-determined number desired or required.
We have been hearing that on and off for ten years since the GFC of 2008. Imaging putting your life on hold waiting for a market to recover (For ten years).
FACTS: no one ever knows exactly when that will or won’t happen. It may be as is for a few more years to come, who knows?
Did you know that if you are trading up, you are better off moving now rather than waiting for a market to recover? That is a fact. Let me show you why!
1) Your home is worth now $1M or 10% less than earlier on. (Say it was circa $1.1M before) = $100,000 less.
2) The one you want to buy is now $1.5M or 10% less than earlier on (say it was $1.65M before) = $150,000 less
3) The gap was $1,650,000 less $1,100,000M which is $550,000.
4) The gap is now $1,500,000 less $1,000,000 which is $500,000.
You are better off in this example by $50,000 selling in a down market if trading up. (10% of the difference).
So to discuss further how you can take advantage of the current market conditions, please call me or email me and I will be delighted to meet up. It is part of the service I provide to you as the local real estate expert.
As always, please feel free to give me a call if I can assist with any real estate matters. Thank you.