So you are thinking about selling your home and buying a new
one but you heard or feel the market for real estate sucks….
Or does it?
There is absolutely no question that we are in a buyers’
market! So does that mean I shouldn’t sell my home? There is no simple answer
to a question that can have a huge impact on your life but we are going to try.
First a couple of questions. What is your plan or do you
have a goal in mind? Are you moving up or out of the market? Downsizing
perhaps?
If you are moving up in the market to something bigger or
nicer but more importantly more expensive than our advice is move now!!! The
logic is this; the discount on your present home maybe 5 or 10% from a year or
two ago, so if your home was worth $200,000 in 2012 and it has been reduced in
value by $20,000 it is now worth $180,000 and yes that sucks but wait a minute.
If you are looking at a home that is worth $300,000 today, chances are its
value in 2012 was around $330,000 to $350,000 (bigger discount) so by moving
you will have a net gain of $10,000 to $30,000 and in our books that is a very
good thing. When the market swings and it becomes a sellers’ market you will
have some very nice equity in your new home!
There is little chance that you are going to win when you
sell your home and win when you buy its replacement. When the market is hot everything
sells for more, so yes you won when you sold but you may have lost big time
when you bought because the reverse effect of the scenario above happens.
Now for those of you who are moving out of the market or downsizing…sorry
but you are going to have to wait another day for our thoughts. Can’t wait? Well then give us a call at Oakhill Realty.
And the journey continues…
www.oakhillrealty.ca
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