
-Some great tips if you are considering upsizing your home …
Here are a few things to consider if you are thinking about upsizing your home in this buyers market:
- When selling your current home in a buyer’s market, be realistic about the asking price. Stop thinking about what your home was worth at the peak of the market. What is it worth now? Say that you are taking a 5% loss on the value of your home from its peak. The seller of the home you want to buy is also taking a 5% loss. Say for example that you are taking a 5% loss on a $100,000, and your next home’s seller is taking a 5% loss on their $200,000. Then you will see a greater gain when the real estate market turns around with your next home
- Price declines in buyer’s market now make more desirable homes affordable.
- Make sure you speak with a mortgage specialist so that you know prices for your next home. Make sure you are comfortable with your new mortgage payments.
- Mortgage rates are at all time lows. You want to lock in at these low rates, so your rates will stay affordable.
- Don’t get caught up in the emotion when you are buying a home. If you fall in love with a home that could be your next home, you will not negotiate price with a clear head.
- A buyer’s market means a larger selection of homes. This gives the buyer more leverage, since the inventory is high. Make sure you take advantage of this when you are buying your next home.
- The current favorable market conditions won’t last long. Real Estate has proven over time to be a great financial investment.
- Upgrading your home allows you to gain more features in your next home. It also may allow you to move into a more desirable area.