If you currently own a home and would like to move some day, but think this is the wrong market to do so I want to point out a few things that may change your mind. As you have probably noticed there are alot of homes for sale right now. This means a great selection to choose from when you are buying!
It is correct you may not be able to sell your current home for as much as could have a couple years ago but a couple years ago when you turned around to buy you did not have a whole lot to choose from and there was a good chance the house you wanted others did too and you were in a multiple offer situation.
Don't forget- if your house is worth $30,000 less than last year, so is the house you are going to buy- its all relative. In a market like todays you actually get ahead if you are moving up to a higher price range. For example you are selling your $250,000 house to buy a $350,000 house. Sure your house is down 10% from last year ( was worth $25,000 more last year) but the house you are buying is also down 10% which works out to $35,000. As long as you are moving sideways to something of the same or higher value a market like this can really work to your advantage.
If you are the type of homeowner that does not want to sell unless you have first found the ideal home to move to in todays market you have the luxury of many homes to choose from plus the likely chance that a seller will actually accept an offer subject to the sale of your house. In a hot market many sellers will not even look at an offer subject to the buyers house being sold, and they dont have to because there are other buyers out there that dont have a house to sell, have cash, or can get bridge financing.
If you are concerned that this slower market means you won't be able to sell your house, the truth is houses are still selling they just have to be priced and marketed correctly. If you have any questions about real estate, wonder what the house down the road sold for, anything real estate just email me! deannacollins@royallepage.ca I am here to help!
