I hear that a lot from clients, friends and family. It is true that while the real estate market is rapidly rebounding, home in many areas are not quite back to pre-recession values. However, if you want to “move up” to a larger home, it is the BEST time to sell your current home.
Let me explain. Using the example below from Keeping Current Matters, if you bought your current home in 2006 for $300,000, but it is now only worth $240,000, you are looking at a 20% loss in value, but perhaps your family has outgrown that home, and you are looking for something a little larger. A house that sold in 2006 for $450,000 probably has lost around the same 20% in value, or $90,000. So even if you take a $60,000 loss by selling your current home, when you move up, you are essentially gaining $30,000.
Wouldn’t you love to save $30,000? I know I would. So with mortgage rates still at historic lows, a shortage in the home inventory and the net gain that you could earn by moving up, there isn’t a better time to list your house. And THAT is why you should sell now, and not only will you not LOSE money, you will GAIN it!
Live in Southern Indiana 