The best time to make the move to your dream home is in a buyer's market like the one we are in right now. While the value of your current home may have fallen, the good news is that the same thing has happened to the home you want to buy.
Here is an example. Let's say that your current home which has been worth $300,000 has dropped 10% in value. That means when you sell it, it will lose $30,000. However, the home that you want to buy which was valued at $600,000 has also dropped 10% during this market correction leaving a purchase price to you of $540,000.
The difference between the two homes at current market value is $270,000.
If you waited for prices to return to what they were previously, the difference between the two homes would be $300,000. In effect, you are saving $30,000 by making the move up now rather than waiting.
Also, consider current interest rates which are still hovering around a 30 year low. With credit tightening and a presidential election around the corner, there is no way to know where rates will be going in the future.
With these thoughts in mind, there are three excellent reasons to move up to your dream home now rather than wait:
1. Low housing prices
2. Low interest rates
3. An abundance of inventory to choose from
Your home is always your most valuable savings account. Now is the time to add to it by taking advantage of a great buying opportunity.
For more information on the housing market, particularly the Greater Boston MetroWest, please go to www.TheBuyersCounsel.com
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