Considering a property upgrade? Why a declining market could be good for you.
When buying a property, it can be helpful to focus on the timing of the purchase and sale instead of getting caught up in market fluctuations.
For those looking to upgrade their home, a slow or falling market can be beneficial. For example, if a property market has fallen by 10%, a $550,000 home might only fetch $500,000, but a new home previously worth $770,000 now sells for 10% less at $700,000, resulting in a $20,000 benefit.
This strategy requires market knowledge so it is important to seek professional advice before making any real estate investment decisions. It is also worth noting that buyers should not be fearful of a retreat in the market as property prices tend to rise over time.
In a rising market, as demand increases and choice becomes more constrained, many buyers are forced to settle for houses that are inadequate to their needs.
It is advisable to proceed with more confidence and not wait for the market to turn, as the choices will lessen. It's always beneficial to play the long game, plan properly for the future and never opt out entirely from the property market. Good luck
Feel free to reach out below or here at MortgagMe to see if upgrading makes sense for you. I'll make time to speak with you.