You read that right! Savvy home purchasers often realize something that the media often forgets to report. Trading up to a larger home in a down or slow market could pay off big-time. You may think that you’ll make less on a home sale right now than you might have a year or two ago – and perhaps that’s true. But your buying power coupled with all-time low interest rates should get you into a larger home than you could have afforded last year.
Say your home was valued at $250,000 at the height of the boom. It’s possible that it may only be worth $225,000 in today’s market. A 10% or $25,000 loss…. OUCH!!! However that $450,000 dream house down the road may now be priced at just $399,000. That’s a $51,000 savings which more than covers your original loss.
If you ever have any questions about the current market value of your property in Middle Tennessee please let me know. I’m happy to pull together a quick market snapshot for you with no strings attached. Our online tools make it as easy as 1,2,3!