With Real Estate prices down about 25% from a few years ago and mortgage rates still incredibly low, more and more real estate investors are taking the opportunity to sell their current property in order to purchase a larger one. At first glance selling in a down market may seem contrary to the “buy low, sell high” theory however, in reality now is a great time to upgrade.
Let’s say for example you own a $400,000 property and there is a $700,000 property that you would prefer to own. Just a few years ago when prices were 25% higher that $400,000 property was worth $500,000 and the $700,000 would have cost you $875,000!!! Although you would be selling your current home for $100,000 less than you may have a few years ago, you will be able to purchase the new home for $175,000 less than a few years ago.
Lastly, with interest rates still at historical lows, the actual cost to purchase is much lower than it was a few years ago. As always, please feel free to contact me anytime if you have questions about this or anything else relating to Summit County Real Estate.
All the best,
Tyler MacGuire e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
“Your Guide to Summit County Real Estate”
