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Buying and Selling in a Flat Market
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Recently, a few clients expressed interest in scaling up, despite a slow economy and buyer favoritism in the D.C. market. They ask, "Does it still make sense to sell a home even when there's not much activity in the market?" It might sound counterintuitive, but right now is actually an opportunistic time to be a move up a buyer in the marketplace.
For example, you own a condo or small townhouse worth $450,000 last spring. Since, the market has changed and property values have gone down by 5%. Today, your property will sell for $427,500. That's $22,500 less than it would have sold for last year!
Perhaps you were looking to buy a property worth $750,000 last spring. That property has also experienced a 5% decline, and will sell for $712,500 in today's market. That saves you $37,500.
Although prices have decreased, you will profit by selling your home and moving up. Even though that 5% market decline cost you $22,500 on your sale, it also saved you $37,500. This means you make $15,000 in this transaction.
There are other variables that may impact your transaction, but ultimately, now is a good time to be a move up buyer. Take advantage of this opportunity today! Give us a call or send us an email with any questions. We would be happy to help you!