Ok, the title might not be completely accurate, but it is closer than you might think.

If you are a homeowner, you know that the current real estate market has challenges, and one of the effects is an overall reduction of house prices across the board. If you find yourself in a situation where you have to place your home up for sale for the purpose of buying a larger or more upscale home (read more expensive!), you are in luck! Placing your home on the market or looking for a buyer is much easier when you are assisted by an estate agents canary wharf.

The home you currently have will have suffered the same effects as all the other houses on the market. But if you look at what you have and what you want, the want just became much more affordable.

How did that happen?

 

When a homeowner sells for the purpose of moving up, the typical buyer moves up 50% in price from what they had previously owned. So, in the case of a $300,000 home, they will likely move up to a $450,000 home.

Now let’s use a basic 10% reduction in pricing. The $300,000 home has seen a $30,000 reduction to $270,000.

The $450,000 home is now $405,000 for a reduction of $45,000. You are $15,000 ahead!

These are just basic numbers and in reality the figures work out even better for the upgrading buyer. Our local market has a sweet spot between $275,000 to $400,000. The reductions within that range haven’t been as steep as on homes above $400,000 or higher. Go over $500,000 and the deals are spectacular. How about an $800,000 reduction on a lake house? Does $300,000 off on a 4 acre parcel with an executive home and a dream shop sound interesting? All with views of the city and Okanagan Lake?

If you are looking to buy in this price range, the selection and pricing are certainly in your favour.

Are you ready to step up? Call me and let’s go hunting for some wascally deals!