Deciding the right time to make a property move can be difficult. There are dozens of quotes about opportunity, but two themes emerge; be prepared and opportunities are to be seized not waited for. With home values dropping, it is a great opportunity to move up into bigger home.
Property Undervalued?
Even though your home may be undervalued right now, it is still a good time to explore the housing market. A market in transition, is a place to find value. Currently, there is a lot of inventory and with many home values dropping, there is an opportunity to find a much better house.
Move Up During the Real Estate Downturn
When you do the math, you can see that now may the perfect time to move up. Your starter home may sell for $125,000 even though you see its value at $140,000. On paper you are out $15,000 but turn your attention to the move-up home. This house is in a better neighborhood, with two additional bedrooms, another bath and double the square footage on a larger lot. It is also undervalued by $80,000, priced at $320,000. This is really starting to look like a real opportunity. What was $15,000 down is now $65,000 up in value.
So, before you seize the opportunity, be prepared. Know what your price points are for selling and buying properties in your ideal area. Be patient and determined to find a fantastic value. Afterall, you don't want to jump at the first appealing property, or be enticed to take the first offer placed on your home.
Dropping home values may be your opportunity to move into a home that you thought would not be available. You could get out of a good house and into a great home with the right strategy!
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