I'm sure that you all have read the reports on how horrible the real estate market had become. The truth is the market is struggling, home prices are down and inventory is at a high. But when the real estate market gives you lemons, there is always a way to make lemonade.
Recently I helped a past client of mine sell their home and buy up to another larger home. Even though there current home sold for less that what it once could have, they actually were better off to sell now, in a down market, than had they sold when the market was at the top. Here why...
Last year, their home would have sold for about $330,000 and now is only worth about $300,000 a decrease of about 10%. Not good, but keep reading. My clients are qualified to buy a home at $450,000 and this new home has also gone down from what it would have sold for a year ago. For simple numbers, we'll say that the new home has decreased by 10% like their home. That means the home they are buying has decreases about $45,000.
Because they are buying up in a down market they are saving $15,000 overall from what they would have paid had they bought up a year ago.
Bottom line... If you're looking to buy up, now is a great time! Just the opinion of this Renton Real Estate Agent.