My clients are questioning: "Should we sell and trade up to a better house even though we have seen the value of our own home drop?" However, they are not thinking logically.
If their home was worth $200,000 last year and now local comps have a probable selling price of $180,000, should they wait to try to recoup the $20,000 difference? Choosing to wait for the market to correct this $20,000 loss may not be the right choice.
The losses are across the board so the house they are looking to buy has more than likely experienced the 10% drop as well. By waiting, a buyer may lose the price advantage that currently exists. Couple that with the current low interest rates, trading up looks like a pretty good plan.
Find a good agent that knows the area and have them run a CMA (comparative market analysis) on your current property and the one you are looking at. Look at current value and value a year ago and see if the loss is not across the board. This should help you make your decision!
If you are looking in the NW part of Houston (Tomball, Magnolia, Cypress, Spring or The Woodlands) let your expert team help: Hometownteam website.