Your home is probably a lot more valuable now than it was a year ago. Median home prices increased by 14% in the past 12 months. But all sellers will not benefit equally from this increase, since they will need to purchase another home. Those that will benefit the most are downsizers and retirees with a significant amount of equity in their homes. If they are considering a smaller home or a condo and can be cash buyers they will have the edge on the market.
But if you are looking to upsize don’t dispair there are options for buying a new property while selling your home. With creativity, there are ways to make a contingent sale for purchase work for all parties and fiancing options are available that may make this transition go more smoothly. Happy to discuss selling your home in a manner that works for you and gives you the opportunity to take the next step on your real estate journey!
Adapted from Wall Street Journal “Sellers are Holding the Upper Hand” April 3-4, 2021 p. B3-4.