I recently sold a listing for $50,000 less than we would have sold it for 6 months ago, but at the same time the Seller was able to buy up to a property that would have cost him over $100,000 more six month’s before. He saved $50,000. He was happy when it was pointed out that when buying up you must always keep the differential as the motivating factor. As the market moves up, the differential increases, as the market goes down, the differential decreases.
Don’t let the naysayers in the market place stop you from doing the math. Get your house on the market and SOLD, while keeping an eye on what is out there. Then when you are SOLD and ready, you will be able to buy up to a higher end bargain. There are always less Buyers in the higher end and being Sold and ready to buy will give you a great advantage.
Real Estate Appraiser, Barry Lebow has wise words: “Those who bought in the downturn come out the biggest winners as prices rebound. Remember, prices do not go down or up, they simply correct themselves. You look at real estate over a period of years and average the price. No matter how low or how high, on average, in Toronto prices went up over 6.5% smoothed out over the past 25 years. 6.5% for an investment that you can eat in, live in, make love in, enjoy your privacy or family and is tax free. I still believe that real estate ownership is the best investment one can make.”