What was the market like when you bought your current home? Was it a buyer’s market or a seller’s market? Most “move-up buyers” have lived in their current residence for about 5-7 years. Think of what the market was like 5-7 years ago. Here are some statistics to remind you.
If you bought in a buyer’s market you’re in an excellent position to sell in a buyers’ market. Not only are you in a position to still turn a profit on the sell of your current residence, but most likely you can undercut your competition that is already sitting on the market.
Remember, you will be buying in a buyer’s market so you will be able to look at homes that you might not have been able to a year or so ago because they were out of your price range. You will also be able to have control in your buying process, gone are the days of multiple offers and buyers having to settle when it comes to negotiation and terms.
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