We've heard alot about how great a time it is to buy as a first time homebuyer (and it definitely is) but it is also a great time to buy up. By this I mean it is a great time to sell your house and buy something more expensive (as long as you can afford it of course). We've heard how bad it is to sell in this market but even if you have to lower your $200k house by 10% (lowering the price by $20k), if you are buying a $400k house and they have to lower their listing by 10% as well (making it a $40k difference), you've actually gained $20k by buying up.
What I'm seeing nowadays is that lower priced houses have more buyers for them, and that higher end house have to lower their prices by even more to attract the buyers who can afford them. So as long as you stay in the more expensive house, when the market does turn, it will appreciate at a greater rate than the lower end house (just use the formula in reverse). Let me know if I can help you! Cheers, Hannah
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