Updated April 2022
Does it make sense to sell now?
It’s a great time to sell in terms of your home’s value and the market conditions. With inventory at historic lows, homes are routinely selling for over asking price as sellers typically have multiple offers to choose from.
But what will you do after you sell?
This is the important question and it needs to be carefully considered before you decide to cash out your equity. The good news is that there are still ways to sell your home, buy something new, and walk away with cash in your pocket.
Two of the simplest ways to do this are:
Down-sizing
Moving to a lower cost of living area
What if you want to upgrade your living situation?
Well in certain circumstances, this can be done too! In fact we just had clients do exactly that.
Thanks to this crazy market, they were able to cash out over $100,000 of equity from their starter home that they purchased for $300,000. Then they found a beautiful $650,000 dream home that they put 10% down on. Thanks to the current interest rates, they have a very reasonable monthly payment and they were able to pocket about $30,000 when all said and done!
This is obviously an ideal scenario, but it just goes to prove that you can still come out on top if you have to sell and buy in today’s market.
