Should You Buy Now or Later? A Cost Analysis

One question that I get asked all the time is when is the best time to move. For older seniors this is especially challenging, as they want to make sure to get the best return on the investment of their home, but also not get stuck in a position where they "have to" move because of illness or injury when it is not good timing. 

If you have been on the fence about whether to wait another year, I recommend that you go ahead and get started on the selling process. Interest rates and home prices are both ideal to make a move. We are in that sweet spot where it is good to be a buyer and a seller. 

Interest Rates

Interest rates are projected to go up by almost a full percentage point by the end of next year. This makes it more difficult for buyers to buy your home, and also will impact how much your mortgage is if you are buying a condo or smaller place to live. 

Home Prices

Home prices have gone up significantly in the last few years. This means that you are in a fantastic spot market-wise to sell your home and get the most out of it. While they may go up a bit more, so will the homes you want to buy, and so will rental prices if you are moving to a rental space instead of buying again. 

Combine that with the interest rate, and waiting a year could make the move less profitable for you. 

Other Costs

Always keep in mind that if you are selling an older home, you may need to do some updates on it to maximize your return on investment. The sooner you get started on this, the more likely that you will be able to sell when you want to. 

Additionally, while some people think that selling in the winter could be worse for sellers, nothing is further from the truth. While you may have fewer people walk through your home, those that do come through will be much more serious and ready to buy! They also may be trying to complete the sale before the end of the year for tax reasons. 

If you are ready to start thinking about buying or selling, please get in touch. Since we specialize in working with seniors, we will be able to help you have a smooth transition!