Should I sell my home when prices are expected to rise?

Posted by Liliana Sorescu on Wednesday, January 15th, 2014 at 8:00pm.

Many Vancouver homeowners are hesitant to sell when the news programs are telling them that higher prices are in the future. The answer to whether or not you should sell while the market is rising comes down to the reason why you want to move.
If you plan to "move up" then it's definitely the time to sell, because the price of that new home will also rise. When you do the math, you'll see that you'll save a lot more than you'll "lose" if you sell and buy now. After all, 10% of $250,000 is far less than 10% of $500,000.
If you're downsizing to a less expensive home, then perhaps it is wise to wait a bit – unless the payments on your current home will use up the dollars you'll gain from waiting.  
If you're moving out of the community, and unless you're a seasoned rental real estate investor with a professional property manager to take over in your absence, then you should definitely sell. The risk and potential expense of turning your current home into a rental could far outweigh your gain from waiting.
And finally, none of us can really predict the market. Yes, prices may rise – but they may not.
So make your decision based on what's best for you right now.
If you're thinking of selling, but aren't quite sure, get in touch. I'll be glad to do an analysis of your Vancouver home's value in today's real estate market, show you what's available in the price range you want, and help you do the math.
Then you can make a decision based on facts rather than speculation

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