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The market offers an ideal opportunity for homeowners looking up Roberto Many people who own homes mistakenly think it is not a good time to buy because they are focused on what they might have sold their home for in the past. Once they realize how they can benefit to trade up now, both financially and personally, they often change their minds. For example, consider a homeowner who paid $200,000 for a house a few years ago. If prices in their market declined by 10 percent, they would experience an approximate $20,000 loss upon the sale of their home. However, if they are buying a larger home that had cost $400,000, they would now benefit from an average $40,000 savings on their purchase. Therefore, there would be a $20,000 average gain in overall equity as a result of moving up.
Posted: June 18, 2009
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