Despite the coronavirus pandemic, the prices for homes in many areas, have held up fairly well to this point. And if you are a senior, babyboomer or anyone else considering downsizing in the near future, this might be a good time to seriously consider lisitng your home for sale. With current prices still near peak prices in many Vancouver area cities and neighbourhoods, it may not be too late to catch the near top of the market cycle. Although nobody can ever time markets, it seems reasonable to expect price growth on homes to be fairly muted going forward.
So why not then consider capturing and maximizing the appreciation you've gained on your home to this point?
Especially in the Fraser Valley markets like Surrey, Langley and Abbotsford, there are lots of housing types to downsize into. What is especially nice are all of the new or newer built townhomes and apartments that have been built in just the recent boom years. This means you have a tonne of selection in terms of modern product. The opportunties to scale down are almost endless. Not only do you have many cities and neighbourhoods to choose from, but so many projects and quality builders too.
Maybe your kids are now grown up and moved out of your house. Perhaps you are a widower. The evolution of one's life often leads to situations where one's existing home is frankly too big and requires too much maintenance and upkeep. Moreover, you can likely free up a lot of home equity and turn it into lilquid cash when you downsize. This freed up money can help you fund a more comfortable retirement, for example.
Contact me today if you'd like to start exploring what downsizing could look like for you in the Fraser Valley. I can give you a reasonable estimate of your home's current market valuation and compare that to what a smaller home might cost you in turn. This will allow you to calculate how much of the difference you might be able to bank; perhaps as part of your retirment financial planning.