Despite the coronavirus pandemic, the prices for homes in many areas, are at or near record prices. 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 listing your home for sale. With current prices so high in many Vancouver area cities and neighbourhoods, it may be a good time to try and catch the top of the market cycle (or at least close to the top). Although nobody can ever time markets perfectly, it seems reasonable to expect the pace of price growth on homes to moderate in the near future. Especially with mortgage rates expected to rise in 2022.
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 liquid 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.