It has been a tough ride for Brighton condo owners who have been on the fence about selling. The average time one lives in their first condo is about seven years, and many who bought in the boom are approaching, well, a bit of claustrophobia.
But the Brighton condo market has perked up as many first time home buyers are buying. If you have been on the fence about selling the condo, here are a few reasons to consider that now is the time.
1. Market is Hot! The Brighton condo market has been enjoying a lot of activity and we also see a bit of a pop in prices. If you’ve had a market analysis done a year or two ago, it is time for a new one. Contact your favorite agent, or shop around for someone who can give you a realistic selling price. You may be pleasantly surprised.
2. Move-Up Time! I assume if you are selling a condo, you’ll be buying another home. If so, this is your market. Even if you forgo some equity in your Brighton condo, your next home will have a very low mortgage rate, (probably lower than your current one, unless you refinanced recently). You can take advantage of an active local market, while where you move may only be starting to perk-up.
3. Conditions Will Change! The market is hot now, the mortgage rates are low now. Who knows for how long this window of opportunity will last. One year, maybe two? Do not wait for the boom market of the 2000’s, it is not coming back for a long time. Most likely your condo is worth less now than it did in 2007.
You probably loved seeing the value of your home going up and up. But just because it was worth $275,000 in 2008 does not mean it will sell for that in the next ten years. That valuation is meaningless now, as it was meaningless then if you were not in the market to sell. Do not get attached to the past value of the condo.
The questions you must ask yourself are; do I want to move? If so, can I afford it? Between a good Brighton real estate agent and a reliable mortgage broker, you can get answers to both.