One of the most common things I hear from homeowners is:
"We'll wait another year to move so our home is worth more."
That sounds reasonable, but there's one important thing many people overlook.
Your current home isn't the only property appreciating in value. The home you'd like to move into may be increasing in value as well.
For example, if your $1.8M home increases by 5% over the next year, you've gained $90,000 in equity.
But if the $2.5M home you'd like to buy also increases by 5%, its value rises by $125,000.
In other words, even though your home became more valuable, the gap between what you own and what you want to buy actually grew.
This doesn't mean you should rush into a move. It simply means it's important to look at both sides of the equation when making a decision.
If you've been thinking about moving sometime in the next few years, I'd be happy to help you compare the value of your current home against the type of property you'd ideally like to purchase.