Three Reasons Why It's The Best Market to Upsize

Time for more bedrooms or an office? A garage? A yard? It is a great time to move up in space and in value!

Not all markets are the same and not all products are the same. In down or stale markets, the bigger ticket items take a harder hit and this is when you can get the most value moving up in the market.

Three Reasons why this market is the best time to upsize!

You will have more time to strategize, negotiate and plan. In the hot market that ended in March of 2022, the typical buyer had to see more homes and inevitably lost out on many of those that sold too quickly or lost out in multiple offers. You saw the home Saturday and offers were Monday. In the current market, while we are struggling with an inventory issue, there is much less competition and most sales are occurring between the seller and one buyer. Meaning less blind bidding and more time for due diligence.

It's important to look at the big picture when considering upsizing. Yes, in East Vancouver based on HPI Benchmark price data, if you sold your condo in March of 2022 you could expect to have made 7-12% more than January of 2023; so that's 50k less proceeds from the sale in January of 2023!

That's a hard pill to swallow.

BUT a townhouse would have cost you about 15% more that month as well, that's $150k that you're saving by buying a townhouse now. So moving up to a townhouse just cost you $100k less than it would have in March of 2022.
The detached scenario is even better for buyers; detached home prices fell 14.5% which is $283k based on the benchmark price. So jumping up to a single family home from a condo you're saving about $230k by upsizing in todays market. And from a townhouse to detached home, still a massive $130k less.


Ask anyone that tried to size up or down in the white hot market, it was extremely stressful. Trying to buy with a subject to sell? No chance, not even for a premium. Buyers had to bring their highest and best offers and take the dates the sellers wanted. Even sellers that gave themselves a 3 or 6 month buffer in their sale completion were struggling to buy before they had to move. Today when you find a home you want to buy, more likely than not you will have a chance to negotiate terms that work with your situation. 

No matter the market, if you present and price your home well, it will sell!
Who you work with matters.


Let's chat!

Text or call me @ 604-401-9199
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Raji Olabamiji on Feb 12, 2023 9:25 AM posted:
Happy things are Fb

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