Do you think now is the best time to change houses?

Question

I owned a 17 years old, 2 level with basement house in North Burnaby (willingdon Height) in BC, Canada. And I've been thinking about changing houses....I wonder if now is the time to sell my old one and to buy a brand new or 1-2 year-old house, since the market is still hot now..can anyone give me a good suggestion?

Answer 1

As I've heard, in the US it's a "buyer's market" meaning that housing prices are down.  So it's a good time to buy a house, but not necessarially sell one.  Not sure about the housing markets elsewhere, but it seems logically that there would be no ideal time to do both buy and sell, so you should do so when you're ready to move.  Probably depends though on the particular areas that you're thinking of moving into also.  I've also heard that 3-5 years is the "break even" point meaning that you should stay in your house for at least 5 years for it to appreciate so that you don't lose money with all the closing costs and other fees that go into selling houses.

Answer 2

i dont know how is ur there.but for my place,malaysia.V will never to sell our house during a hot time n hot place.v will rent out n get some money to get an others house.

Answer 3

It is a buyer's market, so you can probably find some wonderful deals out there.  On the other hand, you might have to under sell your present home.