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Happy with your Sale Price? Here’s How to Avoid Overpaying for Your Next Home

Happy with your Sale Price? Here’s How to Avoid Overpaying for Your Next Home

A compelling study from UCLA, featured in a recent Wall Street Journal report, sheds light on a fascinating trend in the real estate market: homeowners who possess significant equity when selling their homes tend to overpay when buying their next property. This discovery serves as a valuable reminder for anyone navigating the real estate market.

The research highlights a noteworthy pattern: buyers who had accumulated equity from their previous home sale ended up overpaying by an average of approximately 2% on their subsequent purchase. This insight was gathered by analyzing extensive data spanning the last 25 years. On average, households lived in a property for about 6.6 years before selling, experiencing an equity gain of around $86,244, only to overpay by an average of $6,899 when acquiring their next home.

To avoid falling into this overpayment pitfall, it’s crucial to craft a comprehensive housing strategy that seamlessly connects the sale of your current home with the purchase of your next one. At Verax, our experienced agents excel in this approach. We simultaneously embark on two essential missions: identifying exceptional market-rate options for your next home while meticulously preparing to maximize the sale of your current property. Our focus goes beyond a singular transaction; we prioritize achieving your broader real estate objectives.

The results of our approach have been remarkable, leading to heightened client success, satisfaction, and the attainment of superior value in both the sale of our clients’ existing homes and the acquisition of their future properties. With Verax, you’re not just making a transaction – you’re crafting a comprehensive real estate journey, guided by expertise and driven by your unique goals.

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