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Selling to Buy a Bigger Home? It May Be Rough in This Hot Market

by | Aug 24, 2021 23:30


Here’s how to look at the financials and logistics of trading up in a seller’s market

With a larger home, the costs of upkeep will rise, too; a for-sale sign in Westwood, Mass., last year.
Photo: Steven Senne/Associated Press

Luis Gazitua put his Florida home up for sale in April when he saw the influx of clients coming from out of state to buy homes at prices he had never dreamed of.

Within days of listing it, his three-bed, three-bath, 2,800-square-foot home on an acre lot received three all-cash offers of $1.7 million each. That is $700,000 more than he paid in 2018.

But before the bidding war began, the Miami insurance broker and father of 9-year-old twins, pulled his home off the market.

“We fell into the hype; it became enticing. You’re going to sell your house and make more money than you ever have, but then where are you gonna go?” says Mr. Gazitua, who couldn’t find anything he liked under $3 million.

After a long year spent cramped at home, many homeowners are eager to move into larger spaces. These sellers stand to benefit from the hot housing market, but trading up could be tricky.

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