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Bought a Home in 2008? You should take a serious look at selling now!

By
Real Estate Agent with Keller Williams Realty Buffalo Northtowns NYS: 10401240293

If you bought a home sometime around 2006 to 2008, you saw two very different types of scenarios. On one side we saw ARMS- (Adjustable Rate Mortgages) that allowed the people that otherwise would never have qualified for a Home Purchase, the opportunity to Buy a Home. However as Rates rose, people quickly found themselves under water, and eventually in foreclosure. Banks certainly didn't help the situation, as they closed the doors on lending and in essence watched as their portfolio's started to tank. That is the Horror Story many American's watched happen in Real Time! 

The much brighter side of the "Mortgage Crisis" involved First Time Buyers with medium to good credit, and some funds in the Bank, that were able to secure good loans with interest rates that now allow them the freedom to cash in on a good investment. If you bought in 2008, and your area has seen a rebound like Las Vegas, Boston, Palm Beach, Dallas, and Detroit. These areas have in some cases seen a 30% jump in prices in 2013. If you bought low when things went bad in '08 then you have leverage now and here are some of the reasons why!

  1. Capital Gains taxes - If you bought in '08 and you still own your home, If you're value have jumped, and you want to sell, then you will not be paying the 35% tax on the sale of the home. In most cases Capital Gains doesn't apply if you owner occupied your home for 3 years. So you can save that tax if you're interested in Selling.
  2. Money - Who are we kidding we could all use some more. The fact is if you bought at 100k and your home is worth 30% more now than when you bought it, who wouldn't want and extra Thirty Thousand dollars.
  3. Lower Interest Rates - Rates are still lower now than they will be in a year from Now! The FED will back off their Stimulus they have been providing at some point in the New Year, which means Interest Rates will be climbing. While they may not get Rates as good as they had in '08, with more to put down from the sale of their home. They are in a great position to move up. 

Even if you haven't given thought to Selling you're home, have a Realtor do a Comparative Market Analysis on your home to see what it's worth. You may find yourself with a pleasant surprise!

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