If these recent headlines have you scared, please read on for some good news.
Sellers who want to upgrade "someday", beware and be realistic.
If you're waiting for prices to go lower before buying a new home and needing to sell your present home, you are simply waiting for your own home to go lower as well.
Act now! Take your profits, take advantage of the swollen inventory and grab your dream home for far less than it was a year ago.
Let's say you bought your home in 2002 for $250,000 and today you think it's worth $350,000. Your neighbor sold theirs for $360,000 last year and yours is "so much nicer." Now, let's say because of market conditions you have to lower your price all the way to $315,000.
It's painful to think about, but you really can't look at this as if you have lost $35,000. You actually made $65,000. What other investment did you make over the last five years that made you $65,000?
And in today's market, you can most likely negotiate upgrades and pricing in an offer you make on that brand-new house in the new neighborhood. Any astute investor will tell you that trying to time the market is a losing proposition.
Buyers if you're thinking about buying but want to "wait" until the market goes down further, think again.
Today sellers are offering incredible incentives such as help with closing costs, incentives towards upgrades, and buy downs on interest rates.
As a buyer, looking for a great deal, there are a few things you as a buyer should be asking us as your advisor:
1) What are comparable houses selling for?
2) How long has the house been on the market?
3) How many times has the price been reduced since the house has been on the market?
4) When did the sellers buy their house, and for how much?
5) If this house needs updating or repairs, is it still worth the price?
Fear of making a mistake or missing the market is creating a buyer's market out there.
Those who don't simply follow the crowd but who make
wise investments, based on their own individual goals and dreams can still reap the rewards. We believe the opportunity is there.
As experienced and full time professionals in todays market, wouldn't you want us to to help you answer these questions AND help you make the best choice possible?
For more tips and information, go to www.justnchomes.com
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