If you're a homeowner, what do falling prices mean to you? You might assume that it's a bad time to sell. But guess what? It could mean it's the perfect time to buy the home of your dreams!
Do the math, and you see that market downturns can actually work in your favor. Homes are listing at prices that are truly affordable. If you've already built equity in your current home, you could parlay that into the purchase of a terrific property.
When prices do rise again, and you know they will, you will have made an excellent investment for the future. If the home you really want was previously offered at $500,000 but the price has fallen - let's say 20% to $400,000 - that's a sweet deal, even if your own home has lost some value.
In any home purchase, there are usually some concessions: location, style of architecture, or any number of features. If you made some concessions when you bought your current property, and you can replace the negatives with the positive features you've found in another home, now is the time to make your move!
Once the market turns around - and again, you know it will - you'll find your appreciation will be greater in the new, larger home. It's an upgrade at an opportune time that makes good investment sense.
Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532