To Sell or Not to Sell?

By
Real Estate Broker/Owner with Pro Players Realty
Should I Wait to Sell My House Until I Can Get the Same Price My Neighbor Sold For?
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It’s always better to trade up in a buyer’s market, like the one we are in now. While the value of your house may have gone down, the price of higher-end homes has also dropped.
Here's an example. Say your neighbor sold his house six months ago for $300,000. In today's market, your home's value has decreased 10 percent and you could only get $270,000. So you might think you'd be taking a $30,000 'loss' on your home.
But, don’t forget that higher priced homes are also dropping in price.
So, using the same example, the $500,000 move-up home you'd like to buy has also dropped 10 percent in value and now sells at $450,000. If you sold your home today for $270,000 and purchased the larger house for $450,000, the difference in price would be $180,000.
But if you waited to recoup the 10 percent value on your home and sold it at $300,000, chances are that same move-up home would also move up in price to at least 10 percent to $500,000. That’s a $200,000 price difference between the two homes.
So by not waiting and selling today, you would actually save $20,000. And most likely, by jumping into the market today your savings would be even greater because consumers have much more bargaining power when shopping for higher-end homes in a buyer’s market.

For answers to more home buying questions, visit www.nahb.org/timetobuy.


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CALL (850) 942 - SOLD TO SPEAK WITH ME, JOHN, PERSONALLY!

 

 

John Stehmeyer

Realtor/Broker

Buyers Specialist First Time, Move Up and Luxury

Consumer Resources Advisor

Graduate Realtor Institute

Investors Consultant

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John will make your best deal buying and selling!

Values God, Family, Work

At Pro Players Realty you are family and You come before work!

This message is not intended as a solicitation to any individual whose property is listed exclusively with another broker.

 

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