A great article about dreaming of the gold old days in real estate. As a Winnetka or North Shore home seller, you most certainly will be getting much less for your house than back in 2005.
But keep in mind that most of you will be buying something new - a home or condo that is also deeply discounted compared to 2005 and you can achieve a small level of parity by doing that.
Wouldn’t it be nice if you could hop in your De Lorean like in Back to the Future and go back in time to just before the real estate bubble? You could set the time machine a few months before the hot market and buy up a few choice properties and then just sit back and wait. Then you could sell them all at a hefty profit and then return to present day. Now with cash in hand you could buy more property at deeply discounted prices.
Unfortunately this isn’t Back to the Future and you aren’t going to sell your home today at 2005 prices. The real estate market is what it is and if you list your home at 2005 prices you aren’t going to fool anyone. Your home is competing against foreclosures, short sales, and other listings that are more realistically priced. So what can you to do?
There is a silver lining to all this. You can sell your current home at a loss and then turn around and buy a more expensive home which is also discounted by the slower real estate market and gain on the other end. In other words, if you sell your home now it’s a great opportunity to then purchase your dream home at a lower price than you ever imagined. With historically low interest rates it’s a great opportunity.
If you do run across a time-machine, let me know. I’d like to go back in time and buy some stock in Wal-Mart, Apple, and Google before they became so successful!
About The Authors: Betty Knowles is a full-time REALTOR® with Keller Williams Realty in Springfield, MO and proudly serves on the board of the Greater Springfield Board of REALTORS®. She also serves as President of Women’s Council Of REALTORS® in Southwest Missouri. Betty’s genuine passion is helping people buy and sell homes in Springfield, Ozark, Nixa, and surrounding communities.
John Knowles is likewise a REALTOR® with Keller Williams Realty and a member of the Greater Springfield Board of REALTORS®. A self-proclaimed computer geek, John is talented at developing real estate websites, videos, photography, blogs, search engine optimization and other technical skills essential to marketing and selling real estate in Springfield MO.