Why is this market so great for the move-up seller/buyer?

1. Affordability - because of recent drops in home prices housing is now much more affordable.  [1] Tax incentives are bringing first time home-buyers into the market in droves, which means more buyers for your home than ever before.
2. Interest Rates - historically [2] low rates make owning a home attractive.  With the low rates we’re seeing today, it’s not wise to try and “time” the bottom of the market.  Rising interest rates can work against would-be buyers, for example, a one-point hike in interest rates boosts monthly mortgage payments the same as a 10 percent increase in prices.
3. Do the Math - if your home was worth $300,000 a few years ago, and the market has dropped 15% , you will likely sell for $255,000 today (a loss of $45,000).  However, if the home you purchase was selling for $600,000 a few years ago, the 15% drop is a difference of $97,500 and you can purchase that same home today for $510,000.  That’s a net gain of $52,500 and you have just bought a home you most likely would have been unable to qualify for at the market’s peak.

But. . .it’s a “buyer’s market” you say.  “How can I hope to sell my home?”

1. Updated homes with new or newer flooring, newer appliances, fresh paint and some curb appeal (trimmed yard, flowers, etc.) sell quickly.  There are a lot of [3] short sales and [4] foreclosure homes that need TLC and total rehabbing - and there are bargain hunters out there looking for those homes.  The majority of the buyers, however, want a home that is in great shape where they don’t have to do a lot of work or spend a lot of money on upgrades. - they want to move in and be done.
2. Price, price price!  Remember the math. . .yes, you’ll take a bit of a hit when you sell, but your net gain is going to be huge on the larger home you purchase.  So, price your home aggressively and get it sold quickly.  Most showings occur when you first put your home on the market.  Many sellers make the mistake of pricing too high in the beginning (”to see what happens”) and then have to chase the market with price drop after price drop and month after exhausting month on the market.  When you see a house that’s been listed for sale for several months what do you think?  The same thing everyone thinks: “what’s wrong with this house that it hasn’t sold already?

So, if you find that you’ve outgrown your home and are cramped for space, or you simply feel it’s time to move out of that condo or townhome into a detached home, or move out of the city to raise your kids in the “burbs,” this is totally the market for you.  Call [5] Teri or [6] Dave today and let us help you sell and buy your “dream home.”