Is it time to make your move? • January 2009
Sellers and builders alike have slashed prices over 30% from two years ago. To top it all off interest rates to qualified buyers remain near all time lows. All of this could spell the opportunity of a lifetime for buyers who have the financial ability to move now.
But what if you already own a home – and have no desire to become a landlord? Here are a couple of ways to play today’s battered housing market.
Trading up. If you are hankering after a larger home or a house in a better neighborhood, this could be your chance to trade up on the cheap.
To be sure, when you go to sell your current home, you will likely get a modest price. But your new grander house will also be equally inexpensive. You will get even a bigger discount on the larger home. It can be a profitable move but also with large inventory out there today this could be an opportunity lock in the home of your dreams, a home that perhaps two year from now may become financially out of reach. That said, don’t expect huge profits from “flipping” the new house in 30 days. Growth in value takes time.
Doubling down. Instead of trading up, you might be eyeing a vacation home. With today’s prices and a little down payment you may be able to rent the place out for enough income to even cover your payment.
On the other hand, maybe you are two or three years from retirement and are toying with buying a second home that could become your sole residence once you quit the work force.
Buying today is no doubt appealing because it will give you a chance to vacation in your future home while it is still going up in value.
Real estate lore has always been that you make money in real estate when you buy it, not when you sell. Don’t buy when the mob is buying because it is too late. The train will have already left the station. Is now the time ??
We are here to service your every need with over 40 years of combined experience in the local market. We would love to assist in selling or buying the home of your “dreams”.
Donna Pride, Broker Associate
**In association with Patrick Conner, President of London Properties**
|
