Monday, April 6, 2009

Selling low lets you buy low, too.

Because it is a buyers' market, some feel that selling is not the right thing to do now. Not necessarily true. It all depends on what your plans are. The time can be right to sell if real estate is in a sell-low, buy-low market.

If you are moving locally, do it. Selling in the soft market and then buying in the soft market can work out in the long run. If you wait, say five years, for the market to become stronger, you may get more for your house, but you'll end up paying more too.

In other words, if you sell high and stay in the same area, you likely will have to buy high, too.
We would all like to sell high and buy low, but this doesn't work unless you plan to move from a high market to a low market -- much like people who moved from the Northeast did when they came to Florida years ago.

Here are the most important reasons to buy now:

  • Low interest rates: According to Freddie Mac, 30-year interest rates have hovered around 6 percent since the beginning of the year.
  • Portability of the Homestead exemption on your home's taxable value.
  • Wide selection: Nearly 300 homes are listed in Melbourne on the Multiple Listing Service this week.
  • Low prices.

Here are the most important things to remember if you are trying to sell now:

  • Price: Be realistic and price your home correctly. Stop dreaming about the high prices. They are long gone.
  • Condition: Make needed repairs, remove clutter and clean, clean, clean.
  • Availabilty: Be prepared to have your home shown at short notice. Do not postpone or re schedule any showings.

This is a great market for buyers and sellers to fulfill their dreams. It all depends on your perspective. Think about it. It can work to your advantage.

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