At first it might sound odd, but right now might be the best time to sell your Tampa Bay, Florida home.
Every home has things about it that you wish you could change. You may or may not have noticed these issues when you bought the home but you can't fix them now for various reasons. Maybe the cost would drive your investment in the home beyond what the local neighborhood would support. Or, maybe your home cannot be changed to suit your current needs and desires because of its physical structure, the lot size, it's locale, or changes in youe own personal circumstances. Maybe it was near a great school when you bought it, but now the kids are grown and that school nearby is just a source of noise and traffic congestion. Realtors call these home problems, it's "unchangeables."
"But why is right now a good time to sell when prices have dropped as much as 20%," you ask. Here's why. While the price you can get for your current home may be down, so is the price of a home that doesn't have it's drawbacks, or "unchangeables." With recent home price declines and interest rates at historically low levels, NOW may be the right time to step up to the home you originally wanted but just couldn't afford.
Let's take an example. Supposing you bought your home three or four years ago for $300,000, but it has lost 20% of its value and can now be sold for closer to $240.000 -- down $60,000. But, the home you originally wanted that sold then for $425,000 is now down by that same 20% to $340,000, a drop of $85,000, almost one and a half times the reduction your own current home took.
And with so many homes currently on the market, if the seller of that $425,000 home that's now worth only $340,000 needs to sell, it is very possible that, with the help of an aggressive Realtor, you can negotiate that price down even lower. Chances are that if you could afford the home you paid $300,000 for 3 or 4 years ago, you can probably afford the home you always wanted if you buy it now that prices are so depressed.
As a bonus, when home prices start to rebound, you'll not only have the nicer home, but that new home's price will rise even faster than your old one with those troublesome "unchangeables."
For help in finding the right Tampa Bay Florida home for you and your family, visit Cheryl Stimac's Tampa Florida Real Estate website. For more immediate help, call Cheryl at Red Shoe Realty, LLC on her cell phone at 813-263-6806 or E-Mail her today. You'll be glad you did.
2 comments:
You make a very good point, Cheryl. My only concern is getting out of the current property and losing money on in any equity you might have or losing money overall. I guess my best suggestion would be to get into as much property as you can at the discounted rates that we're seeing. Whether that's your dream house at a discounted price, foreclosure prices, etc. The point is now is a great time to buy. While searching property in Florida I came across a great Google maps mashup that lists discounted properties. It's been a great help.
Great information. I wish i had a blog at this point. Who built yours for you
Post a Comment