Here is an interesting article that goes against what I have been thinking
about selling in today's market. Since real estate goes in cycles, most
home owners are waiting for prices to come back up before selling but if you
are going to 'moving up' to a bigger house then selling now might be a
better option in today's market. I believe this most applies to home owners
looking to up-size their homes. Especially condo or townhome owners looking
to buy a home.
Daily Real Estate News | April 16, 2008
Why Selling Now Makes Sense
Home owners who are reluctant to sell because prices
have fallen, should do the math, and realize that the market downturn could work
in their favor, say practitioners in hard-hit, but still pricey Boston.
Their reasoning may work in many other parts of the
country as well.
"People are finding houses at prices they thought
they'd never see again," says David W. O'Neil of Century 21 Spindler & O'Neil
Associates in suburban Boston.
O’Neil points out to potential sellers that if the
house a buyer covets used to be $500,000 but its price has fallen 20 percent to
$400,000, it is a deal, even if the buyer’s own home also has lost 20 percent of
its value.
In general, the toughest sell is people who bought
about four years ago at the height of the market, says Zur Attias of The Attias
Group at Barrett & Co. in Concord, Mass. But even for these home owners, selling
now may make sense as long as they can at least break even.
He argues that almost everyone forgoes something,
and probably several things, that he or she wanted when buying a house. For
instance, the home may be in the right school district, but on a busy street. Or
it may in a great neighborhood, but it's a Cape, not a Colonial. These are
things Attias calls "unchangeables."
He says it’s a good time to sell if a seller can get
rid of the most negative unchangeables in his current home, and replace them
with better unchangeables in a new home. Once the market really turns around,
the growth will be bigger in the better house, he predicts.
Source: The Boston Globe, Vanessa Parks and
Jonathan Wiggs (04/13/2008)The point is take advantage of
proportionality. A loss on the sale of a smaller house will be more that offset
by the discount gained on the purchase of a larger home. Another advantage is
being able to be very selective in the features and neighborhoods when buying in
a Buyers Market. You don't have to 'settle' for a home your not 'in love with'.
To find out where the best deals are in the Las Vegas home market go
www.LasVegasGreatHome.com or
www.InvestVegasRealEstate.com
www.Own-LasVegas.com
www.702HomeMortgage.com