If Buyers and Sellers were just to take the news at face value it would be very easy to get scared in today's market. The better thing to do right now is to look for the facts. We hear about 8% unemployment but what we don't hear is that means that 92% of Americans have jobs and are getting their salary every single month. We hear how the market is doing and how the banks are failing but we don't hear much about how interest rates are at a six decade low right now.
There's a huge inventory of wonderful, great-value homes that are on the market right now; selection is high, interest rates are low, prices are low, and it's a fantastic time to be a Buyer. This also opens the door of opportunity for Sellers as well. Your home may not be worth what it was at its peak, but neither is the one you will buy. The fact is that since you will most likely purchase a home that has a higher value than yours, its 15-20% value drop translates into a greater reduction in sale price than yours. That means the math works to your advantage. If you couple that with low interest rates you are getting a double bonus.
There's a huge inventory of wonderful, great-value homes that are on the market right now; selection is high, interest rates are low, prices are low, and it's a fantastic time to be a Buyer. This also opens the door of opportunity for Sellers as well. Your home may not be worth what it was at its peak, but neither is the one you will buy. The fact is that since you will most likely purchase a home that has a higher value than yours, its 15-20% value drop translates into a greater reduction in sale price than yours. That means the math works to your advantage. If you couple that with low interest rates you are getting a double bonus.
Don't be fearful, be factual.
Thanks for helping me better serve our Real Estate Community.
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