Been waiting for the right time to buy or sell? Now that school’s about over for most of us, the summer bug to buy that next home is beginning to bite. Plenty of available inventory makes for a buyer’s market which is actually good news for everyone. Even if you have to sell at a discount from a couple of years ago, you will more than make up for the loss on your next home purchase as long as you’re moving up in price range.
For example, say you take a 10% reduction in sales price on your $200,000 home, or $20,000. The seller of the next home you buy will likely be having to make the same concession. So if you’re buying a $350,000 house, you’ll save $35,000 – a net gain of $15,000. Take into account the fact that most costs associated with moving are experiencing downward pressures as well in the current economy and the net savings can be even greater!
Remember, if conventional wisdom tells you to wait for a better market, there’s a good chance the smart money is heading the other way. You don’t need to be Warren Buffet or Donald Trump to make money this season. Get started today.
