Move up buyers
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Is it a good time to buy? We all know that first time homebuyers have a huge advantage right now. Homes are selling cheap!! It's the perfect time to get a good deal.
But what about the move up buyer? I recently helped a family move into a larger home. They had a home to sell. In 2006, they could have gotten about $240k for their old house. We sold it for $210k. That a pretty big loss.
Now for the good news. We moved them into a much nicer home that cost them $280k. In '06, the same house would have cost them in the mid-330s.
Simple math shows that the $50k savings on the purchase more than makes up for the $30k loss on the sale. The family gained $20k in net worth.
You see, we've got to get over our obsession with the depreciation of our current houses. Yes, they've gone down in value. SO, HAVE ALL THE OTHER HOUSES IN TOWN! It may take a few years to recover the loses of the last 2 years, but you can trust that you are notthe exception. Your purchase will be at a lower price too!
Is it a good time to buy? We all know that first time homebuyers have a huge advantage right now. Homes are selling cheap!! It's the perfect time to get a good deal.
But what about the move up buyer? I recently helped a family move into a larger home. They had a home to sell. In 2006, they could have gotten about $240k for their old house. We sold it for $210k. That a pretty big loss.
Now for the good news. We moved them into a much nicer home that cost them $280k. In '06, the same house would have cost them in the mid-330s.
Simple math shows that the $50k savings on the purchase more than makes up for the $30k loss on the sale. The family gained $20k in net worth.
You see, we've got to get over our obsession with the depreciation of our current houses. Yes, they've gone down in value. SO, HAVE ALL THE OTHER HOUSES IN TOWN! It may take a few years to recover the loses of the last 2 years, but you can trust that you are notthe exception. Your purchase will be at a lower price too!
posted by Russell T. Nolting at
3:02 PM
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