Today a totally different thought. You will read everywhere how bad the market (Press Democrat) is, that we are in a depression (see CNBC article), but don’t forget, the current market conditions do have a silver lining.
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. Yes a home owner will sell their home for less than a few years ago, but the home he or she would love to move up to, is also a lot less.
For example: if the house you covet used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if your own home also has lost 20 percent of its value.
Of course this is really tough for people who bought about four years ago at the height of the market, but even then, selling now may make sense as long as you can at least break even. When the market was so hot, many people bought homes that was their second or even their 3rd choice. Right now, if moving will help you to get rid of the most negative unchangeables in your current home, and replace them with better unchangeables in a new home, moving does make sense. Once the market really turns around, the growth will be bigger in the better house, that’s a historical fact.
Here it is, my thought of the day, should this make you think about selling, you probably have an idea about the market value of your house and contact your Realtor (Of course, feel free to contact me) and get a professional opinion and get started.
P.S. This weekend we went to pick up our wine club shipment at Francis Coppola in Geyserville. They are doing a major remodel but the temporary tasting room is worth a visit. It’s food and wine tasting, the wines are great. Love the Diamond Collection Claret!
Have a great day!
Mirjam (707) 486-2638
