Buying And Selling In Todays Real Estate Market
Todays market benefits two groups of buyers: firsttime buyers and buyers moving up. It is an excellent market to buy especially if you dont have a current home to sell. For this reason were seeing a lot of firsttime home buyers opting to buy instead of rent. Since these firsttime buyers are not having to make contingencies to sell a home before buying another they are able to use that negotiating power elsewhere price for example.
Even if you have a home to sell its a very good time to move up. It may take a little while to sell your current home and you wont get for it what you would have gotten even a year ago. But remember that youll also be paying considerably less for the home youll buy if youre moving up. For example lets say your current home is worth 250000 on todays market. If you move up and find a larger or nicer home for say 350000 youll be saving a lot of money in the long run by buying now. Depending on area youre looking at a roughly 58 drop in prices for the past year. That percentage difference for savings is much higher for the more expensive house in other words that 58 loss in selling your house will be more than made up in buying a more expensive house now rather than later.
Many buyers are using this opportunity to move up since prices in the next couple of months seem to be about as low as theyre going to get. Weve seen a lot of past clients coming back to us to move up as well as buyers who have been sitting the fence waiting for prices to get as low as possible. This is a great time to buy with Charlestons strong buyers market.
In short todays market is ideal for firsttime home buyers and buyers looking to move up. On the other hand its not beneficial for buyers looking to downsize or liquidate assets. So if youre considering downsizing it would be better for you to wait until the market picks back up. Less than a year from now prices should be well on their way back up and you should get considerably more money for your home than if you sold now.
About the writer: Buyers can view all Charleston homes for sale on the MLS using our website! Whether youre looking for Mt. Pleasant SC homes or Summerville home listings youll find all the listings on our site!
Related posts:
