A Buyers' market is a trade up market. Falling home prices are a great opportunity for move up buyers. Even though your home sale price may be lower, the smaller loss of rate can be compensated by greater savings at purchase. If home prices dropped by 5%, here's what it could look like if you decided to trade up:
OLD HOME PRICE = $200,000
Sell at $190,000 = $10,000 - less
NEW HOME PRICE = $400,000
Buy at $380,000 = $20,000 - savings
quoted from Realtor magazine Jan 2009
Here's a great example!!!
This home in Franklin, TN sold in 2006 for $417,000. It is listed today at $380,000. Check it out at realtracs.com
Please give me a call at 615-305-0072 for your trade up opportunities.
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Posted by: home loan calculator | January 30, 2009 at 12:04 AM