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Serena's Blog

By Serena Russell | Agent in Hayward, CA

How long should I plan to stay in my new home?

The world is changing and so are the cyclical nature of the economy. Historically, the longer you lived in your home, the better it would be for equity building and tax advantages.   Pay close attention economic conditions. Are jobs increasing or decreasing in your target area?  Is the unemployment rate getting lower or higher?  Are home prices increasing or decreasing over a 3 to 6 month period?  Make the situation work for you. 

mARKET CONDITIONS: Short sales and foreclosures are still available in most parts of the country, so once those go away,  the market will start to return to the buyers-recession state we were more familiar with.  Until then buyers will benefit from lower interest rates and declining home prices now than ever before.

EQUITY: Some sellers might also benefit if they have owned the home for many years and have some equity in their home. This would make it possible for a seller to sell and make a decent profit. 

INVESTING: Also take a look at what investors are doing?  If investors are out there buying up low priced properties, for cash, then it means it must be a good time to buy.  Buy low and sell high is always a good goal.   Investors generally pay a higher interest rate than owner occupied property owners, so they must make their money go farther.

For more advise contact your well informed real estate specialist today.

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