Research the market you're planning on purchasing in and determine if you can get a fair deal on the buy side. If so, you may be able to pass on a better price to the buyer of your home that will allow you into your next home.
There's buyers out there and they're looking for value and when it comes to Real estate, value equals price. Serious buyers should be in constant contact with their agent and lender to ensure they still qualify as before. Contrary to news media, lenders haven't stopped lending. Transactions in the Chicago area released today for august are down 30% (not price) from August of last year. So bottom line, not all buyers are out there but 70% of the market is still doing deals and getting the financing to do so. With the Government providing support to Fannie Mae and Freddie Mac and assuming the Bailout goes through in some form, lending will continue and hopefully improve so that marginal buyers can come back into the market.
Best of luck, Ken.
There are plenty of qualified buyers out there. The inventory of real estate on the market is quite high, and they have a lot of choice in the market. This translates into lower purchase prices. Getting the qualified buyer to purchase in this environment is the most challenging issue. They must find the property (wade through all the inventory), want the property and must feel they are getting a good value.
Best of luck with the sale. Make sure your agent has a strong internet marketing program to get the most exposure for your property. A quality presentation online and in person make a huge difference in this market.
Have you been pr-approved for a new mortgage to the next home you wish to buy? How would you compare that experience years prior? Your buyer is likely to have to go through the same experience.