Home Selling in 31064>Question Details

Sarah, Both Buyer and Seller in 31064

My husband and I are wanting to move closer to our jobs. My question is with the market being the way it is,

Asked by Sarah, 31064 Fri Apr 25, 2008

would it be smart to take a smaller cut in our selling price (making about 2-4k after all costs) on our current home and take the bigger price break on a new larger home. I know it sounds obvious get wanted some other opinions. :-)

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If you are buying up, you may take a small haircut to sell but you are going to give the seller on the home you buy a bigger haircut.

The bottom line is this. Your home will sell when it is perceived a value by the buyers in the marketplace. Homes are selling when they are properly positioned and with the right agent. A great agent will know where to price your home to sell without giving away too much. Starting too high will cost you more in the long run!

It is also important to note that a great deal is not always 10%, 20%, 30% off the list price... a great deal can be a home that is priced at a great deal from the start of negotiating.

If you hire a great agent with great negotiating skills then you will be able to price your home right and negotiate tight, then your agent will be able to negotiate a great deal for you when you go to purchase. Interview many agents and ask them how they negotiate... how they provide you with the right price to offer then choose the agent you feel will do the best job for your wallet! Not all agents are alike!
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0 votes Thank Flag Link Sat Apr 26, 2008
Taking a hit on your present home, in my opinion, is the answer. You will probably make it up in the purchase price of your new home/location.
0 votes Thank Flag Link Wed Mar 2, 2011
When you say the market being what it is: This is a very general statement. Every market is different in different locations. I would find out what the average appreciation per year is for your particular area and mulitply that times the number of years you lived in the home and add it to the price you paid for it. I would not sell it if you cannot get the fair market value for your home. I would rent it out before I'd sell it for less than it's worth. All real estate markets cycle up and down and if you are not in a hurry don't sell if you can't get your money back out of the home. Ask your realtor or get an appraisal to find out the value before making any decisions. Example: If a home is worth $105,000 and you get an offer of $102,000 or $103,000 that's not bad at all depending on closing costs, repairs, etc. If you've lived in the home more than 2 years you should be getting money back at the closing table.
0 votes Thank Flag Link Sat Apr 26, 2008
If you are moving up, then yes. IF you want to feel good about your move, then have a goal.

Example: If I lose X then I want to make sure I get Y off of the next home's MARKET VALUE. Market Value is the big catch here.

The big hang up most people have is what they THINK they need. Your IBM stock won't sell because you need $5 more, just like your home won't sell because you need $5K more. Price it right and get it sold and then reap the rewards when you move up!

Good Luck!
0 votes Thank Flag Link Sat Apr 26, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
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My advice would be to definately sell and buy the larger home. You would be buying in a great market with the current values and interest rates. If you were to wait till the market came back to let's say a "sellers market" then you would obviously make more on the home you are selling, but what would it cost for the home you are buying. Where would you make the most money on your return of investment?
0 votes Thank Flag Link Sat Apr 26, 2008
Sarah
The short answer is that if you are buying a more expensive home you may lose a little on the sale, but should be able to negotiate a greater reduction on the new home because there will be fewer qualified buyers. As lender guidelines become tighters, the pool of buyers decreases. So when demand decreases, prices?????

Decrease, that is correct.
0 votes Thank Flag Link Fri Apr 25, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Always check your financials first. If you look to buy a larger home, your current home will gather less for you but you will in turn pay less for your purchase. Today's market is best for those who do not have to sell and those who opt for moving-up.

Take steps to inventory the pros and cons in your decision making. Weight in your cost -- cost of moving, selling, and buying, vs the gains -- quality of living, savings from gas.

Good luck.
0 votes Thank Flag Link Fri Apr 25, 2008
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