Is this a good time to sell and/or buy?
There has been a market reset! All pricing has come down. Whether you are selling or buying, in every price range. Think of it as, am I going to get less for my house if I sell at this time? Yes, because the selling prices have retreated from the high of the market. This is also true when you go to buy. There is a price differential that is similar to when the market was at its high, so you indeed may get less now when you sell, but you are also going to pay less for what you want to buy. Whether you’re in a great market or a declining market, the price differential between buying / selling will maintain a similar relationship. I have laid out an example below for a purchase with a jumbo mortgage.
The advantage you have now is the interest rates are at a 30 to 40 year low. The assumption is, this is a mortgage only, added taxes or insurance are not included. If you are able to decrease the mortgage amount to less than $417,000, which is the limit for a conventional mortgage, you can get an even better rate! Would you like an even lower rate? Stay tuned to my next article on our new Rate Relief program for buyers and sellers!
Yes indeed, THIS IS A GOOD TIME TO SELL AND BUY!
Posted by:
Doug Armstrong
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