This is exactly what I have been telling sellers who are buying...it is a reality of our market. Yes, you are not getting what you hoped, but you are also buying at an amazing price and getting incredible financing! If you need to move, do it now and reap the benefits of this market. You may never be able to buy such a great home again.
Thanks to Steve for a great post! This is the selling season!
Convincing a seller a price reduction is not a fire- sale but a chance to trade equity in to a move up property. A condominium owner has been following the comps (with my help) in his complex. He admitted the numbers were depressing, but with his growing family he has no choice but to sell in a down market, in order for him to buy larger. I convinced him to reduce his price below the others offered in his condo project…now during the selling season. Rather than wait and hold, missing out on properties of a better size owned by sellers with similar motivation. You are not taking a loss – you are moving future equity to a property better suited for your needs.
2 bedroom 2 bath 1,100 square foot condo with river-frontage $14,000 price reduction...asking $115,000
Seller will need to spend over $200,000 to buy the next property, but will save 25-30% over what that sold for in 2005 so will not look at this as a loss - rather a trade in equity for a more suitable size for his needs.
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Dawn Maloney, REALTOR®, Luxury Home Marketing RE/MAX Haven Realty
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Helping home buyers and sellers in Summit, Portage, Stark, Medina, Wayne, Lake, Geauga and Cuyahoga Counties since 2003.
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