|
I would like to sell my house and purchase a new home, but houses in my neighborhood aren't selling. What can I do?
Gary T. Alpharetta, GA writes,
Stephen, I would like to sell my house and purchase a new home. I am certain that I can negotiate a good deal with the builder, but houses in my neighborhood aren't selling. What can I do?
Gary, your timing is better than you think. If you are upgrading, your savings on the new home will be greater than the discount you will have to give on your current house. In other words, if the market is off 15%, your savings on $500,000 is $75,000, but the discount you will have to give on your $300,000 house would be only $45,000.
Another strategy to keep in mind is to lease out your current house until this real estate soft patch is over. That way, you'll get your new home below market now and get a healthy price for your current house in 12 to 24 months. There could also be additional tax advantages to keeping both houses for two years, but please talk to your tax advisor for details.
Stephen
If you have a question that you would like me to answer please email me at Stephen@katzmortgageteam.com.
Email Page | Print Page
|
|
|
