I personally have 5 buyers that I'm working with trying to find anything for them to purchase. Everything even close is going out with multiple offers on the lower end purchases so I'm teaching those buyers patience and how to be a better buyer while we wait for homes to come on the market.
It's a bit different for the under 300 list price than the, let's say, 750k list price. Why you ask? Simple really, more people can afford to buy under 300 than around 750. So, the move up buyer will have lots of people running to write an offer for their home and a little more luxury in finding the replacement one.
With that said....a little bit of math for you.
A home worth $250,000 now, using a 30% depreciation factor, was worth about $350,000 a few years ago. So, we'll say that's about one hundred thousand dollars in price reduction, right? Now, using that same type of math on a home that is worth $750,000 now and it was selling for about $1,075,000 back in the hey-day. That, on the other hand, is about three hundred thousand dollars in, don't shoot me you who paid that million back then, savings on a purchase.
If you are considering moving up and are dismayed that you've lost 100k in equity in your home, don't fret as the house you wanted to buy a few years ago is now going to cost you 3 times less than what you have lost in your homes value.
So, with a little more math and of course, ignoring loans, let's just simply look at this:
1,075,000 - 350,000 = 725,000
750,000 - 250,000 = 500,000
At a minimum you are saving a quarter of a million dollars if you are selling and purchasing at this time in our fair little valley. Heck you could even buy a little investment condo (if you could find one for sale) with the money you are saving!
Done with math and examples.
If you have questions about selling, or buying, in Santa Clarita Valley and beyond, give me a shout. Lauren@KeepYourWitz.Com ~ 661-964-1600
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