Like everyone else in the world, I too wish I could have it all. The truth of the matter is that it just doesn't work that way most of the time. So if you are planning on selling your current home and buying new home, you have to be aware of the fact that you can't buy low and sell high at the same time.
If you are planning to put your home on the market in the hopes of buying a larger home at a reduced price,you have to be willing to accept that the house you sell will be at a reduced price as well. It's just way things work and if you think about it for a moment then it makes perfect sense.
The good news is that it usually balances out pretty well. In Columbia, SC the high end market is the market that's slow and has the most reductions. So what you give up in the sell of your current house you more than make up in the purchase of your new home. You may have to sell your house for $5,000 less, but you can get a new home for $20,000 less than you would have been able to at the height of the market.
The best thing to do is take a close look at the market, price your house right, and do the math. You may give up a little on one, but you can really gain on the other.
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JL Boney, III - Columbia, SC Realtor - Russell and Jeffcoat Realtors
I specialize in Columbia, SC real estate and the surrounding areas, including Blythewood, SC, Kershaw County, Fairfield County, and Lexington, SC. If you are in the market to buy or sell a home in Columbia, SC or any of the surrounding areas, I would love the opportunity to speak with to see how I can help. Thanks for reading and feel free to contact me if I can be of service to you.
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JL ~ Great point! I hope this reaches the ears of those selling and buying..
This seems so logical and yet it's the hardest thing to get people to understand.
JL...
I think that this should just be common sense, but most sellers don't believe it. They think that they can get whatever they want for their house and then offer 50% of the list price on the house that theu want to buy!
Monique- I think it's solid advice.
Susan- Logical is always hard to understand. We're all human and we want it all.
Richard- Few people consider the other party in a transaction or an offer. They just want everything to go their way.
Hey JL - you hit the nail on the head. Maybe the emotional attachment of the house has something to do with it - everyone's home is priceless!
Interesting Post! Good information, thank you for sharing an informative and helpful blog.
You are so right about this. Why is it that Sellers want the "high dollar" for their "palace", but expect the next guy to "take it in the shorts" when a new purchase is made. Greed and stupidity.
JL ---- I have one ? for you -- why can't I buy low and sell high? Ha, Ha -- great points you make here.
Those who are serious about this are just so much fun, though, don't you think?
This makes perfect sense. As we don't live in a perfect world some people wont get it. We can only hope.