Why Would You Want To Sell When The Sky Is Falling?

November 20, 2008

Are you crazy? Are you so flush with money that you don’t mind giving away $20,000 or $30,000 of your equity? I almost said “hard-earned” equity – but for most of us who’ve bought in the last 10 years, we didn’t have to do much other than sit back and watch our home appreciate. But however we’ve earned the equity, it doesn’t seem on the surface to be a good idea to sell right now.

But what if I told you that by giving away $20,000 I’ll give you back $30,000? You’ve now netted $10,000. Sounds a bit better now, doesn’t it? You’re continuing to earn equity the “easy” way – even in this different market.

Let’s say that you own a house that a few years ago was valued at $200,000 – up 30% from when you bought in 1999. Unfortunately prices have dropped in your area so now your home is only worth $180,000 – down $20,000 from 3 years ago. Ouch! It’s no good wishing you’d sold then – that window of opportunity has already passed. But if you have a stable job in an industry that appears to be weathering the economic downturn fairly well, then you might want to consider taking advantage of lower prices on larger homes. If you’ve had to drop your price 10%, then larger, more expensive homes will have to drop their price also. A home that would have cost $300,000 two years ago may now be listed for $270,000.

Then add in the monthly savings of an incredibly low interest rate (I just spoke to a Mortgage rep and he told me as of December 30, 30 year mortgage rates are holding at between the high 4% and mid 5% range. Fifteen year rates are slightly lower at 4.75%.) So what does this mean to your bottom line? For many, the cost is only a couple of hundred dollars more a month for a much bigger comfortable home. Only you can do your calculate what the cost of moving into a more spacious home would be. If I were looking to move up, and my long-term employment seemed secure, I’d definitely be looking now!

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Local Information for Oklahoma City, OK

Latitude: 35.482309 -- Longitude: -97.534994

Other Area Cities: Oklahoma City Norman Choctaw Bethany Del City Edmond Midwest City Moore The Village Warr Acres

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Oklahoma City is the capital and the largest city of the U.S. state of Oklahoma. It is also the county seat of Oklahoma County, Oklahoma. Oklahoma City was founded during the Land Run of 1889, first of five land runs in what became Oklahoma.By the time Oklahoma was admitted to the Union in 1907, Oklahoma City had already supplanted Guthrie, the territorial capital, as the population center and commercial hub of the new state. Soon after, the capital was moved from Guthrie to Oklahoma City.Oklahoma City Public Schools is the state's largest district and is one of the few urban districts in the nation with a growing enrollment, due largely to the so-called 'MAPS for KIDs' city-wide improvement plan. The Oklahoma School of Science and Mathematics in Oklahoma City is home to the state's most gifted math and science pupils.Besides the skyscrapers that cluster in the city's central business district, one of the more prominent landmarks downtown is the Crystal Bridge. -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Oklahoma City	Oklahoma	United States
Population	506,132	3,450,654	281,421,906
Median age	34	35.5	35.3
Median age for Male	32.7	33.9	34
Median age for Female	35.3	36.9	36.5
Households	204,434	1,342,293	105,480,101
Household population	492,999	3,338,279	273,643,273
Average household size	2.41	2.49	2.59
Families	129,360	921,750	71,787,347
Average family size	3.04	3.02	3.14
Housing units	228,149	1,514,400	115,904,641
Occupied units	204,434	1,342,293	105,480,101
Vacant units	23,715	172,107	10,424,540

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