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 Chicago Heights, IL

Latitude: 41.512034 -- Longitude: -87.640201

Other Area Cities: Chicago Heights Blue Island Lansing Flossmoor Country Club Hills Crestwood Crete

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Chicago Heights is a city in Cook County, Illinois, United States. The population was 31,373 at the 2005 census. -- Source: Wikipedia.com

Illinois 2000 Census Population Profile Map

	Chicago Heights	Illinois	United States
Population	32,776	12,419,293	281,421,906
Median age	30.6	34.7	35.3
Median age for Male	29	33.3	34
Median age for Female	32.3	36	36.5
Households	10,703	4,591,779	105,480,101
Household population	32,132	12,097,512	273,643,273
Average household size	3	2.63	2.59
Families	7,821	3,105,513	71,787,347
Average family size	3.53	3.23	3.14
Housing units	11,444	4,885,615	115,904,641
Occupied units	10,703	4,591,779	105,480,101
Vacant units	741	293,836	10,424,540

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