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 Hendersonville, TN

Latitude: 36.300084 -- Longitude: -86.606109

Other Area Cities: Hendersonville Gallatin Goodlettsville Nashville

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Hendersonville is a large town in Sumner County, Tennessee, on Old Hickory Lake. The population was 40,620 at the 2000 census. It should not be confused with Henderson, Tennessee, nor with Henderson County, Tennessee, both of which are in West Tennessee; Hendersonville is in Middle Tennessee. Hendersonville was settled around 1784 by Daniel Smith when he began work on Rock Castle. In 1790, William Henderson, for whom the area was named, settled in. With the completion of Old Hickory Damn in 1954, the city of Hendersonville started to grow into the most populous city of Sumner County and also one of the most populous suburbs of Nashville, along with Franklin and Murfreesboro. The city now contains around 0.7% of the population of Tennessee. Hendersonville, TN is the hoome of Johnny Cash, country singer , Conway Twitty, country singer James Wilhoit, UT Vols place kicker, Roy Orbison, rock-n-roll singer,Marty Stuart,country singer and Connie Smith, country singer. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Hendersonville	Tennessee	United States
Population	40,620	5,689,283	281,421,906
Median age	36.2	35.9	35.3
Median age for Male	34.7	34.5	34
Median age for Female	37.6	37.2	36.5
Households	15,823	2,232,905	105,480,101
Household population	40,391	5,541,337	273,643,273
Average household size	2.55	2.48	2.59
Families	11,572	1,547,835	71,787,347
Average family size	3	2.99	3.14
Housing units	16,507	2,439,443	115,904,641
Occupied units	15,823	2,232,905	105,480,101
Vacant units	684	206,538	10,424,540

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