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 Edmond, OK

Latitude: 35.657154 -- Longitude: -97.464916

Other Area Cities: Edmond Oklahoma City Nichols Hills

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Edmond is a rapidly growing suburban city in Oklahoma County, Oklahoma in the central part of the state. It is the sixth largest city in the state of Oklahoma and is part of the Greater Oklahoma City metropolitan area.The city limits are located on the northern border of Oklahoma City. Two major highways connect Edmond to downtown Oklahoma City; The Broadway Extension (US-77), which runs though the center of the city, and I-35, which runs along the eastern side. As of July 2005, the city had 74,881 residents.Edmond is the hometown of Shannon Miller, who won five medals in the 1992 and 1996 Summer Olympics for the United States in women's gymnastics.Being the highest point along the Santa Fe rail line in Oklahoma Territory, Edmond was originally named "Summit" and was a watering and sanding point for the railroad in the 1880s. The town was given its current name (after an engineer on the railroad) by the Santa Fe railroad headquarters in Topeka after the Oklahoma Land Run of 1889. -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Edmond	Oklahoma	United States
Population	68,315	3,450,654	281,421,906
Median age	33.6	35.5	35.3
Median age for Male	32.1	33.9	34
Median age for Female	35	36.9	36.5
Households	25,256	1,342,293	105,480,101
Household population	66,446	3,338,279	273,643,273
Average household size	2.63	2.49	2.59
Families	18,597	921,750	71,787,347
Average family size	3.08	3.02	3.14
Housing units	26,380	1,514,400	115,904,641
Occupied units	25,256	1,342,293	105,480,101
Vacant units	1,124	172,107	10,424,540

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