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 Satellite Beach, FL

Latitude: 28.173441 -- Longitude: -80.596674

Other Area Cities: Satellite Beach Rockledge Cocoa Beach Indian Harbour Beach Indialantic Melbourne Palm Bay West Melbourne

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Satellite Beach is located at 28°10'24?N, 80°35'48?W (28.173441, -80.596674)GR1. It is known to being referred to as a barrier city because it lies on an island that is situated in front of the mainland. It is accessible by the Pineda Causeway (State Road 404) and the Eau Gallie Causeway, both of which come from the neighboring city of Melbourne. It is mainly a beachy area only a few feet above sea level. There is barely any elevation due to its location near the ocean and most of the ground is just beach sand, crushed shells, and small layer of top soil followed by the ocean water below. According to the United States Census Bureau, the city has a total area of 8.7 km² (3.4 mi²). 6.2 km² (2.4 mi²) of it is land and 2.6 km² (1.0 mi²) of it (29.46%) is water. -- Source: Wikipedia.com

Florida 2000 Census Population Profile Map

	Satellite Beach	Florida	United States
Population	9,577	15,982,378	281,421,906
Median age	44.9	38.7	35.3
Median age for Male	43.9	37.3	34
Median age for Female	45.8	40.1	36.5
Households	3,952	6,337,929	105,480,101
Household population	9,576	15,593,433	273,643,273
Average household size	2.42	2.46	2.59
Families	2,876	4,210,760	71,787,347
Average family size	2.83	2.98	3.14
Housing units	4,257	7,302,947	115,904,641
Occupied units	3,952	6,337,929	105,480,101
Vacant units	305	965,018	10,424,540

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