Why Would You Want To Sell When The Sky Is Falling?
November 20, 2008Are 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! |
Why Would You Want To Sell When The Sky Is Falling?
November 20, 2008Are 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! As of 11/23/09 the Vann Larson RePage is ranked at 229 with 1,515 points. The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit. |
Local Information for Salt Lake City, UT
Latitude: 40.7547 -- Longitude: -111.892622
Other Area Cities: Millcreek Salt Lake City Riverton Bennion Bountiful Centerville Cottonwood Heights Holladay Kaysville Magna Midvale Murray North Salt Lake Sandy West Jordan South Salt Lake Taylorsville West Valley City Kearns South Jordan
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Salt Lake City has many informal neighborhoods. The eastern portion of the city has higher property values than its western counterpart. This is a result of the railroad being built in the western half as well as scenic views from inclined grounds in the eastern portion. Immigrants find housing more affordable on the west side, which results in demographic differences. Interstate 15 further solidified these divisions.The Utah Museum of Fine Arts, Utah Museum of Natural History, and the Museum of Church History and Art are some of the museums located in Salt Lake City. Other museums include the Utah State Historical Society, Daughters of Utah Pioneer Memorial Museum, Fort Douglas Military Museum, and the Social Hall Heritage Museum. Clark Planetarium at the Gateway Mall houses an IMAX theater.The Utah Arts Festival has been held annually since 1977 with an average attendance of 80,000. About 130 booths are available for visual artists and there are five performance venues for musicians. -- Source: Wikipedia.com
| Salt Lake City | Utah | United States | |
| Population | 181,743 | 2,233,169 | 281,421,906 |
| Median age | 30 | 27.1 | 35.3 |
| Median age for Male | 29.5 | 26.7 | 34 |
| Median age for Female | 30.6 | 27.7 | 36.5 |
| Households | 71,461 | 701,281 | 105,480,101 |
| Household population | 177,170 | 2,192,689 | 273,643,273 |
| Average household size | 2.48 | 3.13 | 2.59 |
| Families | 39,830 | 535,294 | 71,787,347 |
| Average family size | 3.24 | 3.57 | 3.14 |
| Housing units | 77,054 | 768,594 | 115,904,641 |
| Occupied units | 71,461 | 701,281 | 105,480,101 |
| Vacant units | 5,593 | 67,313 | 10,424,540 |
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