June Semi-Monthly News-Part 1
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Semi-Monthly News
Down Market? How about an
Ideal Opportunity?
Part 1 | June 2009
In this
Issue:
page 2
Cover Story Continued
Helpful TIPS
page 3
June Birthdays &
Company Anniversaries
page 4
Legal Corner
Mortgage Update
page 5
Up-Coming...
[More]
Semi-Monthly News
Down Market? How about an
Ideal Opportunity?
Part 1 | June 2009
In this
Issue:
page 2
Cover Story Continued
Helpful TIPS
page 3
June Birthdays &
Company Anniversaries
page 4
Legal Corner
Mortgage Update
page 5
Up-Coming Events
RISMEDIA
June 4, 2009
With the passing of an $8,000 tax credit for firsttime buyers, much has been made about the great
opportunity available to those who have never owned
a home.
Yet, the reality is that today’s market offers
just as many advantages for existing homeowners
wishing to move-up to a larger home.
“Many current homeowners mistakenly don’t think it
is good time to buy because they are focused on
what they might have sold their home for in the past,”
said James W.
Weichert, president and founder of
Weichert, Realtors.
“Once they realize how beneficial
it can be to trade-up now, both financially and
personally, they often have a change of heart.
”
The Financial Benefits
Given the recent decline in home prices, some
homeowners are understandably hesitant to sell their
home.
However, when you factor in the cost-savings
on the home also being purchased, trading up now
can produce a very positive financial outcome.
Take for example a homeowner who paid $200,000
for a home several years ago.
If prices in their market
declined by 10%, they would experience a $20,000
loss upon the sale of their home.
However, if they are
also buying a larger home that had cost $400,000;
they would now benefit from a $40,000 savings
on their purchase.
This is a $20,000 gain in overall
equity as a result of moving up.
In addition, when
prices begin to rise, this trade-up buyer will see
greater appreciation in their new home than their
previous one.
More House for Your Buck
With home affordability at a record-high and interest
rates at a record-low, those looking to move-up can
get more for their dollar today than at any time in recent
memory.
For some this historic buying opportunity
can translate in to a home with more bedrooms for
the kids or a bigger yard where the dog can play.
For others it might mean a larger dinning room for
entertaining family and friends.
continued on page 2
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