BUYING UP IN A DOWN MARKET
Many current homeowners have recently seen their housing needs change. Perhaps they have a child getting ready to start school in the fall, or maybe they simply need more space. Whatever the reason, if your goal is to move into a more expensive home, don't let the market scare you from moving forward.
With local real estate here in Cleveland on a slight downward trend, buyers can take advantage of very attractive home prices. However, for a lot of move-up buyers, the thought of selling their current home during a declining market makes them uneasy. The Schuman Team wants to help those buyers understand that moving up in a down market can make sense.
Please take a look at the following graph. The figures perfectly illustrate what a move-up buyer here in the Eastern suburbs of Cleveland may be facing.
In this example, the owners of Home "A" have experienced a 10% decline in the value of their home. On face value, this seems like a negative. Had the owners of Home "A" sold at the peak of the market, like in 2003 or 2004, they would have also purchased Home "B" at the peak of the market. The difference would have been $200,000.
When the market declines, the price of all homes decline. Thus, Home "B" experienced the same percentage decline as Home "A", yet went down a greater dollar amount. The difference is now only $180,000. Although the sellers feel a "loss" in the sale of their Home "A", they actually realize a net gain of $20,000 in the overall transaction.
So you see, a declining market can be an ideal time to make a move to a higher priced home.
To see all homes currently on the market in the Cleveland area, click here. For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.
Click below to view other helpful information for buyers and sellers:
Home Staging and Why It Is Imporant To Today's Sellers
Schuman Team Staging Tips - First Impression Is Key
Schuman Team Staging Tips - Define Rooms To Get Top Dollar
The First Step To Buying a Home - Get Pre-Approved For A Loan
Schuman Team Buyer Tips - Tax Credit To Assist Buyers
Cleveland Area Luxury Home Marketing Group Created
Solon Ohio - A Special Community
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If you are looking to buy or sell a home in Bainbridge, Beachwood, Moreland Hills, Orange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact us as we would be happy to show you why people love working with the Schuman Team.
The Schuman Team uses their home staging expertise to sell listings quicker and for more money. The average home in the Cleveland area sold in over 100 days in 2008 and our listings sold in less than 60 days. The Schuman Team specializes in luxury homes and are members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and of the prestigious Institute for Luxury Home Marketing, the premier independent authority in training and certification for real estate agents working in the luxury home market. We also work extensively with buyers and sellers who are relocating in or out of the area. Check out our great relocation package.
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