The tide is turning. Take an informal survey and you’ll find that most people agree that now is a great time to buy a home. Competition between sellers, great interest rates, lots of home choices, tax credit help, and signs that the economy and the housing market are improving make it a great time to buy a home.
But what do you do if you currently own a home? You’ll probably need to sell it… and this presents a problem. All the things that make it a great time to buy can make it a difficult time to sell.
If you look at the statistics, the number of sales in 2009 were roughly 35% less than the number of sales in 2006 (the high-point for the number of sales in our market). That is a huge decrease. The average price of homes sold has been falling slightly over the past few years as well. The number of homes currently on the market has remained relatively flat during the same time period. There is no question that it is harder to sell a home now than it has been in the past.
So… you want to buy but have a home to sell first. Don’t give up hope. You can be successful in your transition from your current home into your new one. The steps you would have taken a year or two ago are still relevant to your achieving a successful sale in today’s market…
- First, you’ll need to get some ready, willing and able buyers to come see your home.
- Second, you’ll still need to get at least one of those buyers to “fall in love” with your home.
As you work to accomplish these steps, the decisions you will make will most likely be more difficult than in the past. For instance, it will be critical to address your home’s price and condition accurately based on today’s current market, which may mean spending more to prepare your home properly and ultimately selling for less than you would have a couple of years back.
One bright spot in this discussion is that the US Government may help you with the financial aspect of your transition. If your situation falls into their guidelines, you can take advantage of the $6,500 home purchase tax credit for current homeowners. You’ll be able to purchase a great home at what will be probably be looked back on as one of the best times in history to buy,
Some current homeowners may still want to buy a new home but cannot wrap their minds around selling their homes in the current market conditions. For these owners, there may be another option. Keeping and renting their current home may not have been something they would have initially considered, but it has become a great solution for many owners. Benefits of this option include waiting to sell your home at a time when the market improves as well as using your rental home to build wealth for yourself and your family. At South Carolina Home, through our Property Management Services, we have helped a number of clients recently transition into a new home and rent their current home.
If you currently own a home and you find yourself saying “I want to buy!”, contact your agent or call us at South Carolina Home to find out how you can take advantage of one of the best times in history to buy a home.
(This information includes statistics from the MLS of Greenville, SC. The author, Aaron Cole, is the creator of HomeSOLDin60TM, a proven process that guarantees a home seller the best price in the shortest time. To learn more about SCHC 60-day Home Sale program, visit www.HomeSOLDin60.com or contact an SCHC agent at (864) 322-1220.)