So, How's the Market?

Every day I am asked, "How's the market now?"  I see both hope and fear in the eyes of the asker.  Hope that I answer with positive confidence and fear that I will answer with a doomed and destructed mentality.

But what I actually see in the market is opportunity.  There is so much real estate to be had for such an incredible bargin!  Add to that the unbelievably low interest rates (lower than in 1960!), and you can buy more house for the money than in 60 years.  A buyer is actually saving on the front end (with lower prices) and the back end with a low interest rate, saving tens of thousands of dollars! 

So how does this benefit you as a seller?  Well if you are thinking about moving up, you will have the same savings when you are the buyer.  Sometimes this means that it is okay to take a loss on your "first home," but you will make your money once you have purchased your next home. 

This means that there are buyers out there ready to buy your home now-- qualified and very motivated buyers.  But just like in 2005 and 2006, they are very demanding!  They want a great price.  They are willing to do some repairs, but the price is the total driving factor in today's market.

"Take a loss? Really?!" Is this your reaction? Well, think of it this way: It is not really a loss at all. Example: If you paid $135k for your home and it sells for $125k, then you purchase one for $175k, but it was discounted $50k (most homes in Atlanta devalued at least 30% at the start of the "slump" in the economy), you actually "saved" $40k just on the price.    Now add to that the low interest rate and you will save monthly with lower payments and overall with less paid after thirty years.

Now you tell me: How's the Market?