Is it a good time to sell now? This is a follow-up posting to my January ’08 post.  The following still applies today

 Well if you are a regular reader of my blog you probably saw the posting “Should I sell my home now?” back in January of ’08. Well, the market has changed since then. The good news is this makes it a great time to sell for certain sellers.  Home values in most of Western WA have dropped since the beginning of the year.  In some areas the drop has hit the double digit percentage. How could it be good to sell when your home may be worth $50,000 less then last year?

  Here’s how… 

For move up sellers. Seller who plan to move up to a more valuable home.

Last year your homes market value was around $500,000. For the ease of calculation I will use 10% in this example. This year your homes market value dropped by 10% ($50,000)  and now is valued at $450,000 . Your plan is to buy a $900,000 home. The home you choose also had a drop of 10%. That $900,000 home last year had a market value of $1 million a difference of $100,000. You would actually save $50,000 by buying up.

  How did I get that #? $100,000 (the drop in value for the home valued at $1 million last year) - $50,000 (the drop in value for the home valued at $500k last year) = $50,000 savings.

  Who shouldn’t sell now?

 Sellers who are freaked out by the market and have no plans to “buy up”, should NOT sell. Think of.. buy low, sell high.

Don’t forget, in order to sell your house the price has to be better than all of the comparable homes. If it’s not, expect the potential buyers to move on to the better priced home. Inventory is up.  Buyers know this and will move on to the next house if the price isn’t right.

 For more info about your homes market value & selling your home please contact me @ 206-465-7257.

To search for homes/real estate in the Seattle & Bellevue areas click here.

Visit www.GregRBenson.com for more info about buying and selling a home or condo