If You Waited To Sell, You May Be Brilliant!

NewMarketReality-25 NewMarketReality-27Are you a homeowner that looks back on 2006 house values and wonder why you didn’t sell at the height of the market?

Do you lament the money you may have lost by not selling?

Looking back at the euphoria that permeated the real estate market at the time, many may have sold and moved into an even nicer, more expensive home.

With the benefit of 20/20 hindsight, we can now calculate the financial consequences of such a move.

Let’s look at a house that would have cost $400,000 in 2006.

For the sake of this example, we are going to assume that values in this region dropped 25% since.

To compute total cost (principal and interest payment) we needed to research mortgage interest rates at the time also.

Here is the comparison: Payment

You saved over $1,100/month on your mortgage payment.

Maybe it wasn’t horrible that you didn’t sell in 2006.

Perhaps, it was a great decision!

 

 

 

About The Author

Jolie Powell

Jolie Powell has been a distinguised leader in the Real Estate industry since 1987. Prior to entering the world of Real Estate, she worked as a TV producer for the Advertising Agency, Dancer Fitzgerald Sample in NYC. Jolie's expertise in counseling buyers and sellers brings people together from Long Island, and indeed, Globally! Having lived abroad and traveled extensively, Jolie has an excellent understanding of many cultures. As a Cuban-born American, she is fluent in Spanish and communicates well with international clients relocating to the North Shore of Long Island. Jolie is proud of the high level of trust she and her clients have established and looks forward to continue building exceptional client/broker relationships.

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