Should you sell in a buyers market? ...... There is no question that right now we are n a buyers market. If you don't have a home to sell then don't wait to buy. Interest rates are still very low and inventories are up, making it a great time to buy a home.
But what if you have a home to sell first? If you are moving up to a more expensive home the time has never been better! No, I haven't lost my mind. Just do the math with me. Last month there were 532 single family homes sold in Cobb County. So there are definitely still buyers in the marketplace. However the average price discount was about 4%. If you are selling a $200,000 home that means you might have to take an $8000 discount and probably contribute some closing costs. However, if you're moving up to a more expensive home you can look for the same type of discount or larger! I just had a closing yesterday for a home listed at $300,000. We were able to negotiate $14,000 of the price plus an additional 4,000 closing costs! I had another buyer last month who purchased a bank owned home in Cumming, Ga. The purchase price was $292,000 but the home appraised for over $340,000! If you were buying and selling in a more balanced market and homes sold for full value, there is no money to be saved! It may be well worth it for you to sell at somewhat of a discount. In return you might save thousands.
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