Our local paper, the Akron Beacon Journal, published an article entitled "Sellers Wheel and Deal" in yesterday's business section. It detailed the challenges that Sellers are facing in today's buyers markets and the incentives that some sellers are offering. Some Seller's are providing gift cardsto their Buyers at closing, some are paying closing costs and or points. Others are offering flexible terms such as lease options and land contracts for buyers with credit challenges who may not be able to obtain "conforming" mortgages.
The media has been quick to pounce on what they call a "downturn" in the housing market. But there are opportunities for Buyers and even Sellers who need to purchase another home. If you're a Buyer, the increased inventory currently on the market offers many more choices and may provide opportunities to purchase a home at a more competitive price than the past few years. If you're a Seller, don't lose hope! That same opportunity may exist for you. If you're moving up, you may be able to get a more competitive price on that move up house, perhaps even enough to offset the "loss" of equity that you may experience in the lower price your receive on your current property.
A good way to look at this situation, was an analogy offered by a past client that may be interested in moving up to a larger home. He suggested that Sellers should look at themselves as corporations. Look at the bottom line - if the competitive price you may be able to buy that move up home offers enough to offset the lower price you receive on your current property, your family still comes out ahead!"
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