Real Estate Blog
Saturday, June 04 2011
Dramatic Price Drops Herald Historic Opportunities
For some commentators, this confirms the double dip in home prices that many have feared. Others view the numbers as artificially skewed because the federal tax credit was still propping up the market in March of 2010. In any event, we can now proceed without the influence of the tax credit, which mandated a contract deadline of April 30, 2010.
(To see the full Case-Shiller report visit www.Ardolino.com/blog1.)
The question for each of us going forward is, “What does this mean for me?” This is where the opportunity comes in.
If you are a first-time buyer without a home to sell, seize the moment!
If you are a long-term Long Island homeowner who bought your home years ago, before the bubble, you may be poised for your own double-dip: a sale at a tidy profit, plus the opportunity to trade up to a better home at a reduced price at a historically low mortgage rate.
If you bought your home more recently, it may still pay to sell, in order to lock in a low rate and buy at a reduced price. Even if you sell at a loss, the numbers may work in your favor.
If you need help figuring out where you stand, contact me: 631-941-6262 or Michael@Ardolino.com.
All Rights Reserved