Bill Forrest with Forrest Team of Realtors Discusses Why You Don't Want to Wait to SellSo I need to talk to you today because there's something you really need to know. We talked about: &ldquo
Owners Don't Wait! You'll Regret It!
Dated: June 7 2021
So I need to talk to you today because there's something you really need to know. We talked about: “There is no bubble!" last week. It's just a lack of supply. And I've been hearing from a lot of you homeowners that are like: "Well, I'm hearing about 10% appreciation over the next year. I think I'll just wait."
Well, here's something you haven't thought about. And that's interest rates. First and foremost, chances are you're going to move up and want something bigger, something that suits your post-COVID lifestyle better. Okay, we’ll move from a condo or a house but you're at $300,000 and what you want wants to be about $350K. Okay, well, do the math. If you're waiting on 10% appreciation, okay yeah. $300 turns into $330, $30,000 more equity.
And yeah, they're talking about over the next five years, a $300,000 property generate probably about $82,000 in additional equity. But the house you want is 450. So 30, and that one goes up 45, so you're looking at $15,000 loss immediately for waiting a year.
Now, interest rates. Everybody in the industry is saying they are going up. And they're going up at least a point in the next year. We're talking about this time next year, going from 3.25 to 4.5. So yeah, okay, so you lost $15K. This is worse. This is much worse. So that $450,000 house a year later is $495K, for the same house. That mortgage is going to cost you an additional $550 a month. And if you look at that over the life of the loan, you're talking about $198,000 for waiting a year.
So yes, you are going to compete to get the property you want, but as far as selling you're property, we're going to control the deal. We can control how long, so forth and so on. So it's the best move you've ever made, especially financially. It's ‘The Art of Delivering More.” See how we are different when it comes to marketing property at More.BillForrest.com.
We're here, we're a great resource. If you want me to work this out with you for your specific property and your specific needs, just drop us a line. That's what we do.
- Bill Forrest, Principal Realtor/Associate Broker of Forrest Team of Realtors at PalmerHouse Properties
Forrest Team of REALTORS is a Georgia Tradition Real Estate is nothing new to Bill. His license first was held at his family’s firm Dee Forrest and Company REALTORS over 24 years ago just outside A....
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