I recently met with some people who have a beautiful home.  They’d been thinking this might be a good time to make a move because they had their “pick of the litter” with all the homes available. They believed, rightfully so, they could get another home at a great price.  I agreed with them. 

However, they didn’t want to “give their current home away”.  Their home was worth more than the home in the neighborhood that sold last summer.  Their home was on a better, more private lot, had beautiful new carpet, the basement had been finished off beautifully as a family room with a gorgeous fireplace and solid wood built-in cabinets, unlike the other home.  The asking price for their home should be at higher price, they felt, because it was worth more than the other home.

As a Realtor, my job is to explain market conditions.  I shared the real estate statistics specific to their area with them. I explained to them the other home sold a year ago in a vastly different market.  The current owner of the home could not sell it today at the price they paid for it just one year ago.  If that home were to sell in today’s market, it would be priced below what the seller paid a year ago.  I did agree their home was worth more than the other home, but at today’s market price.

You can’t have it both ways. You can’t get the price now you could have gotten for your home a year ago.  You can, however, get a fabulous deal on the home you purchase.

Real estate markets go in cycles.  Last year, as we all know, it was a seller’s market.  This year it’s a buyer’s market.  If you’re making a move in the same area, you can get a great value on the home you purchase.  The new purchase will be a much better deal than it would have been a year ago. 

No one wants to “give away” a home.  But when you sell a home in a ‘buyer’s market, it’s the seller’s  turn to be more competitive with pricing.  Remember the silver lining for sellers is that good buy on a home purchase.