If rates and prices weren't going up it would be a different story, but they are both going up and at what looks to be a brisk pace. Delaying will cost you money.
Knoxville, TN (PRWEB) March 28, 2013
The Holloway Group, the leading Knoxville real estate team at Gables & Gates, REALTORS has posted a new article to their website titled, "Waiting To Sell At A Higher Price May Cost You Money."
Troy Stavros, Broker and Partner with the Holloway Group stated, "We often hear of sellers waiting for prices to increase before putting their home on the market. While that might sound like a good idea, it's quite possible that they could end up costing themselves money in the long run."
Stavros agrees that there are circumstances that call for a wait and see approach. Those being if a seller is in a negative equity situation, or is in a situation where the use of equity in the home is needed for the down payment on a new home in Knoxville, and additional equity is needed.
For sellers not in those situations waiting to sell a Knoxville home may be the wrong thing to do. Why? Two main reasons:
1) While a sellers home is appreciating in value, so are the homes the seller will ultimately purchase. January saw the biggest year over year price increase on homes since 2006. For move-up buyers, waiting just doesn't make sense.
2) According to the Mortgage Bankers Association, mortgage rates are expected to increase from the 3.5% range up to 4.4% in the next year. On a 30 year, $300,000 mortgage, this difference would cost a homeowner an additional $155 per month in payment or a whopping $55,853.49 in extra interest over the life of the loan.
Stavros concluded, "If rates and prices weren't going up it would be a different story, but they are both going up and at what looks to be a brisk pace. Delaying will cost you money."
ABOUT THE HOLLOWAY GROUP AT GABLES & GATES, REALTORS
The Holloway Group is committed to bringing the best possible experience to fruition for buyers and sellers of Knoxville real estate. At the Holloway Group we don't believe average is good enough for our clients. At the forefront of the Holloway Group is experience. Our team was created to serve our clients even better with specialization and expertise. We know that individually we cannot be everything to everyone so we have come together as a group, bringing all of our different strengths, so you always work with the best. We pride ourselves on being ahead of the curve on technology and how it can serve our clients. When you are a client of the Holloway Group, you can expect to have our entire team of professionals working to fulfill your individual real estate goal. As a member of Leading Real Estate Companies of the World the Holloway Group and Gables & Gates, REALTORS can assist you with finding the most qualified real estate professional to suit your needs, anywhere in the world! Visit our website to search ALL Knoxville homes for sale. Contact us today for assistance.