Few homeowners are thrilled with today’s residential real estate market. And why would they be? Housing prices across the nation are falling. Sales times are rising.
But at least one group of homeowners is benefitting from today’s buyer-friendly real estate market: those opting to move from costly urban areas to less pricey rural ones.
A current story in the New York Times, which you can read here, highlights the good fortunes of New York City homeowners who have sold their pricey condominiums and co-ops and used to them to buy far bigger homes outside the city.
One couple in the story, for instance, sold their co-op for $899,000 and then used their money to purchase a three-bedroom ranch home in Norwalk, Conn., for $690,000. And that’s just one example.
This down market truly is one that favors buyers. But it only favors buyers who are willing to buy homes that cost less than the residences they are selling. If you can accomplish this feat, congratulations, you’ve just beat out one of the trickiest residential real estate markets in decades.
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