BrokerageIndustry News

Don’t stay a renter forever

Why home ownership is smartest way to build wealth

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Are your buyers waiting the market out? If so, here's how to get them off the fence and under contract. One of the most important questions agents and brokers are asking today is, "How can we persuade our buyers to take action now rather than waiting?" Many buyers are convinced that waiting will allow them to buy the property at a lower cost. This flawed thinking fails to consider the true costs of home ownership, not only in terms of tax consequences, but also in terms of wealth accumulation. A down market -- the ideal move-up market If you are in a market where there is price depreciation, this is an ideal time for your move-up owners to purchase a more expensive home. Assume that your buyers paid $300,000 for their property and the market has declined by 10 percent. Their property is currently worth $270,000. If your clients are going to purchase a property that was $600,000 a year ago, it's now worth $540,000. By purchasing this year, your clients have an instant $30,000 in savi...