I’m sure you’re hearing all about the “mortgage crisis” on the news these days. Today, the news announced that the Federal government is taking over mortgage giants Freddie Mac and Fannie Mae, who together either own or guarantee about half of the nation’s mortgage loans.
All this news may scare of people contemplating moving up to a bigger home. My family and I are looking to relocate soon to a bigger home closer to my husband’s job. I have often stressed over the fact that we may not be able to get our desired asking price for our home, and how that would affect our chances of buying the home of our dreams.
My friend Lee Stiber, of Keller Williams Real Estate, posted an interesting diagram, detailing how buyers that are “trading up” may benefit from falling home prices. While you may sell your home for less than you like, that loss will likely be offset by a greater savings on the larger home you are purchasing. An interesting way to look at things, and makes me feel better about my situation. Thanks, Lee!
Tags: mortgage crisis, real estate
