By Joseph Callaway
The problem with a once in a lifetime sellers’ market is that we can’t all “go home to Tara.” So, once you sell for more money than you ever dreamed of you must at some point give up the keys. Now what?
First, we must understand that all this is relative. If you cut the numbers in half, you’ve simply gone back in time, and if you double the numbers, you may be viewing a not-so-distant future. Knowing this, you can get on with your life, do what you want to do and, in time, today will look like a bargain in hindsight.
One way to win is downsizing. When you buy smaller than you have now you do pay less, and you get to pocket the difference. With today’s higher prices your equity goes way up. Some of our sellers/buyers can pay cash with that extra profit and thereby eliminate their monthly payment.
If you are going bigger, selling for more gives you a larger down payment and allows you to finance more at historically low interest rates. As a bonus you have the best protection possible from dreaded inflation. The more real estate you own the more protection you have.
Whether you stay in Arizona, drive til you qualify, move to the country, or buy a condo in Hawaii, just realize all real estate values are relative, and any time is a good time to buy a piece of land and a part of the American Dream.
Joseph Callaway is the owner of Those Callaways and Callaway Realty. He branded 85254 as “The magic zip code” and has sold more than 1,000 homes in 85254. His cell is 602-796-5751.