I spent nearly an hour (from 6:15 to 7:15PM) in my office on the phone with a prospect that’s interested in selling his current home and buying a home in a community where he can keep the horse he bought for his daughter a few months ago.
He currently lives in a nice home in Pembroke Pines which he’s NOT upside down in and has a very small/manageable mortgage payment. His mortgage interest rate is 6% This current home has a pool, outside kitchen, granite tops and upgraded bathrooms…It’s recently been painted and certainly sounds nice! He hopes to sell it for $415,000+/- Unfortunately its likely only Worth $375,000.
The near $250,000 he had wanted to “net” from his sale would be rolled into a $500,000 purchase and result in a $250,000+/- mortgage. His hope is to have a payment where his current one is…He’ll be borrowing MORE that he did on his current home BUT the interest rate will be nearly cut in half! The taxes however on a 2+ acre property will be DOUBLE+ what he pays now! That math doesn’t add up.
Bottom line is he simply wont “net” as much, we can’t find 2+ acre homes new/big/upgraded enough for him under $550,000 and the taxes simply are what they are…My suggestion to him (Keeping in mind my job is to assist people in selling and buying houses) was to STAY where he is, continue to board the horse and enjoy life-This represents nearly $1,000,000 in sales and I’m desperately trying to explain that he needs to NOT move! No sign in a yard, no direct mail “JUST LISTED/JUST SOLD” campaign, no referral for a great job or sign calls or newspaper ad calls or YouTube video’s or anything (No commission check!!) Just an hour spent explaining that where you are is likely exactly where you need to be.
I missed the start of the HEAT vs.NY Knicks game, dinner was cold and my contacts were killing me but…All in all…It was a good end to the day. Helping people in Real Estate isn’t always buying and selling…Find a Realtor that understands that…And you found GOLD!