Some Sellers worry about their lost equity in the current market. But what about finding a steal?

I heard from a seller today about the fact they are going to sell for exactly what they paid for their house 4 years ago. BUT, they forgot about the fact that they can probably find an even better deal (saving MORE than their lost equity) on a new home, PLUS they can SAVE THOUSANDS over the life of the loan of their new home since interest rates are so low they will be saving nearly 1.5 percent PER YEAR!!! For 30-years!!! What do you think? Comments?
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December 19 2008 - Charlotte
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Profile picture for sunnyview
Buying now would be foolish IMHO. Many places will keep going down. I say dump out the old house, bank any profit even if it is small and rent until you see the deal you want a year from now.
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December 22 2008
It all depends on the local market of the subject.  If a particular market area for a home is down 15% and they sell their home and purchase a new one in the same market then they would see a net 0% savings.  Yes there are good deals if they look to buy a Foreclosed or Bank Owned Property.  However when you figure in the closing cost and realtor fees a switch would have to be really a good deal.  It is a good time to purchase in a lot of areas if your an investor.  Rents have an upward trend and could go higher with a lot of homeowners loosing their homes and needing to rent.  If your a current homeowner it's not a great time to sell.  If you have good credit and can carry multiple paper then why not keep your existing property as rental property and purchase a new property at a great bargin?  With that said, a lot home markets might not be near bottom yet, so do your homework.
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December 19 2008
Profile picture for klarek the realist
Nathan, we're in the third inning.   Maybe after the 7th inning stretch I'll get ready to jump in.

OMG INTEREST RATES R SOOOO LOW!!!!!
^--- i've heard this crap non-stop for five years.  give it a rest, we're not the retards you think we are
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December 19 2008
Profile picture for CORONA NICK

In CA, there still are no steals, dont believe the hype, prices have still a long way down to go.

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December 19 2008
 
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