I have a client who is lucky enough to have No Mortgage on his current home. He wants to maximize his buying power and move up in property in this buyer's market. His goal would be to sell his current home and pay cash for the new home. BUT the flip side is that he needs to sell his current home, in that SAME buyer's market, which he is less likely to get top dollar.
I suggested renting it out for the next 1-2 years to see where the market goes, but the downside of that might be A) what if the market further declines and 2) he would then have to take out some sort of a mortgage on the new home.... Both homes are single family residences in the South Florida Area, so while we are experiencing a slightly declining market, it still isn't the big drop off that the new luxury condos are seeing....
Big note of qualification: the client has horses which are NOT able to be kept at his present home so he currently is paying boarding costs elsewhere. All homes he is considering are large enough to accommodate his horses, thereby eliminating the boarding cost.
Sooo what would you all suggest that would allow him to get into his next home while the price is right, but still maximize on the sale of his current one (or hold)....
I am open to suggestions....
Thanks for your input, Janie
Janie Coffey
Owner/Broker, GRI, TRC, QSC
cell: 786-252-4970
email: janie@papillonllc.com
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