Saturday, September 30, 2006

Do Yourself A Favor

The market on Long Island has taken a hit over the past year and it has been a painful lesson for professionals and homeowners alike. If you're planning to sell to purchase another home please do yourself a favor and sell first. We're not in the secure marketplace that spoiled us for the past several years. Many homes are languishing, sitting unsold for months at a time, lost in an ever increasing inventory.

You'll sleep much better at night if you fight the impulse to buy the perfect home you found on the internet or saw at an Open House. A very dear couple I recently represented chose to take a chance and risked this unsettling market even though I cautioned them to do otherwise. The outcome could have been disastrous. It was frought with tension and was costly in nature. My guess is they'll think twice before doing it again.

The problem most people face in this situation is the disturbing possibility of paying two mortgages for a period of time till the old house sells. Even worse perhaps is the very real probability of having to sell your old home at a discounted price just to get out from under.

Don't put yourself at risk. Better still, don't even look until your house is sold.

Author: Geri Sonkin


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