Serving Daytona Beach, Ormond Beach, Port Orange, Palm Coast and Surrounding Areas
Lynn Byrne, Realtor
This is an advanced home buying strategy for owners of Daytona Beach, Port Orange and Ormond Beach homes. If have a home that would sell for under $200,000 in the current market, read on.
The value of Daytona Beach real estate has declined over the past few years. That's certainly not news. If you own a home in Daytona Beach or the surrounding areas, the value of you home has declined. It maybe time to consider whether you should take advantage of the situation to trade up.
Hold on. Before you think I'm crazy, read the next few paragraphs.
A client recently bought a $420,000 home (peak market) for $250,000. She then turned around and priced her existing home to sell and sold it for $195,000, selling for more than she paid in 2004. So, what did she get?. To keep it real simple:
In other words, a serious upgrade for $55,000 plus closing costs.
Upgrading your existing Daytona Beach area home is not for everyone. First, not everyone is in a position to do so. Second, this is a strategy for owner occupied homes. Next, it takes some moxie to buck the flood of bad news and dire forecasts from the local and national media. But, if you are in the position to do so, now is a great time to consider moving up on the cheap.
If your existing home will sell for $200,000 or under, you are in a great position because about 60% of all sales are in that price range and about 85% are selling at under $300,000. We strongly recommend that you stay in this price range for buying as well. Why? Because that's what is selling and when the market does come back, this is where values will increase first. Stay in the zone where the market is strongest and you will be better positioned for future appreciation and sales.
The Daytona Beach homes market will come back. We are in a cycle that's being exaggerated by the financial market mess. It's just a matter of timing, but in the meantime, you can take advantage of the cycle and find upgraded homes in Ormond Beach, Daytona Beach or Port Orange for trade-up.
Many Daytona Beach condos and homes on the market are tremendous values. Short sales and foreclosures offer prices that are further discounted. Many of these homes and condos are in great condition and could be a serious upgrade value if you sell your existing home.
If you have the resources and the desire or need to move up to a home or condo that better meets your lifestyle, now is the time to do it.
Depending on your financial situation, you could buy now for a serious upgrade and rent your existing home. Of course this option is not for everyone, but could allow you to match your needs to your home. If you need more space, or the reduced maintenance of condo living, this may be a good option for you. Converting your existing home to a rental property could provide great tax benefits as well. You tax advisor could tell you more.
Now may be the best time in our lifetimes to buy Daytona Beach Homes at very low prices. The market is the under $200,000 price range is very active. I just checked a few minutes ago and 68% of October sales to date are in that price range. This is an advanced strategy that would allow you to upgrade your home and your lifestyle. Give me a call at 386-566-7503 to discuss how to get started.
Lynn Byrne, Realtor