It's a Buyers Market Baby!!!

It's a sellers market baby - It's a buyers market - WOW, I don't know how many real estate agents told us that when just a couple of months ago we were doing the DIY (FSBO) selling of our Condo. But maybe just maybe they were right. (But we still did not give in to the 6%). But I think I understand their point. Are condo was on the market for 4 weeks (MAY)- which is awesome for a 2 bedroom condo not on the MLS. But, we did our research,Zillow, as well as found out what the other condos in the neighborhood sold for in the past 5 months. So, we were confident of our selling price. And after 4 weeks we got our asking price and we were happy. Now in Aug there are several condo's up in that neighborhood and none have sold in over 2 months, all selling at the same selling price as ours. But after 2 months with several for sale - I would be expecting to see some "price reduced" condo's very soon. So, in a sense for that particular neighborhood in May for us - it was a sellers market. Now, a month after we bought our new house - we are seeing some (very small) decrease in pricing in homes in our new neighborhood - so one would think its a buyers market. Well I would disagree with that - This wouldn't be a buyers market for us - if we would have waited -- 1. We would be paying a higher interest rate than we got. 2. We would have had to reduce the selling price of our condo. 3. This would result in a higher mortgage payment, and less money for down payment, 4. Which may result in having less than 20% and having to pay the PMI. So, when you have to sell your home in order to get into a new home - does the buyers market/sellers market able to happen at the same time?


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