The recent recession has made homeownership a buyer's market, but that doesn't mean you have to indulge

I was recently asked by someone should she sell her home to purchase another. I couldn't intelligently answer that question without pertinent information. She is currently a homeowner and was aware that this stage of the economy is a buyer's market.

She wanted me to give her a yes or no answer to put her home on the market to purchase a house in a more affluent area. You have to ask yourself if this is an irrational or rational purchase.


We have learned that many unsuccessful purchases have been through emotional spending.

I didn't have time to adequately speak with her because it was in passing, but I have to know if she needed to move. I did learn that she is a nurse with grown children. However, she wanted to purchase a four bedroom/three bath home. Why?


This is the time when most people are downsizing.


Although she will potentially purchase a home, she too is a seller.



There are many things to consider when selling your home.

1. Do you have equity?


2. Do you have an upside down value?


3. Do you have 1 or 2 mortgages?


4. Are there major repairs to consider?


5. Why do you want to sell?


6. Is your home marketable?

Unfortunately, I didn't have enough time to speak with her, but I would love to hear more about her spending behavior and self reliance.

It's important to consider your total liability. In her case, if she is fortunate to sell her home to upgrade to a larger domicile; it's probably wise to look into and possibly increase her retirement nest for more security.

Don't be overly excited about "a buyer's market" when you too are a seller. Seek guidance in your decision and ask relevant questions to yourself as to why you want to make a large purchase.

In order to move on financially it's important to break your cycle of reckless behavior.

Be inspired,
Bahiyah Shabazz