If you’re buying in a new subdivision that attracts entry-level buyers, chances are that when you’re ready to move up, so will others who bought at the same time. Condo projects that attract first-time home- The first five years were great for Brent and DeAnn, but as their family and income grew, so did their desire to move up to a bigger home closer to work. Three bedrooms were no longer enough, with their second baby on the way. When they decided to put their home on the market in the spring, about a dozen other ‘‘for sale’’ signs appeared around the community.
Some homeowners who were under pressure to sell because of job changes or because they had found a bigger home reduced their price. This created a downward price spiral, as realtors and appraisers priced homes based on what others had sold for the last few months. Because Brent and DeAnn had put a lot of effort into making their home attractive with good curb appeal, they were able to sell at close to a breakeven price. True, if they had been willing to stay for a few more years, they could have built up some equity. But, in their case they just wanted out so that they could move on with their life and were happy to walk away from closing with zero profit.
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