Michael Trinchitella

It all depends on your current situation and when you bought your home. If you bought your house between 2004-2006 you probably paid top dollar because we are currently back to 2003 prices in Mahopac. If you bought prior to 2004 and are also going to be a buyer in this market then it is a great opportunity for you to sell and by now.

Even if you did buy during the high end of the market it does not mean it is a bad time to sell (as long as you do not owe more than the house is worth). Think of buying and selling as a total investment. If you sell for say $50,000 less than you paid but you are fortunate to buy something that dropped maybe $100,000 then the overall investment paid off. I had a client who just sold their home for less then they paid but they bought a house that would have cost them well over $150,000 more if they had sold their home when it would have "made them money", ie at the peak of the market. So they made out well.

If you are just selling and not buying anything again it really depends on your situation and what you owe but if you wait for your house to be worth more money (few years from now) then you will also be paying more when you purchase so waiting will not help you.

I am guessing we have another year left of declining prices but the decline will not be as huge as the past year then a nice leveling off period then a very slow gradual incline but nothing like the appreciation that happened from 2003-2006.

PS.. curious to know what your house is worth?: http://www.MahopacHomeValues.com - Sun Aug 23 2009, 10:17