Home Selling in Cromwell>Question Details

Nancy DiMauro, Real Estate Pro in Myrtle Beach, SC

Do u see the housing market continuing this way until spring? should I sell now or wait?

Asked by Nancy DiMauro, Myrtle Beach, SC Thu Aug 1, 2013

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Dan Ross, SFR’s answer
There is no single correct answer to this question. Market conditions vary by state, town, and neighborhood. Are you relocating, up-sizing, down-sizing, etc. Your local market could be a great time to sell, but where you wnt to buy could be at the top of it's price range. You have to look at the big picture and see if it makes sense for you.
One thing to consider is current rates are lower now than they are likely to be again in your lifetime. This means your buying dollar is the strongest it is ever liekly to be again. Even if you only do OK in selling, in the long run you will be better off with a low rate on a new home. On average, the total you pay for a home over the life of a 30 year loan is more than half interest (depends on rates and down payment).
Any time can be the right time to sell. Work with a knowledgable local agent, get all of the facts about your specific situation (both the buy side and sell side), then you can make an informed decision.

I hope this helps
Good Luck
0 votes Thank Flag Link Thu Aug 1, 2013
Dan and Ted bring up good points. I personally advise my clients that trying to time the market will more often than not make one look foolish. You need to decide on the overall picture and ask yourself does it make financial sense right now and if it does then you should act. The risk reward scenario is not in your favor. Everyone wants to buy low and sell high but that is just not possible someone has to be on the other side of the transaction so like I said before if you run the numbers and it makes sense then act and don't look back! I wish you well and please keep me in mind for any home financing needs you may have.

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0 votes Thank Flag Link Fri Aug 2, 2013
I agree with many of the things Dan mentioned. One thing I would expand upon is that the impact of interest rates also affects the buyer. As rates continue to rise the payments for the buyer increase as well. You also need to be cognizant of what is happening in Congress. As legislators bring benefits of home ownership back to ground zero, what they are doing is saying current deductions may be done away with, or conveyance taxes could increase. Everything is up for negotiation. Bottom line is now more than ever you need to have a qualified agent to guide you through this very complex decision because it is going to be easy to outsmart yourself, unwittingly.
0 votes Thank Flag Link Thu Aug 1, 2013
Hi Nancy,

My answer is somewhat dependant on the type of property. But in general, I'd advise either listing within the next few weeks OR waiting until spring. Many Realtors won't tell you this, but real estate IS seasonal. The early fall market tends to be good, but after that it drops off. Currently, single family homes are selling faster than condos.

I'd be glad to provide a no-obligation market analysis of the home you're thinking of selling. In any event, please feel free to contact me directly, if you wish. I live in Rocky Hill, so I know the local market.

Best regards,
Lisa

Lisa Giller
Gillette Real Estate
860-221-8971
Lisa@LisaGiller.com
0 votes Thank Flag Link Thu Aug 1, 2013
Roll the dice......unless you have inside information or are able to predict the future, there are no assurances that waiting will produce any type of guaranteed advantage.

Bill
0 votes Thank Flag Link Thu Aug 1, 2013
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