Hi Diana,

Rather clearly last November was a terrible time to sell and frankly today's not much better for the type of property you describe. Did your parents end up listing? If yes, did they get any offers? Let us know, there's alwasy the exception to every rule.

Regards,
Mark LeMenager
Weichert, Realtors - Hallmark Properties

Hello Diana,
This is a great question and one that requires time to gather some facts. The question of when to sell property could be viewed as one that is less about the market and more about the Sellers' goals and objectives. Your guestion could be answered in a conversation that provides you and your parents with a thorough understanding of the market conditions in Winter Park and a look at expert projections in the next 6 months, year or two years for the sale of the home.

I would ask a number of questions of you given the opportunity, such as, if your parents do not have to sell immediately, but wish to sell in the next year, what will happen to the house in the interim? Would it be better to proceed with the sale today and cash out so that they may invest it elsewhere or simply have it liguid? Is the home rentable in its' current condition and is this an option for your parents? Who will be responsible for maintaining the asset and making sure there is no vagrancy?

The other answers previously written are great responses and hopefully are providing you the pros and cons you may be seeking. I hope you will continue to look to professionals for valuable insights and input as you go through this process. Bright Blessings, Jennifer

Diana,
Great question and with all the news out there about our market I would be very cautious as well. However none of us knows where or when the bottom will be and when we will see an uptick in the market.
There are over 270,000 bank owned properties in the state of Florida and less than 50,000 are actually on the market. what does this mean. I think our recovery is years off.
First question I would ask you is...What are your needs? Based on the answer to that I would then offer a plan.

This is the most important aspect.What are YOUR needs and the needs of your family.
I hope this helps.
Rick.

Diana
There is a rule in business -never sell in a buyer's market unless you have not other alternative

Dealing with parents I would offer this advice:
We do not know the future of the market. The only market we know is now. The best talking heads are saying three years before any hope of a turnaround.

I would recommend talking with a Realtor that knows the area market values and trends. I would be happy to refer you to a top Realtor that works in the Winter Peak area so your parents can have an analysis of their home's value and what it would take to get it sold for top dollar.

Based on the analysis they can decide if selling now is in their best interests.

You can contact me via my Trulia profile for assistance.

Good luck.

Diana, You might try speaking with Rachel Wilson with Coldwell Banker at 407-466-5964. Speaking with a local experienced professional and full time Realtor is the best way to know about your local market conditions.

Like in all markets, there are pros and cons as to when to sell-or buy a home. While it would appear the buyer confidence needed to jumps start a sluggish resale market is getting better, perhaps there is a strong rental market where you could generate some cash flow for the next 12-18 months, then sell it when it should be worth more. However, don't overlook the cost of returning it to "get it sold" condition. A good market analysis may point out that you can still sell it at a competitive price in a reasonable amount of time and capitalize on your parents investment. If they've owned it a long time, you can't help but make money on it. But you may have to price it where the prices were in 2004. Good luck and give Rachel a call.