I work and live in the 32825 zip code. Naturally, I follow the market here quite closely since, like you, I have a personal stake in the value of my house.
We all know the effects of the building boom at this end of town. Even though it appears as if the market has been stagnant, houses ARE selling. And not just foreclosure/short sale properties but houses strategically positioned against the competition. In fact, the rate of selling--both here in 32825 and next door in 32828--has substantially increased in recent months.
Having said that, it depends on why you want to sell. If you intend to sell in order to move up to a larger house or to another neighborhood, then by all means sell now.
Yes, prices are depressed for you as a seller. But prices will be equally depressed for you as a buyer! Once you sell, you'll be in an unbeatable position. You'll have cash in your pocket AND a strong bargaining position. Not only will you be able to negotiate a great deal for yourself, you'll also have the greatest housing choices ever.
Remember this, too. Once the market stabilizes, not only will the market value for your house go up, the house you'll want to buy will also go up, and by the same percentage rate.
Unfortunately, there's no beating the market. Up or down, there's only keeping pace with it.
Hope this helps, Mike, in your decision-making.
Marketing & Pricing Specialist
Coldwell Banker Residential Real Estate
521 E Mitchell Hammock Rd
Oviedo, FL 32765
My Profile: http://www.coldwellbanker.com/for/JudyChapman
My Blog: http://activerain.com/blogs/orlandoforsale
Specializing in East Orlando, Oviedo, Chuluota, Tuscawilla/Winter Springs, Downtown Orlando, Lake Nona, Maitland & Winter Park
It depends on your goals. Trying to upgrade? Downgrade? Are you an investor? Depends on your goals.
Vincent Warren Paige, Jr.
REALTORÂ® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
My answer to your question if you should sell (and buy?) now is this: if you purchased your present home before the period of 2001-2002 (before price inflation took hold) and you've made payments without tapping into your home's equity for other expenses AND your home is in sell-able condition AND you can now make a tidy profit and apply that profit to another home that has a declined price (short sale, foreclosure or another homeowner with a home you would like who is in your shoes), BUY NOW. I live and work in Orlando and would welcome the opportunity to discuss with you the opportunities that are possible for you. Then, if you decide to sell, I'd welcome being able to work together.
Sell it if you can not longer afford it.
If it is a rental and the rent does not covered the mortgage, sounds like a Bad deal but,
if you already have a lot of money "in the house" maybe your best choice is to keep it and pray!
Better next year?
Each case is different:
Let's say it will sell for the same than this year:
How much are you going to invest in the house ths year? (taxes, mortgage payments, repairs, etc.)
Is it going to be worth it? You know by doing math or,
Are you going to make 5k more and invest 13k more? 5k-13k= minus 8 (not a good return)
Are you going to going to save a lot on taxes if you sell next year? (is this your primary residence or investment)Ask a CPA or your tax advisor if this sale is convenient for you...
If you are serious in selling you house, We can help!
The large number of "short sales" that are on their way to becoming "foreclosures" will create the bottom of the realestate market. The effect of waiting a year will be that you will not be able to realize as high a sale price as of today. Waiting will only bring a lower sale price.
Our recommendation is to price it right and find a high profile agent and company that will put together a comprehensive marketing plan that will get the job done......NOW!
The "Eckler team"
The sad truth is that most listings are not even getting a phone call right now, unless they are foreclosures or bank owned. So unless you have a lot of equity in the property and can take a good haircut on the price, you're on a hiding to nothing. You'll be wasting your time and that of your agent. If you don't have to sell, don't. If you do have to, then it's hard to say whether next year will be any better. Ask the question again in 7 hours - and if Obama is our new president, things might start looking up!
It may be EASIER to sell your home later, but in 12 months it's also going to be worth less. I said it last year to my sellers and I think it will still be true this year. With the current number of homes available for sale now, plus the number of homes actually being sold, plus the number of foreclosures on top of that that will continue to put hard pressure on prices downward, this will create a near certainty that prices will be lower next year....specifically talking about 32825, some area's are doing better. It may only be 5%-10% lower next year but all signs/statistics point to continued price declines in that area for at least the next year.
So you can either sell it now and compete with all those other homes out there (foreclosures, short sales, and the like) and sell for today's prices; Or sell next year when there will be fewer homes out there (let's hope) and fewer foreclosures to compete with.....but sell for next year's prices, which can be much less than this years.
Depending on your needs,thats right Your needs.
Currently we are in a declining market so.....IF you must move for what ever the reason do not wait.
However IF you are just curious and just want to see what the market is doing. DONT.
There are over 270,000 Bank owned properties in the state and less than 50,000 are currently on the market. IF you wait you will have to sell at the prevailing market conditions.
The best way to answer your question is to ask you what your motivation is and, are your expectations realistic? If you're looking to buy another home or trade up then go for it. The money you save on the purchase should outweigh the amount of equity you may have lost if you bought within the last 3 to 5 years.
The decision you make should be based on what your needs are presently and unfortunately there really is no way of saying for sure that next year at this time is going to be any better. If you do put your home on the market now, you need to be the best buy of it's kind in your market area. I recommend getting 2 to 3 opinions of value from some local Realtors and really looking at their sources of information. Make sure that when you do make your decision it's based on good comps. and not an agent who is buying your listing. There is a tremendous amount of inventory out there right now and it will take longer than before, but if your home is priced correctly, you keep it in good repair, and you have a favorable location, then you should beat out the competition.
Make yourself "AT HOME" with Ann
I see the big question as why do you need to sell? If it is to take advantage of the lower home prices so you can get a larger home for less money now is the time. Sales have been up in Central Florida for the last 2 months, will it continue is anyone's guess but First Time Buyers are here and that is one of the pieces to the home sale equasion that has been missing.
The key is to set your home price at a level that is a bit lower than market so as to not chase it down and end up losing money, time and patients.
See how we help save you money with full service visit our website,
Broker, GRI, e-PRO
My reccomendation is that if you can wait than by all means wait a year. There are no guaruntees that next year will be any stronger than this year however the market is just so saturated with inventory right now that your home is at risk of falling into the giant black hole of homes and just sitting on the market.
Once the home goes into MLS is starts to accumulate a record of how many days on the market it's been listed. The longer the days that pile up, the more desperate clients start to think you've become and the lowball offers start pouring in. Even if you take it off the market and relist it with a different agency the days are still logged under a title called CDOM. I reccomend waiting if possible and see where the market is in a year.
At the risk of sounding somewhat self-serving, I believe that this is the best time to buy. Over the course of the next 12 months this is what will likely happen, I believe:
1. With the government lending out so much money, lending will become tighter and interest rates will climb. Each point of increased interest will raise the monthly cost of a home, making it harder to get.
2. Home inventory is still high, providing buyers with very good choices, but as the short sales and foreclosures get sold off, the selection will decrease and prices will start to move upward.
3. New home construction for 2009 is expected to be at its lowest levels since post WW II. The cost of new homes is expected to climb, but as fewer new homes are available, the cost of resale homes will climb, too.
Feel free to visit my website at http://docmooney.org or give me a call and we can talk more about it.
If you don't have to sell, I would wait. Presently, there are 43 bank-owned properties and 80 listed as being in pre-foreclosure, but it all comes down to your particular subdivision. What may be occurring in your community may not be happening similarly in the community next door.
There are so many variables to take into consideration when a question like this is posed. Answering a simple yes or no just is not that simple. Granted, none of us has a crystal ball, but.... Yes, there will probably be more bank-owned properties coming onto the market in the foreseeable future.
If you'd like to discuss this matter further, contact me and I'll be more than happy to answer whatever questions you may have.
Marc Grossman, GRI
Marc It Sold!
I concur with Scott, there is less competition from now to the end of the year from homeowners. However, there will continue to be new foreclosures hitting the market for the next 6 or 12 months steadily. Perhaps, if the banks actually start to renegotiate loans then there will be a significant decrease in foreclosures.
But if you have no need to sell now, wait at least until we have had a full quarter of economic growth...which I expect will be sometime around summer 09. And at that time, PRICE TO SELL, not to follow the market.