According to a just published article in Smart Money Magazine, Why You Should by That Home Now, sounds the opening cannon shot into what everyone is wondering about when wanting to buy or sell a home.
Consumers ask the following questions: Has the market stabilized ? Is it a good time to buy my home ? Should I wait and see what happens to the housing market? Is my local market affected ?
The Smart Money Article makes the following major predictions and observations:
Fanny and Freddie exit the scene
Government backed loans are shrinking in number and size
Smaller mortgage loan amounts
Higher fees for loans
Bigger down payments
Real Estate Professionals and Mortgage lenders struggle to lead in mixed currents and muddy waters. The short answer is who knows for sure.
I think back to many storm forecasters before modern prediction tools came to bear on stormy weather. I am no storm forecaster; however, our mothers taught us to carry an umbrella just in case ....
Is the Real Estate Sky Falling or what is your opinion of buying or selling now?
"My interest is in the future, because I am going to spend the rest of my life there."
- Charles F. Kettering
BROKER ASSOCIATE | Realtor
DeRiso & Haynes Realty - Texas
All information is provided "as is" with no guarantees or warranty. M. Chalambaga Â© 2011 -
You might want to look at it in that way. Figure out what your break even point is, and then get it off your back and don't worry about it.
1. Are you willing to sell it for CURRENT market value? This means setting aside sentimental feelings, talking to someone who knows the market in the area, and pricing it accordingly. So many people think a home is worth more than it really is. It might have been worth 35% more in 2005, but that was then and this is now.
2. Are you willing to do the upkeep on the home, pay property taxes, etc., until the market improves?
3. Are you willing to have the worry on your shoulders, because having a vacant house has risks (vandalism, lack of daily maintenance, etc.) and obviously renting a house does, too. Either way, it's a worry.
I think you answered your own question: You would like to get it over with and move on. Go with your hearts.
Please let me know if you would like a no obligation market analysis consulting. Once you know all the facts and your options, it will be easier to make the right decision.
I wish you and your family the best and may God bless you all.
Home Sales Pro
Regarding the market, the consensus among bank and housing economists is that prices will slide further the first half of this year by 5-10%, reach bottom and slowly over 1-2 years climb back to Fall 2010 levels. This is all driven by the "Shadow Inventory" backlog of distressed properties and their higher sustained release by the lenders (Short Sales especially, REOs, etc.).
I agree with Cheryl's response as best advise, and in as far as selling or waiting to see if the market improves is a good idea if your thinking of trying to maximize your gain, because if you ask around you'll see that the market is at the bottom of the cycle and prices are still quite low with all the Repos and Short-Sales on the market. However, with that being said, I think it's a personal decision that you need to weigh out the pros and cons, And if other family members are involved it should be mutually agreed between all the next-of-kins. In my 24 years experience, I've been involved in several Probate/Estate sales (in your area) and I know how sensitive these issues can be, and usually the family/estate attorney can help explain your options, tax issues and time-lines... However, if you need an experienced Probate/Estate RE Broker to answer any specifics about the property values and when the "best time" to sell is? Feel free to call or email me.
Sincerely, Carlos O.
I would speak with a top Realtor in your area to discuss the value of your mom's home. Find out the cost to upgrade the home should it need paint or carpet. Then ask how much rent you could collect. Gather all the facts, then make a decision on what works best for you and your wife. If renting makes more sense, speak with a property management company so you don't have to be involved. Property managers aren't as expensive as people think and they can handle everything for you.
I would also speak with your CPA to discuss your tax consequences on selling and renting.
No one knows when the market will pick up. Base your decision on what's the best thing for you and your family.
If I can help you in any way, please call me at (661) 255-3335. I work with some top Realtors and would be happy to have them call you.
Cheryl Garner, Mortgage Expert
Fairview Mortgage Capital, Inc.
So sorry about your loss. I am sure the idea of selling your mothers property is a daunting task. I have had many clients in your same situation and it is never easy. Over seeing her estate and property is a very time consuming thing and if you are the executor of her estate, all her other heirs will be looking to you for timely decisions. Most heirs do not want to become landlords and hassle keeping the property with tenants. Like you said, it is easier in the long run to sell the property and move forward.
If you have additional questions, please feel free to contact me, as I work in and around the Norwalk area. Cell 562.665.4879 Email Ant@AntSells.com
And I too am sorry for your loss. It is never easy.
- Did she leave a will with clear title - if not, you will have to go to probate court and you may want to rent it out while you wait for the 9-18 months probate can take.
- Do you or any of the other heirs need the money now? If so, sell and get the best price you can now.
- Does anyone in the family want to keep the house? If so, can they pay off the other heirs or refinance to buy out the other heirs.
As you can see, it depends. Don't hold on to the house hoping prices will rebound. Most experts forsee another 2-3 years of foreclosures and depressed pricing.
Let me know if there is anything else I can help you with.
Bill Mota 626) 233-0190 Broker Associate@ FirstTeam Sns.
My husband recently lost his mother and then, 4 months later his father passed away. It has been a painful time. He and his sisters desparately needed closure which meant dealing with everything in the estate and putting it to rest. Since we really don't know what the market will do from one day to the next, I would say to sell the home and get on with living.
Of course, you should make sure this won't have any tax implications for you and your family.
If you'd like to discuss in detail, feel free to contact me anytime.
#1 Listing and Selling Agent
Keller Williams Westside
I am sorry for the loss of your mother, and I am sure this is a difficult time for you. I would advise you to speak with your accountant or financial planner and a good Realtor in your area. If you can rent out the home and your rent will cover property taxes, maintenance and insurance then you may choose to wait to sell. But, if your primary goal is to not have to deal with these things and there is equity in the home, selling now may be your best bet. It is hard to advise without more details, but I think an area agent will be able to provide you with comparables, rental information and a clue as to what list price will garner the quickest sale (as well as what you may need to do to get it in the best shape for sale). Ultimately you need to look at all the facts to make the best decision.
Best of luck to you,
Rachel LaMar, J.D.
LaMar Real Estate, Inc.