Home Selling in Little Rock>Question Details

Niki, Home Seller in Little Rock, AR

We purchased top of the market in 05. It needs work should we sale now and just get what we can? Or should we wait it out.

Asked by Niki, Little Rock, AR Fri Jan 14, 2011

I dont want to put any more money in a house i know we wont ever get the money back out of. We paid what it is worth and probably will stay worth that for the next 20 years! We have money to fix it up more, or we can use that money to get another house.

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Answers

7
Remember this always: Knowledge is Power! Research. Get the facts. Then make the decision. A real estate professional familiar with your neighborhood can provide the information you need in order to make such a life-changing decision. Based on your question, you definitely need to consult with someone who can provide reliable data before moving forward or staying put. Don't assume anything--from what you think your house is worth to what repairs you think are needed to how much money those repairs would cost. Get the facts. I repeat, knowledge is power.
0 votes Thank Flag Link Sat Jan 15, 2011
you might have to use some type of owner financing to sell your house if that is the case.
0 votes Thank Flag Link Fri Jan 14, 2011
Hi Niki,
Can I ask you a few questions?
Why do you think you won't get a return on your investment in your home?
Why do you want to move?
Have you had an agent do a professional CMA, to compare the current value of your propety?
If you sell right now, how much of a loss are are willing to accept? Or, will you make money? Will you be getting a better value on your next purchase?
For you to answer any of these questions, consulting with a qualified real estate agent will be prudent in assisting in making your decision.
Let's say you decide to stay. Does your home really need improvements? Remodeling during times of high property inventory (Little Rock has approximately 9 months of inventory, depending on the neighborhood) is a good thing to do. If you just want to paint, tile and/or carpet, go ahead.
Keeping your home up is important to the future value of the property.
Now, what if you decide to sell now? Because buyers have so many choices in homes right now, your house might be on the market for awhile. Since there are so many properties listed, it is definately a buyer's market. If you really want to sell, be prepared for strong negotiating.

If you decide that you are willing to be patient and the numbers work to your benefit, listing in the spring is a great time. People with kiddo's want to buy and move during the summer.
The upside to all of this is it is a great time to buy, interest rates are low,and you will have a lot to choose from. And, because the market is down, chances are very good that any loss you might take on your current home, will be made up in your next property investment.

You should also know that the outlook for the Little Rock area economy is very good. Relocate America picks Little Rock as their number 6 choice, and Forbes magazine has Little Rock in it's top 25 best cities to live. The economy is stable because of the insurance, medical, state government, education and financial industries here. Job stability is very important to the housing market. Little Rock housing market is much more stable that many areas.

So Niki, whether you decide to keep your home and improve, or sell, you will do just fine. Is is all in th enumbers. Call me. I can help. 1-501-960-2788.
0 votes Thank Flag Link Fri Jan 14, 2011
Niki,
Why do you want to move? Amanda asked a good question. If you are happy, stay put - the real estate market is prone to surprises (it can appreciate and depreciate rapidly, depending on market conditions).

If you need to get out, find a good agent or two or three in the area. Invite them over and ask for an assessment - value and suggested repairs. Fix what you need to fix, not what you think you should fix - most repairs will not return a dollar-for-dollar investment. Some repairs will help sell a home more quickly, however.

Good luck!
0 votes Thank Flag Link Fri Jan 14, 2011
Problem is what requires work? The property is only 6 years old. We are driven as consumers seeing perfect homes via TV, newspaper, media , web,... RECOMMEND determine how to present your home "staging" buyers are more likely submit an offer on attractive home appears have been maintained than one looks distressed.

DIRECT LINK home staging:
http://www.lynn911.com/Web/AR287090/CustomContent/index/5047510

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 14, 2011
Niki:
If you are considering wanting to move, I would get the a professional CMA to see what the value is of your present home. You might come out ahead to sell now and purchase another home since the interest rate are low. Please contact me at 501-786-3652 or e-mail me at Linda.Sanders@crye-leike.com for a free CMA.
I would be glad to assist you in your real estate needs.
0 votes Thank Flag Link Fri Jan 14, 2011
Are you happy with your current house? If so, you might should keep it. If not, you might just need someone to run the comparisons for your area to see what your house might sell for in today's market. I would be happy to create this for you to help you in your decision process!
Amanda Butler
Realtor, Crye-Leike Realtors
5018049942
Amanda.crye-leike.com
0 votes Thank Flag Link Fri Jan 14, 2011
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