Nobody knows how the market is going ..it depends on the economy and job
employment. Meaning when the economy is improving that is sign of moving
forward.

It all depends if you have equity in the house and if you plan to downsize or purchase a bigger home.....

Provided that you have sufficient EQUITY and intend to buy a bigger home, you are NOT losing anything. As a matter of fact, you'll gain.
WHY?
Because in a down market, the 20% you lose on sale of your current home is LESS than the 20% you save on the purchase of your next more expensive home.

It all depends on what it is that you want accomplish and the reasons for sale.

Why are you asking?

Sincerely,

Chris Capps, Realtor
Residential Real Estate Specialist

cell 804.896.6945
office 804.740.1644 ext. 103
fax 804.545.7224
email chriscapps@oakstoneproperties.com
web http://www.chriscapps.com

“It's Time to Expect More From Your Realtor®”

Licensed in Virginia, with contacts across the state

It depends on the reason why you need to sell your home. It is anticipated that the home prices we saw not so long ago will not return for several years.

If you are thinking of selling just because you lost value in your home, then this is not the time to sell. If you have to sell your home, then you may not have a choice in the matter. If you don't have to sell your home then maybe it's better to wait until the time is financially better for you. No one knows what the market is going to do. It probably will be awhile before we see a substantial turn around in the market

That first answer is very funny.
Ask yourself why should you sell your home? Has your situation changed that you need a new home? Are your payments too high, are you wanting to sell just because your house isn't worth as much anymore? Your house is your home, it's not an investment. It's a place to lay your head and raise your family or just to sleep in and hang out. Only you can answer if you need to sell. Don't worry about how the market is, just sell when your situation requires you to sell.

I spoke with a gentleman here locally that makes 100k+ a year, and wanted to sell his house because he was 150k underwater on it. He wanted to then buy another house in the same neighborhood for cheaper. Yet he didn't want to pay the 150k it would take to sell his house, he wanted me to magically buy it and he would buy another house that wasn't underwater. That's not the way it works. You don't just get bailed out of bad situations because you might 'lose' money. My advice to him was you get to stay in the house until the values come back, and if they never come back, just save up a bunch of money to pay the balance you'll be short. His situation didn't warrant him needing to sell, he just wanted to.

So sell if you need to in a flat market, don't do it just because you want to. You won't need a rebound just to sell, just a flat market with less inventory so it doesn't take too long.

Drew

Why would you sell your house now? That is a question only you can answer. There must be some reason for wanting to sell your home. Are you changing jobs, relocating, downsizing, or moving up. The reason to sell always depends on your motivation and life circumstances. . The market in our area has been steadily improving which is good news for sellers. Inventory has begun to level off and there are still a large number of buyers in the market. You need to look specifically at your motivation for selling, when you purchased your home, where you will move, why you are moving, and many other factors. If you will take a loss and do not have to sell it would certainly be wise to wait it out.

Nelene Gibbs, Realtor, e-Pro
William E. Wood & Associates
mail to: nelene@homesbynelene.com
757 672-3232

Can you wait for 20 years or more?