Home Selling in Roseville>Question Details

Gretchen, Both Buyer and Seller in Roseville, MN

Willing to lose $5,0000-$15,000 on home selling price? I'll re-coop it in 3-5 years max. I HAVE to sell my

Asked by Gretchen, Roseville, MN Mon Jan 28, 2008

house. Can't see the selling price improving in 2 years. Smart move to make? I can afford it but will be out that money 3-5 years max and be in the positive.

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Gretchen, if your question is, "Should I sell now or wait until 2 years down the road?" Then you should sell NOW! That is if you can't wait 5-7 years when the value of your homes will have hopefully appreciated back to your original purchase price. But, don't bet on that! This market has put many people in a tuff position financially and emotionally. I work with a lot of relocation clients some receiving help from their companies and others relocating on their own. These are the people I really feel for. They have a great standing on their mortgage, made all of the right choices, and didn't over extend themselves when they bought their home. The biggest mistake they made was having to move in this market. If you have to move right now I would put your home on the market A.S.A.P. homes are only going to lose more value as the year goes on. I would also recommend you price it very competitively to start and don't waste anytime. The first 2 weeks is your best chance to make a first impression. If you have any question please feel free to contact me at JohnsonMurphyHomes.com.
0 votes Thank Flag Link Tue Jan 29, 2008
Gretchen,
If you need to sell talk to a few Realtors to get a good idea of what your home is worth in this market. if you bought or re-financed in the last few years you could very well have to bring a check to closing.
Michael Doyle Realtor
0 votes Thank Flag Link Mon Jan 28, 2008
If you have to sell your home, then now is the time to do it, especially with the spring buying frenzy that happens every year, no matter the market conditions.I am assuming that the loss you speak of is off the price you paid for the home and that financially speaking, this loss can be made up by yourself from other resources in 3-5 years. I think it's great that you have punched the numbers and know where you stand. Most people don't.

I don't see prices really dropping much more in the Twin Cities and expect them to flat line over the next two years. With a recession looming, home prices will not be rising in our area for quite a few years. So selling now, or in a year, won't really make much of a difference, but if you HAVE to sell now, the go for it. Best of luck to you! If you have any further questions, please do not hesitate to ask.
0 votes Thank Flag Link Mon Jan 28, 2008
I don't know if I understand the question, but I'll try.

The house prices in the Twin Cities are going to be flat to further down for the next couple years... I just don't see upside in prices until at least middle 2010 or even 2011, so waiting to sell for 2 years in my opinion will not lead to a higher sales price.

If circumstances dictate you should sell now, sell now. If not, you need to be looking at a 3-5 year timeline for any substantial price gains.
Web Reference: http://www.AaronSOLD.com
0 votes Thank Flag Link Mon Jan 28, 2008
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