If you were sell home is great time do so prior to 4.30 therefore buyer could qualify for move up buyer or 1st home buyer tax credit.
Confer with CPA for taxes advantages and write off.
You might want to consider leasing your property till market returns
Kenneth Verbeyst CRS GRI ABR SRES GREEN
You learned a hard lesson in real estate. Over the years real estate investments in a normal year would increase from 4-8 per cent. If you lost $50,000 in such a short time, how long do you think it would take to regain your loss in a recessional period. Being an investor, I realize this and have to take my losses and move on.
Real estate has dropped but still the best investment because you live there and take advantage of equity you gain over the years. Now seems to be a good time to rent and I see a great increase in rental activity in my office. When the market becomes more stable, then is the time to buy. On the other hand, with the tax incentives being offered to buyer and sellers, it might be the best time to buy and sell depending on your circumstance.
Either way, contact me by my wesite below for additional information and expertise advise in real estate. I've been an investor for over 30 years.
It's a new year 2009 and inventory in Brandon Farms is slightly lower (townhomes) comparatively speaking. I am a Realtor as well as a Brandon Farms resident. I have recently seen an increase in prices from what they were even 2 months ago. Prices will and have varied depending on location, bedroom number and condition. So your loss maybe less than you think. Besides the school system is still a huge draw. What have also seen is an increase in inventory for larger homes in Hopewell Township under $500K. While I do agree with some of the answers below, there are alot of factors missing from the equation. Like your age, job security, family, long term debts and lifestyle (homebody or traveler), if renting is even an option etc..? Traditionally, should you wait for the value of your townhome to increase be reminded so will the larger home you want to buy and that percentage will most likely be greater. Its time to consult with a Realtor if you have not done so already who can assist you. If you would like to speak further on this please give me a call or email. Enthusiasm and Optimism is key here.
Lynda Schreiber ABR, CRS
R.A. Realtors Inc.
2 Route 31 South
Pennington, New Jersey 08534
609-737-1500 ex 208 http://www.weidel.com/lynda.schreiber
Mercer County and the area surrounding Pennington have been removed from underwriter's "declining markets list". If you NEED a bigger home this may very well be a good time to do it. Did you do it?
$10K today may not be $10k 6 yrs from now.
If you need something bigger, then sell and rent.
If you want something bigger, stick it out. The transaction costs on selling a property, overall, can be about 10%. As you (and NonRealtor) point out, you've already lost $30,000. It'll cost another $18,000-$30,000 to sell it. That's $48,000-$60,000 in hard, cold cash. Money you'll never get back.
On the other hand, if you stay where you are, you've got a $30,000 paper loss. And, yes, honestly, values may well go down further. But in 4, 5, or 6 years, values probably will be back to $350,000. Maybe even higher. Let's say in 6 years you're able to sell and break even. Sell now and lose $60,000 in cash, or sit tight for 6 years and lose nothing. That's a difference of $10,000 a year for the next 6 years. Think of that as the premium for selling now. Do you really want a house so badly that, in addition to buying the new house, you're willing to pay a premium of $10,000 a year for the next 6 years?
Stay where you are. Let that $30,000 paper loss turn into no loss.
Hope that helps.
I suggest you sell quick, and rent for a year or so but be on the look out for a steal, if you are ready able and willing you may do very well. I have a couple of listings in Pennington as well as buyers there if you are not working with another agent already.
Are you in Hopewell Grant or Brandon Farms?
If so & if your townhome is in good move in condition I may have a buyer.....I am working with 2 in that area/community right now in this price range.
Especially if its a 3 bedroom.
Re pricing............prices are down about 8-10 % overall in our area but it all comes down to the individual property.............you may lose but you may be able to offset it by locking in a good interest rate & negotiating a good price or buying something with buyer incentives