The average days on the market before an owner has received a contract on their home in your area is well over 120 days. From that point you would typically have to wait a minimum of 4 - 6 weeks to close. So I'd highly recommend you give yourself ample time to get your home sold before buying another one. No one knows what the market will be like next year but in todays market prices have come down significantly & interest rates are very attractive to well qualified buyers. Since the buyers tax credit expiration NJ pending sales have dipped quite a bit , but those that show well & are competitively priced are still selling. So think about your situation & plan ahead. You will have more competition in the Spring market but honestly anytime you are ready is the best time to sell your home.
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RE/MAX Central Manalapan
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First thing is that you are in the right frame of mind to start now, due diligence is the key to any transaction so it is good to see that you are starting now. What "I" would do is this.
Start interviewing Realtors now, get the necessary information on which agent and company will be a good fit for you, make sure you see what is going to be done for you, recent advertising, internet information and so on.. see it in your hands, do not just go with someone that tells you they can do it.
Then, List your home for sale. NOW. This is the time to sell your home... the fall and winter, everyone thinks they are going to get a bargain.... with the holidays, school starting.. Not much will happen until the spring after the end of September. Buyers usually look to get a home in the winter at the lowest price.
Pricing is the key ... price your home correctly and you should see buyers. If you get a good offer.. do the math.. if it works do it, put the money in the bank and then start looking for a home. You will be in the driverâ€™s seat.
My office is close, call and letâ€™s do a CMA on your property and discuss a marketing plan to help you achieve your goals.
Broker / Manager
Orange Key Realty
Real estate is based on location, so I can't speak directly to your home and location. But in my area, larger homes are probably going to go down more in value. So if I were you I would find out where the market for your home is trending. Will it go down in value by spring of next year? If it might, are the size homes you want to move into also going to go down, or have they stabilized or even going up? How will interest rates affect you. Right now they are excellent, we don't know what next spring will bring. Depending on circumstances, you might not want to wait till next spring.
It would not hurt to talk to a couple of your local, active real estate agents and ask their opinion. Find out what they have to say, and crunch numbers. Its better to know now when the best time might be to sale, as opposed to finding out next spring that you should have sold this summer.
Good luck, and remember no one has a crystal ball (I wish I did!)
In my honest opinion, even though I am not a realtor, it would be best now. There many reasons why, which I wrote about here.
But think about it... the positive to next year, yes, home values could be a tad lower. That is good for the buyers, but that won't be good for you. Plus, there could be less buyers next year than this year. Rates are the lowest sine 1971... and lending guidelines could get even tougher in the next year.
So I would list now and buy now....
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Having not read the responses ot others, I would first ask if u qualify foir an adtive adulty community? - those who are seeking "smaller homes" most often qualify to enter einto such developments.
As for the spring market or else, there re two mindsets.
(1) Real estate is cyclical and while listing your home in the spring is often recommended due the the vomume of buyer available at that time, your competition is much greater.
(2) While listing in the fall may net u less "looker" those who "look" may be more serious buyers.
Please to not hestate to contact me direct for a more comprable analysis as Real Estate is specific right own the the "local" market and this the best way to serve your best interest,
Love and Peace,
There's been lots of good advice here, but there's another very local reason that I would try to get squared away and market your home this year. Fort Monmouth is closing down and I believe that next year will bring tons of new homes to the market in Eatontown and Tinton Falls.
Right now, the inventory can use some new entries after the Spring rush. I would get a storage device like a POD, clear out and get it on the market while interest rates are low and the inventory is not too high. Today, there are just 51 single family homes on the market in Eatontown and 11 Under Contract. That is a comfortable margin these days.
I'm based right in Red Bank and would be happy to sit down and discuss your plans and give you a comprehensive market analysis to help your family with your decision.
You might want to look at the link below.
Normally I advise owners to sell during spring market because that is the time that the greatest quantity of buyers are ready to buy. They want to enter escrow in May or June so they can move in July and be ready for school in August.
However, if you look at the statistics supplied by Trulia, in your market, your average value per square foot is declining 10.7% year. I would definitely talk with a Realtor immediately and find out what is going on with your niche of the market. In most market larger homes tend to lose value more quickly and to a greater degree because there are fewer buyers for more expensive homes.
If you are in fact seeing a significant decline in value, then I would recommend having the Realtor analyze your property's marketability:
1. If you sold it now, as is, what could you get for it?
2. If you invested some time and effort and fixed it up, how much?
3. What is the tradeoff in waiting for next spring?
Interest rates are very low right now, so there are buyers that are looking for homes to buy. Generally when interest rates decline, home prices go up ( and vice versa). We do not know where interest rates will be in the future.
That being said, we decided to use this summer to shop our next neighborhood, and watch the few comps sales activity. we are fortunate that we are not upside down in our mortgage, but really just don't have the need or want to maintain a large home and yard.
Thank you all again for your answers- it made for some lively conversation home!
Consider the site below and what it says.
Vast numbers of New Jersey residents fleeing the state as a result of rising job losses and one of the highest two tax bases in the country is projected to delay any come back in the housing market through the year. However, home sales are expected to rise as the states housing markets move towards stabilizing.
Beyond that there is a very good reason to list it sooner. If you sell your house you can always rent until you buy again. If you do not sell your house you will be stuck in place. Listing sooner gives you more time to sell compared to waiting to list it for sale. If it takes you 9 months to sell and you allow 6 months before you move it could be a problem. If you allow 18 months to sell and you sell in 3 months you can look to buy immediately or just rent for a year.
The other responses have provided quite a bit of valuable information. I agree that it's probably best to consider listing your home within the next month or so and at a realistic price. From your perspective, you will be able to test the market and address buyers who can make avail of the historically low interest rates (which might change nine months from now). At the same time, you will also have the advantage of lower mortgage rates on the new home you purchase. The spring market is more vibrant; most sellers want to match their efforts to the school cycle, i.e., list in the spring and close by early summer so the new owners can ensure their kids will be fully acclimated into the new neighborhood. Yet, this results in too many homes being listed at the same time. This has a negative impact on home prices, which are alreay at historic lows. In essence, list now at a realilstic price (something for which I have several formulas) with a realtor you feel you can trust and work together over the next six months (it's not a good idea to change realtors). I've worked in Eatontown as a realtor and Eatontown is quite desirable. Let me know if you'd like to discuss any of this in a non-committal chat.
With friendly greetings,
Ps.. I didn't mean to ignore your full question. You said that you are looking for a smaller home next year. Can I ask this question. Is there a reason why you want to do this next year? Does it not fit into your plans to do this now? Just something I would need to know to better help you with your question.