NAR is a wonderful resource for information, as is the Federal Reserve and Washington Post but all they can report is past events. Also these are usually national averages meaning the hard-hit Las Vegas, San Francisco and FL markets are skewing the stats. Look at your local numbers for the best, most accurate information so you can form realistic expectations
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
If you're in a position to sell now, why not? Maybe you'll be able to get more in a year but you may get less. Try it for 30 or 60 days now and see what happens . . . . .
Hope this helps!
Lu Lu says, "It's a great time to buy"!
Despite What The Media Tells You, Loans ARE Being Made Every Day
Yes, there is money out there to be loaned and loans are being made daily. Contracts are being written and closings are taking place. If your credit score is at least 570 loan packages are available.
The National Association of Realtors trade group forecasts that resale home prices and sales will both fall about 6 percent this year compared to 2007. After peaking at a record 6.48 million resale home sales in 2006, this pace dropped 12.8 percent to 5.65 million in 2007 and is projected to drop to 5.31 million this year and then rise 5 percent to 5.58 million in 2009, according to the forecast report. The median price of resale homes is expected to fall from $218,900 last year to $205,300 this year, and to rise 4.3 percent to $214,100 next year.
This means average prices are forecast to rise right here in Knoxville. Inventory is high, rates are still low and houses are "on sale" right now. If you're waiting to sell your home, reduce the listing price and get it sold. When you buy up, you'll being buying for less too. Plus you'll qualify for more house!
Spring is historically when owners put their homes on the market. Why take the chance of inventory increasing even more plus lose the option of "buying up" for less at a low rate. I still say sell.
Waiting till spring or later next year will still not get a 9% appreciation rate here in my opinion.