What my sales team is seeing are some pent up sellers who where not desperate to sell during the downturn and who've been sitting on the sidelines waiting for the market to rebound.
In San Diego the market has indeed rebounded quite significantly and there are multiple offers on many properties which have driven values up. This pent up seller inventory could possibly unleash during the next few months resulting in a leveling off of multiple offers and even prices until the inventory has been assimilated into the market.
I think that if you're still sitting on the sidelines come what May you may be out there competing with a lot of other sellers. With current inventory in such short supply I'd definitely be thinking about climbing down off of that fence.
In San Diego, homes are selling in as little as a day with prices going significantly over asking...indicating a strong seller's market....
The question I have is what is your goal when after you sell it?
If you're looking for a quick sale, now is a great time.
If you're looking to get the highest price out of your property, then you should wait a bit more. Interest rates are still falling. So, for the next 12-18 months, that will continue to drive home prices up.
If you're looking to get good rental returns, then you should trade in your property for higher yielding properties, unless you're already netting more than 10% rental returns.
Century 21 M & M Associates
(408) 316 -5954
If you hate being a landlord and have been waiting to sell, this is the best market for seller's we've seen since the crash, however values are not back completely yet in most of the country. A local agent can give you a CMA to determine where you are now. You'll get more than 6 months ago more than likely, but it's may also be likely you'll do even better in 6 more months, but that is just a guess.
Ride the wave up until the wave slows. Give it another year to increase in fair market value, but refi now if you can. Like you said, "it gives me great rent."
Take advantage of this phenomenon!! This is the first time (in a long time) that I can actually say that the local news is spot on!! My prediction is that by summer the market will be infiltrated by lots of new listings and you may have missed the wave of opportunity. Of course I don't have a crystal ball, but I can already see a slow and steady trickle of new listings, which is indicative of sellers seeing this trend and listing their homes.
Check me out on YELP. I would love to help you when you are ready to get your property listed.
Right now, depending on where the home is located, it might be an incredible time to sell. Home prices have recovered from the 2008 crash, and in some areas, sales prices are exceeding 10-15% OVER the listing price, with multiple offers, and within 5-7 days after listing the home on the MLS. MY clients put in an offer on a home recently and were surprised to learn that they and SIXTY other buyers were competing for the one home. It was NOT in great condition, and needed a lot of work, but it was located in a highly desirable school district. So there are definitely buyers out there for any home--including homes that are not in the best condition right now.
But to REALLY know if this is the time to sell, you'll need to talk with several agents to get a better feel for the market and the value of your home.
So interview a few agents and get their take on the value of your home. Work with the one you trust and, if this works for you financially, it may certainly be a wonderful time to sell.
Allison James Estates & Homes
Tel (408) 426-1616
1.5% Listing Commission, Rebates to Buyers