Market Conditions in 08087>Question Details

lulu, Both Buyer and Seller in 08087

i live in 08087 and there are alot of short sale homes around me for less then 200,000 i own a home already a

Asked by lulu, 08087 Tue Aug 5, 2008

small ranch 3/1 on large lot. it is in good condition-- needs new flooring has new windows and central air. and needs new siding. approx 1200 sf . should i sell now or wait for market to come back around . i only owe 75,000 on my home so i am not lookiing to make a killing on it. just enough for a down payment and to pay my taxes for the first year.Should I wait or sell and buy now. worse comes to worse and i cant sell i do know someone who would be wiling to rent out the home i am in. i am so confused and yes scared because i have never done this before house i am in i bought off of family so i am a property virgin in that sense. what should be my next move

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Answers

8
Your answer largely depends on your motivations for selling and why you want to buy.

I don't know your specific geographic area, so I can't comment on what the prospects for your immediate neighborhood are. And I defer to those who do. However...

Although I agree that now is an acceptable time to sell and buy, the reason largely is because there are a lot of good deals out there. So, if you added to your question: "I have a growing family and I know we'll need more space" or "the commute to where I (or my spouse) work is very difficult and we'd love to move closer...then I'd say you definitely should consider selling in order to buy.

However, if your primary reason for selling is simply because of the economic uncertainty--you're not sure if home prices are going to go lower and you want to bail out of a possibly sinking ship--then I'd say to stay where you are.

The problem is that while market conditions do vary somewhat geographically and by price range of home, they don't vary radically. So, if you're worried about prices declining further in your immediate community for the type of house you own, then you should be equally concerned about prices declining further for a "move-up" house (maybe, in your case, a 4 bed/2 bath built in the 1970s) in a 5-10 mile radius of where you are. So, you might jump off of one falling elevator...onto another falling elevator.

There are different projections on what the next few years hold. I'm probably slightly on the pessimistic side. I (like you, I think) don't see an upturn anytime soon. Another year or two of declines, then a relatively flat market, then possibly an upturn. So it wouldn't be wise to base a buy/sell decision on only what you think may happen in the future. But what you should consider--as I suggested above--is that whatever trends affect your current home are likely to affect a slightly larger, slightly more expensive home in the same geographic area. So, to be blunt, you won't weather the storm any better in a newly-purchased home than you will in your current one.

If you have a steady source of income, if you're comfortably able to pay for your current home, and you have no compelling reason to move (job change, expanding family), I'd suggest you consider staying where you are. And if you don't have a steady source of income, if you're having trouble paying for your current home (doesn't sound as if that's a problem), then my advice would be absolutely not to consider buying a new one.

So, you have every reason to be concerned. But don't panic. Sounds like you're doing fine.

Hope that helps.
2 votes Thank Flag Link Tue Aug 5, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
When David says, "find the right agent to assist you in the process of selling and buying", he means ME!

ha ha, David this old post has lots of available agent assistance mentioned. I might as well mention me. See ya caravan.
Web Reference: http://Ask4Greg.com
0 votes Thank Flag Link Sun Dec 14, 2008
Lulu:
After looking at the comparable sales in your area, and from the overall condition of your home, I would recommend that you consider listing your home. The short sales are from people who have no equity in their homes, but you do have equity, and since you are not looking "to make a killing on it", you should easily walk away with money in your pocket to purchase you next home.
0 votes Thank Flag Link Thu Aug 28, 2008
It sounds like you may be in a good position to upgrade. Having equity in your home and not being in the position of many others who are facing foreclosure or dealing with short sales will put you at an advantage if you are priced to sell. Upgrading in this market may mean more choices, more features and room to negotiate on your next home. Best wishes with your decision and I hope it works out for you!
0 votes Thank Flag Link Thu Aug 21, 2008
Lulu,
It is definitely a good time to buy and sell. On the buying side, homes are aggressively priced and interest rates are low. On the selling side, there are quite a few buyers out there. If you "wait for the market to come back around" then you may get a better price for your home but then the home you will buy will also be priced higher. And interest rates may not be as good as they are now.

I work in your area and I am willing to meet with you to discuss your options in more detail. Please contact me should you like to review your options.
0 votes Thank Flag Link Tue Aug 5, 2008
Lulu, I would definitly suggest begin looking for your next home. With the internet databases, it makes it very easy for buyers to get a feel for what type of inventory is in any particular area in NJ. If you're noticing that there are several potential homes you'd like more information on, I'd say not to wait on buying.

Definitly hookup with a Real Estate professional... if you'd like to wait 6 months to a year and can financially purchase your next home without selling the 1st - go for it. Rent your current home at a price that will pay for the mortgage and tax payments for even 6 months. While there isn't an exact science as to when prices will be crawling up a little, you could take the chance. Or you'll always have the option of marketing your home now! An agent will assist you in weighing the pros/cons of each to paint you a better picture. So don't be scared...feel free to pick the brain of an agent. We're here to assist the purchase or sale of real estate as well as help educate our clients to understand what's going on along the way.

If you'd like more information on purchasing your next home ( from a stranger this time), I'd be glad to help walk you through it! Or if you have any additional real estate questions, please don't hesitate to contact me!

Christine Markow
ERA Statewide Realty
Office: (908) 874-7797, ext 519
christine.markow@era.com
http://associates.era.com/christinemarkow
http://learningaboutrealestate.blogspot.com
0 votes Thank Flag Link Tue Aug 5, 2008
Good morning Lulu,

It is a good time to sell and buy, the inventory gives you a lot to pick from along with the interest rates are still excellent. If you market your home with a strong experienced full time agent and agency with the tolls to expose your home to the most amount of buyers. I have noticed a pick up of buyer activity. I am in this zip code of 08087 and have been marketing and selling real estate in this area for 21 years. At no obligation, I would like to discuss you needs and desire regarding your real estate. Please contact me after you read my credentials. Please click on the link below or my name to the right.
0 votes Thank Flag Link Tue Aug 5, 2008
Lulu,

You sound (finaly) like a reasonable person, or at least a logically realistic one.

Yes, it is good timing to list even though there are many shorts. The shorts are held up in decisions and you would not be. Nobody, a seller or a new buyer wants delays and with shorts, there are many, due to the banks and courts.

Give me a call if you want to discuss this further...I may not be the person you wish to use (but I hope you do) but I can advise and purhaps suggest a qualified realtor to work with.

Thanks and good luck

John Jelinski
Crossroads Realty
609-713-3454
johnjelinski_7@msn.com
0 votes Thank Flag Link Tue Aug 5, 2008
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