Loretta, Home Seller in South Jersey 08021

I'm thinking of selling my home in the spring of 2009. It is a town home of 2600 sq. ft. 3dbrms and 2.5 baths.

Asked by Loretta, South Jersey 08021 Sat Jan 10, 2009

Should I proceed or wait due to the market? This home was estimated to be $193,000.00, but this was the early spring of 2008. Now I don't know what I'll get in this area or due to the market.

Help the community by answering this question:


As you may be noticing. The result of waiting in this market is that you homes value will decrease additionally. The market is changing and short sales and foreclosures are reshaping it.

Property is selling but it's homes that represent "deals" that are moving. Our advice is if you can be competive with the pricing of short sales and foreclosures there is no point in waiting....put it on the market not but it needs to be priced aggressively and reflect the current market trend.

Good luck
1 vote Thank Flag Link Sun Jan 11, 2009

When it comes to selling your home you have to run your own race. The current market conditions dictates price but truth is that people are still buying and selling. Its an inherent need. I suggest put your home on the market now. Who knows how the market will be in the next 4 months. The interest rate is low now at 5% average. This greatly increases buyer's buying power. It will also make a difference for you if you are looking to purchase after your move. We have no way of knowing where the interest rate will be in the next few months. In addition I can guarantee there will be more homes on the market this spring. More homes mean more competition. If you do decide to list choice an agent who has a strong internet presence. Over 80% of buyers begin their search on the web even as you are asking this forum of professionals for advice. I hope that assists you. If you will like to know how you can have your home featured on over 25 real estate websites feel free to call. The information is free but the advice is priceless.

Best Regards,

Jeremy S. Hill, Realtor Associate
Keller WIlliams Realty
1814 Route 70 East
Cherry Hill, NJ 08003
Office: 856.685.1651
Mobile: 609.876.5817
Fax: 856.321.1414
"Your Interest 1st Always"
1 vote Thank Flag Link Sat Jan 10, 2009
Loretta I am e-mailing you to follow up from our last post. I can get you out a new CMA on the value of your home now that we are going into the spring market.Th values will be much more current for the town home. Give me a call at 856-404-5222 and look forward to hearing from you soon
0 votes Thank Flag Link Tue Mar 3, 2009
It depends on why you are selling. If you are looking to buy a more expensive home in a similar market, then I think now is a great time to sell/buy. If everything has gone down across the board, you are going to gain more on your purchase. Additionally, interest rates are so attractive which just adds icing on the cake. Yes, you are probably not going to get the $193,000, but similarly so the move-up home isn't going to sell for what it was valued for in early spring 2008 either. Instead of looking at it that you have lost value on your home, think about the money you gained on what your are buying (if in fact you are looking to buy). Good luck with your decision.
0 votes Thank Flag Link Mon Jan 12, 2009
Hi Loretta: Sell now or later? The answer lies not in the Realtor world but in your own. Here's why: The market is DOWN. Selling a stock at the bottom is the surest way to lose money. Same with real estate, EXCEPT that in both cases, there's one other big consideration. What is your alternative? Selling a stock of a company going nowhere and buying stock in a company poised to grow means you're getting off a sinking ship for one that’s going places.

Real estate is not a lot different. NO ONE can do more than guess where we'll be in the next two years. Perhaps it will take ten years to recover. Obviously, a long depression WILL have an impact on housing prices.

Having said that, what are your own alternatives? Move up to a bigger, nicer home? Cash out and rent? Big difference in strategy! You can't cash out easily in this market; there are just very few qualified buyers. That means you'll cash out lower than last year or some year (don't know when) down the road. If your goal is to move up to more expensive real estate, the situation is quite different. If you suffer a loss, so will the seller that you are buying from. Generally speaking, it's a wash, with one equaling the other. EXCEPT that the LARGER home you buy will have a discount on a LARGER amount. At the same percentage (if you can pull it off) you will have a better dollar profit (or saving, if you prefer) on the discount you get then the one you were forced to give. Then, there is the appreciation (we certainly hope to see appreciation in the long term) on a larger investment. At the same percentage, you will have a larger dollar profit on the larger investment.

Finally, there is the mortgage rate consideration. Mortgage rates aren’t going to get much better and historically, have been far worse. Getting a low rate and staying with it is another sure way to profit in this market.

One of my stockbroker's favorite expressions is that "Money goes from weak hands to strong ones in most markets." This may be your best opportunity to profit more than usually.

Remember that your primary reason for owning a home is comfort and lifestyle. Please be sure to keep that uppermost in mind, rather that financial profit. Of course, you can't choose comfort and lifestyle you can't afford (as we see in the foreclosure rate) but decide what best for you and your budget and go for it.
0 votes Thank Flag Link Sun Jan 11, 2009
You have some great answers here! As already stated, talk to some local REALTORS about the market. Make sure they have information on inventory and like units that have sold.

After that, if you are still on the fence about selling after speaking with them, hold off! Selling in this market requires a good agent and a strong desire by you, the seller, to get the home SOLD!

Good Luck!

Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Sun Jan 11, 2009
The best thing for you do is talk with a local realtor and get some idea of values. then make your determination for your plans. Spring time and now have not changed much in values. Some areas have significantly been affected more than others. But mostly higher priced homes are being hit due to the fact buyers can't get qualified as easily as they were able to in the past few years. The no doc loan is basically dead!

I work for Weichert in Turnersville and live in Gloucester Township and we sell the townhouses in the area quickly. You have a nice size townhouse. The area will dictate your price mostly, then condition of your property. You don;t mention where your home is located specifically so I cannot even begin to guess the price your home.

But your question to sell your home or wait would be more answered by your intentions and goals. What do you want to do if you sell your home. Move? Buy another home? just Rent?

The market is not going to improve fast anytime soon. Although no one can dictate the market conditions but even if you listen to Obama the foresight of any noticeable improvement may be 2010 or later. I tend to believe later...

I think we have hit mostly bottom on pricing but I do not see increasing property values. We enjoyed some inflated values in past years. The bubble has broken and now our property values are a little more realistic.

If you need help call me. My office is located in Turnersville on Black Horse Pike. Of course you know the Weichert name, I'm sure.

Getting top dollar for your home also takes some work. Especially in this market.

good luck!

Larry Sarlo
0 votes Thank Flag Link Sat Jan 10, 2009
It depends on why (and how important it is) you are selling. If it were me, I'd wait till 2010 at least. 2009 is likely to be a great time to buy but I'd avoid selling if at all possible.

Paul Howard, Broker
NJHomeBuyer.com Realty
Cherry Hill NJ
0 votes Thank Flag Link Sat Jan 10, 2009
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