Question Details

Kristal Kraft, Real Estate Pro in Greenwood Village, CO

In this market, how do I know if I should sell my home now or stay put?

Asked by Kristal Kraft, Greenwood Village, CO Sat May 19, 2007

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42
BEST ANSWER
There are so many factors to consider, Kristal. Have you owned your home long enough to recoup closing cost expenses or sell your home without taking a loss? Are there repairs you need to make before putting it on the market and will your budget allow you to make those repairs before you list the home? This is a great question and I look forward to some good discussion!
3 votes Thank Flag Link Sat May 19, 2007
Great question. Everyone's situation is different. I suggest sitting down with a licensed real estate sales associate to determine your particular & unique goals to see what makes most sense in your situation.
3 votes Thank Flag Link Sat May 19, 2007
I'd add that it depends on your personal situation. The market notwithstanding, houses are bought and houses are sold. Don't forget that when we're in a buyers' market, that when you purchase YOU are the buyer so you'll get a great deal.
2 votes Thank Flag Link Mon May 28, 2007
Great answers by both Carole and Susan! Additionally, I would ask your real estate agent to check the flow of pending sales. This information is reported by few sources and can often be a guidance tool for current and future market direction.
2 votes Thank Flag Link Sun May 20, 2007
Roberta Murp…, Real Estate Pro in Carlsbad, CA
MVP'08
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It all depends on WHERE you are in the country. Do not fall for the national media and their agenda of negativity. What may be overpriced condo's in San Fransisco which is why the property may not be moving may not correlate to your area at all.

Look closely at your state, your town, your zip code, and your neighbourhood....for this is what potential buyers are also looking at...not so much the evening news...for the news appears to be continually seeking "weapons of mass real estate destruction" and much of it is a scare tactic. Remember they are not Realtors or developers but reporters about "this market"

Stay positive, get yourself a good realtor who will show you facts, CMA's and more that defines were you are, and what is best for you.
Web Reference: http://iansellsnola.com
1 vote Thank Flag Link Wed Oct 10, 2007
Buy low and sell high does not apply in today's market.

If you are not willing to sell low to take advantage of the buying opportunities available in the market today, you will become a stastic like all the other seller's on the market that still are living in la-la land.

Your house won't sell and you will miss the opportunities this dynamic buyer's market is offering right now.

Cut your losses and take avantage of the buying opportunities available out there right now.
1 vote Thank Flag Link Sat Sep 29, 2007
Kristal, you have had excellent responses to your question! My personal thoughts on it is that it, currently, is very area dependant. There are so many factors that come into play. Interest rates, appreciation (or for some depreciation) your areas growth and job forecast are just a few of the thoughts that need to go into the equation. Even with all the talk of a declining market there are many areas that are having stellar real estate sales this year.
Web Reference: http://www.ChrisTesch.com
1 vote Thank Flag Link Fri Jul 27, 2007
If you are nearing retirement - I advise cashing out and securing an affordable living situation. An all cash purchase would remove a great deal of anxiety in that situation.
Web Reference: http://englishteam.com
0 votes Thank Flag Link Fri Mar 22, 2013
Do I Sell my1974-76 home in Marin and relocate North and pay cash?
Home is two units; 3bdrm/2ba - 1524sqft front: 2bdrm/1ba 920sqft back and legal
OR
Do I move forward with a Reverse Mortgage and stay till I die - assuring my children that I will be near and taken care of - but there will be nothing left for them?

What to do?
0 votes Thank Flag Link Fri Mar 22, 2013
What will happen if I sell my home and I can't get enough money to pay off the mortgage and SBA?
0 votes Thank Flag Link Tue Apr 28, 2009
I have a couple of questions for the question. First, why is this question still around after almost 2 years of being posted? Second, why is James Graham's snotty answer the best one? How flip can one be?

The questioners problem is one faced by so many people today. As some have said, the best thing to do is to find a local Realtor who has local knowledge and one in whom you can have trust. Preferably, he or she will be one of considerable experience with the client's best interests at heart.

Are you considering to sell to buy? If so are you buying up or down and will you buy in the same market area? Do you have any equity? What are your financial circumstances and credit score? If you have been in your house for some time and didn't use it as an ATM, you may still have equity even though you likely can't get for it today what you could have gotten in 2006 or 7.

With positive answers to these questions and sufficient motivation, this could be an ideal time for you to make your move. Why? Low prices and interest rates. As a broker since 1980, I have never seen rates this low. Your purchasing power has probably never been so good. With a monthly payment of $2,000, your purchasing power went up by about $50,000 when you compare a 6% rate to 4.875%. Putting it a different way, if you make a lateral move in terms of loan amount, at $350,000 your monthly payment will be reduced by over $200 per month.

The question is one of many facets and cannot be addressed in a brief way - too many considerations. Too many of the answers here are shallow and meaningless. Find a Realtor you can trust and get it done.
0 votes Thank Flag Link Mon Apr 27, 2009
what will happen if I sell my home and do not get enough money to pay off the mortgage and SBA?
0 votes Thank Flag Link Mon Apr 27, 2009
By doing what your doing right now....asking realtors !!! The correct answer is stay put unless you have to sell because of reasons like (cant afford payments anymore,divorce,job relocation,ect.)
0 votes Thank Flag Link Fri Aug 8, 2008
It depends on how motivated you are to sell? Why are you looking to move? Where are you moving to? and When do you want to get their?

Joanne
0 votes Thank Flag Link Thu Aug 7, 2008
Ask a great local realtor!
He/she will take a good look at your home and show you how it fits into the local market. Even today, we have price points that are lacking inventory, so well-priced homes in this category are selling quickly. We have other price points that are so flooded with good inventory, that even the most well-presented and attractively priced properties are staying the market.
If your home is in the latter category, my advice would be to wait if you can. If you can't wait, be prepared to get your home in tip-top shape and offer it at a very low price - so even the most reluctant buyer will get excited.
Jeanne
Web Reference: http://www.horseandhome.com
0 votes Thank Flag Link Thu Jun 5, 2008
BEST ANSWER
it wont matter if you sell know or later. You will get kicked in the ba#*s now but you will kick someone else in the ba#*s when you buy. Its the circle of the real estate life and its always the same!

thanks James
0 votes Thank Flag Link Fri May 30, 2008
It really depends on when you bought your home. Do you have enough equity to sell without being upside down? Homes are selling in this market if they are priced right. There is a lot of inventory on the market but most of it needs too much work to be in 'move-in' condition. Just keep in mind if you sell high you will buy high and if you sell low you can buy low.
0 votes Thank Flag Link Sun May 25, 2008
The best time to sell your home is now if that fits into your life plan. You should always sell your home when you are ready or need to sell your home. You will never be able to truly time the market. If the market is a strong seller's market, you will get top dollar for your home but you will also be paying top dollar for your next home and that is typically in a higher price point. If you need to sell now for whatever reasons life throws your way, then sell. What is important is to work with a true professional that has your best interests in mind and really get your house ready to sell. It starts with pricing your home realistically within your market. You then need to get your home ready to show well and look its best. You have one opportunity to grab a buyer. You must make the most of each showing. Listen to your agent. They will guide you through the entire process from start to finish.
0 votes Thank Flag Link Fri May 16, 2008
Selling a home in this market can be a long, frustrating process. So it comes down to what your plans and goals are. If your home is your nest egg and you can wait the market out, that may be something to consider. If you are buying and selling in the same market than it is usually considered a wash, buy low and sell low.

All the best.

Tom Moore
0 votes Thank Flag Link Fri May 16, 2008
Each case is particular in nature; as such, we can not generalize. However, my suggestion would be to evaluate your long-term objectives. Where do you want to be located.? What lifestyle are you seeking to achieve? What amenities are needed for your lifestyle? How long are you willing to committ to a property? If you have eqity in your home and realize that your plans are shorter than 3-4 years, you should seriously consider obtaining a financial analysis on your assests and a market evaluation of your home. What will your net be if you sell today versus 6 months or a year from now. In a depreciating market and with the extreme levels of foreclosure, it is essential to recognize the best exit strategy.
0 votes Thank Flag Link Wed May 7, 2008
This is a good time to sell your home even with the recession that is occurring in many parts of the country. The best advise is to contact not one but at least 3 real estate professionals and ask them what they feel the value of your home is worth. This will help you gain an idea as to the current home value in your area. Also if your job situation may be in peril then perhaps a move may be in order to relocate. Every situation is slightly different and there is no cookie cutter answer. Contacting a local real estate agent is always the best answer. And if you still don’t like what they have to say contact me and I will see what answers I can have for you!
0 votes Thank Flag Link Thu May 1, 2008
Since this is a strong buyer’s market it only makes sense to sell your property if you are looking to upgrade or move to another area. It doesn’t hurt to sell now to buy somewhere else. Although you may be selling low you should also be buying low.
However, if you are not looking to purchase another property and are not in a financial situation that may force you to sell I would recommend that you stay put. Once the inventory reduces, which it eventually will do, prices should stabilize and begin a gradual upward swing which should increase the value of most properties.
Web Reference: http://www.Springhomes.com
0 votes Thank Flag Link Thu May 1, 2008
The first thing to do is to be honest with yourself and determine why you are thinking about a move in the first place: do you have to have more space for a growing family, do you want to cash in on the equity you have in your current home because you need that money for other expenses such as college or for health reasons, or that beach condo you've always wanted? Or do you want a new home versus the older one you have now because you don't won't to invest in renovating? In a buyer's market, which is what most markets would be described as today, it's a good time to buy because sellers are more willing to negotiate. That works to your advantage when you go looking for your new home but it will work against you when you are trying to sell your current home. On the other hand, with interest rates at almost historical lows the smart buyers aren't just looking for low costs - they're looking for value. So check out what your competition would be. If you want to sell your house quickly then you are going to have to price your house at the low end of the price range for houses currently on the market. If you have the ablity to sit on the house and wait for the market to play catch up to a higher price that you've put on your house then consider doing that - just understand that you will be waiting longer if you are at the higher end of the price range of similar properties in your area. The bottom line is that at any given time it's a great time to buy and a great time to sell. It just depends on your particular situation. But in general when buyer's perceptions are that there are deals to be had if you can afford to price your property to truly be one of those deals then you'll find a buyer, maybe multiple ones. As others have noted, you obviously have to take into account what you will walk away with at closing. If you're upside down then you've got a problem no matter when you sell your home. If you can hold on to it and reduce your debt then waitng makes more sense. Just be careful to do your homework about the competition. Good luck!
0 votes Thank Flag Link Thu Apr 24, 2008
It mostly depends upon your motivation to sell and what your loan circumstances are. If you are "upside down" meaning that you owe more than the market value, it's problematic. If, on the other hand, you have been there awhile and have good equity, it could be a great time to move up. While you will not most likely get for your house what you could have 3 years ago, you won't have to pay as much for the move-up property, either. Your situation needs clear analysis before any decisions can be made. If you are in an area that I serve, I would be happy to consult with you and there would be no obligation.
0 votes Thank Flag Link Wed Apr 16, 2008
Is there a reason why you want to sell?
We sold our home last fall because I got a job 400 miles from where we lived and the commute would have been terrible. Unless you must move, I wouldn't sell right now.
0 votes Thank Flag Link Wed Jan 23, 2008
Well, there is never a better time to upgrade when the market is down because the more expensive homes take the biggest hit when the market is down. So if you are thinking of purchasing that dream home there has never been a better time than now to do just that. Not everything is negative there is always a positive side to everything.
Web Reference: http://www.annbyerhomes.com
0 votes Thank Flag Link Wed Jan 23, 2008
The market in your area will certainly affect the price you get for your home. On the other hand, if you have to take a lower price for your home, chances are the one you are going to buy is going to be discounted too! Right now, with interest rates extremely low, the buyers are starting to look again.
0 votes Thank Flag Link Thu Jan 17, 2008
I would not sell in this market unless you absolutly have no choice !!!
0 votes Thank Flag Link Fri Jan 4, 2008
Where will you be moving? This is one major question that should be asked before yours can be properly answered?
0 votes Thank Flag Link Fri Jan 4, 2008
As a Realtor I always determine for my client if it is a Buyers market or a Sellers Market. You can't look at the entire market as a whole you have to get very specific to areas and neighborhood. For example you may be in a city where some neighborhoods are sellers markets and some are buyers markets. There are specific marketing techiniques for each type of market. There are also stratagies on pricing, web placement, and exposure methods that is specific to each market. Also it is important to look at market trends in your area which include demographics, new business in the area, new construction, future for new business or highways. Bottom line if you want or need to sell all of these factors should be considered in any kind of market and only a trained real estate professional with knowledge and experience can bring you the results you need. For more information visit my website: http://www.darlenecherry.com
0 votes Thank Flag Link Sun Dec 23, 2007
When I meet a potential home seller, the first thing I determine is the level of motivation. A lot of factors go into motivation: flexibility on price, your willingness to put the home in tip top conditon, your need to relocate for a job or other personal reason, etc. On a scale of 1 to 10 how bad do you want/need to move? If you are not at at least 7.5, you should probably stay put. If the market was a little hotter, i would move the index to 5.5.
0 votes Thank Flag Link Sun Nov 25, 2007
In a nutshell: When the market is bad (buyers market): Buy. When the market is good: sell (sellers market)
0 votes Thank Flag Link Sun Nov 25, 2007
We are presently in a buyers market and my feeling are that no one should be selling their house now unless they have to.(example) divorce,death in family,can`t make the payments,job relocation,ect.
0 votes Thank Flag Link Sun Nov 25, 2007
That depends on what your goals are. If you goal is to upgrade to a bigger and better home now is the time to do it. There has never been a better opportunity to upgrade because the more expensive homes have taken a bigger decline in value than a smaller less expensive home. When the market picks up again (and it will) you will have gained alot of equity.
Web Reference: http://www.annbyerhomes.com
0 votes Thank Flag Link Sat Nov 24, 2007
Put your pencil to the paper. Reason for selling, reasons for not. Contact several agents in your area to discuss strategies and marketing plans. Now is a great time to buy in my part of the country and if your property is priced fair and has no major issues, you can expect to sell at a good price. Pricing is a big part of the transaction. On the other hand, since it is a Buy'ers market, you'll have plenty of inventory to choose from and will be able to negotiate. Remember though, the same theory applies...if the home is truly a great home, and priced according to fair market value, I wouldn't suggest offering to much less than the list price.
Find a good Realtor...that is the most important ingredient!
Happy travels
0 votes Thank Flag Link Fri Nov 16, 2007
Hello,

There are a number of factors to consider when deciding whether to sell or retain a home. For example, what are your reasons for selling, lifestyle, corporate relocation, financial, need a larger home etc. Are you planning on purchasing or renting after your home sells. Are you in a position to rent your home rather than sell it if necessary?

My best advice is to speak with some skilled realtors specializing in your area and give them as much information about your situation as you are comfortable with, see what their price evaluations are, what type of advice they give you and evaluate your options objectively. Even though the market is challenging in many parts of the U.S. it is also an awesome time to purchase, so for example if you are planning to purchase a nicer home, now is an excellent opportunity to sell and purchase.

Best of luck and feel free to E-mail me for more information.

Sincerely,


Marty Kaiser
Broker/Associate
407-595-9700
marty@floridasells.com
Web Reference: http://www.floridasells.com
0 votes Thank Flag Link Fri Oct 12, 2007
Where are you planning to move to? What is the market like there? How is your market or do you know? Call three agents from both independent and name brand companies. Interview them. Ask intelligent questions. Ask for their marketing methods. Were you impressed? Sell with the best of the three. If any of them have assistants that field all their calls, their voicemail box is and full, and they still charge six percent....choose number two choice.
0 votes Thank Flag Link Thu Oct 11, 2007
I believe it's all about the "bottom line". What can you get for your home and what will you need to pay for a replacement property. Make a spread sheet - lay out all of your selling costs including repairs, any capital gains, etc. Compare this with the new property (I assume you have gone out and looked at new homes). Don't forget to include any repairs/upgrades that you will need to make to your new home. Also, there are the emotional and practical questions - does the house fit your current needs, how close is it to schools, work, etc.
0 votes Thank Flag Link Thu Oct 11, 2007
Price it right and sell it now. We are selling good now.
Web Reference: http://kennaandco.com
0 votes Thank Flag Link Sat Sep 29, 2007
Based on the market in your area, if homes are moving and not just sitting. I would say go look at the homes you are interested in moving to, if you find the right one and plan on staying put for a while it really wouldn't matter. But if homes in your area are not moving and you have no pressing reason to relocate, then wait it out.
Hope this helps
Denise Stuart
Coldwell Banker
The Real Estate People
http://www.realeasy4u.com
0 votes Thank Flag Link Thu Aug 30, 2007
I hate to be beating a dead horse, but they are right. Sit down and think about your motivations. Once you know your motivations then you can begin to take the next steps.
If you decide that you really just want to move, then really just move. People make the mistake of trying to base what they do off of the market. Whatever the market is doing really won't affect you that much. If the market is down you'll be able to buy cheaper but you'll sell for cheaper. If the market is up you'll pay more but sell for more.
0 votes Thank Flag Link Fri Jul 27, 2007
That would depend on the reasons for moving, and the alternatives. Sit down and consider the options and weigh the pros and cons - ask a REALTOR if you need specific advice. For example, in south Florida many growing families who have the option are remodeling and expanding their homes because that is currently the best solution to their problem. Some people "can't afford to move"...
0 votes Thank Flag Link Mon May 21, 2007
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