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.
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.
Home is two units; 3bdrm/2ba - 1524sqft front: 2bdrm/1ba 920sqft back and legal
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?
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.
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.
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!
All the best.
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.
Find a good Realtor...that is the most important ingredient!
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.
Hope this helps
The Real Estate People
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.