Tim Mcbrayer

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! - Thu Apr 24 2008, 14:48