Nakeisha04, Other/Just Looking in 21208

I just bought my first home last August. How longs should I stay in it before I think about selling?

Asked by Nakeisha04, 21208 Mon Mar 10, 2008

I want to eventually move but don't know how loong I should try to hold on to the property before I consider selling and moving. Would it be better to sell or just rent it out, when I am ready, considering the market is expected to continue to decline over the next 5 years.

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4
Keith Sorem, Agent, Glendale, CA
Mon Mar 10, 2008
Nakeisah04
Real estate is not like owning stocks or bonds. It is not designed to be bought and sold often due to the complextity and expense of a real estate transaction.

If I were counseling you I would ask what you want to accomplish by selling? What alternatives do you have to selling? If selling is the only option, what amount of net is acceptable to you? What happens if you are unable to sell for the price that we yield that net?

Real estate is an excellent LONG TERM investment. I would sit down with a Realtor and run some different options, including::
1. Sell and get out
2. Postpone selling
3. Rent it and keep it as a long term investment.
There are tax and personal consequences to each option. Make sure that you understand the likely results. Being an "accidental" real estste investort happened to me and it was a great experience and changed my life.
0 votes
Chris Highla…, Agent, Frederick, MD
Mon Mar 10, 2008
A proper needs analysis is important to help you decide whether this is a good time for you to sell or not. Depending on whether you are moving up, what your financial goals are, your motivation, and what your long-term goals are. These issues are all an important part of making this decision.

There are different market cycles, and this one has been compounded by the challenges in the lending, but there are factors that are going to determine how long and how deep this market correction is going to be. For instance, the Federal Government is already taking steps to alleviate the lending problems, by actions such as nearly doubling the loan limits in some areas for FHA loans. The limits on Jumbo loans have also been raised significantly. This is designed to have a positive counter-effect on the challenges in the mortgage industry.

Intregal to our American way of life is the dream of home ownership. Rest assured, the demand for home ownership is now, and always will continue to be supported.

After 15 years in the business, we have a strong understanding as to how to advise buyers and sellers in any market, with various needs.

As far as an investment, Real estate continues to appreciate over time, unlike stocks, (remember Enron:) Try this little experiment, ask your parents what they paid for their first home.
0 votes
Nancy K. Ryan, , 21220
Mon Mar 10, 2008
If I understand you correctly you have only lived in the house for 6 months??? Are you unhappy in the house? Why are you thinking about selling it?? Do you need cash? Income? The answers to these questions are important when making the decision you are talking about. If you would like to talk.... no obligation what so ever... please give me a call. I can be reached at 410-627-2440. I look foward to talking to you!
0 votes
Richard Rawd…, Agent, Southampton, NY
Mon Mar 10, 2008
Congratulations on your first home! If your rental market is strong,rent it.If you need the money to purchase your next home, then you need to sell.This is a difficult question to answer not knowing where the home is,what type of home,and the community that you purchased in.Wait until this mortgage debacle is over,then you need to speak with a local real estate professional for advice.I hope that this is helpful.
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