I will need to sell my condo, is it a good idea to wait a few months, will it go up or down?

Asked by Dee Holmberg, Orange, CA Tue Apr 8, 2008

I have a 3 bedroom 3 bath condo on Berkshire St 92869
What is the price now

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Mark Thackst…, Agent, East Lyme, CT
Thu May 8, 2008
If you want to sell it in the next 2 years. I would say sel it now!! The forcast I've seen don't show the real estate market inproving for 2 years. So if you want ot move befor then Sell now!
the cost of keeping it will be more the the loss you'll take now.
3 votes
Barbara Kehl…, , 85364
Tue Apr 8, 2008
I believe that this is not just a common question - but THE question asked by sellers in today's market. Unfortunatley, there is a "stand-off" between buyers and sellers these days. Sellers don't want to drop their prices, and buyers are waiting for prices to continue to drop.
It has been my experience that no matter what the market conditions are, if you price your home under the curve, it will be the first one that is looked at. Your realtor should be able to run comparables for you in your area, not going back any more than 3 months, and can help you price your property correctly.
I hope that this helps you!
Have a wonderful day!
2 votes
MICHAEL-SHAWN…, , Orange County, CA
Fri May 30, 2008
Since you first posted this question back in early April, your condo (your investment / nest egg / piggy bank) has gotten devalued, and is now lighter. Now is the time prudent sellers/investors are taking their money out of the real estate market(that continues to drop in value), selling their properties, and placing their monies in safer investments (CD's, IRA accounts, certain sectors of the stock market, etc.). Once this real estate market turns around, could be months or years from now, then they(real estate investors/buyers) plan to jump back in. FYI....I personally feel that a real estate market has bottomed and is heading back up when the market shows 3-4 months of continued property appreciation....that has not happened yet.

I am a top producing agent in sales volume in Orange and Los Angeles counties. Feel free to view my website and see how I can assist you with the sale of your property.

Michael-Shawn O'Leary
Coldwell Banker Previews International
949-280-2190 / 310-889-4546
Please Visit My Website At:
1 vote
Michelle Kov…, Agent, Grove City, OH
Thu May 8, 2008
If you want to sell, put it on the market now. The market is active everywhere. There are always people wanting to buy. Dont listen to the media. Listen to the experts. Dont wait if you want to sell.
1 vote
Michael Doyle, Agent, Brooklyn Park, MN
Tue Apr 8, 2008
Put it on the market now, The trend seems to be down so there's no sense in waiting. I can't see any reason for prices to be heading higher in just a few months.
1 vote
Anthony Alti…, Agent, Pasadena, CA
Sat Jun 18, 2011
Hi Dee
In the market where I work good quality, turnkey homes priced at market or just below move fast and with multiple offers. I agree with the other agents that if you want to sell now and are realistic about the current value of your home, why wait.

Don't try to time the market if you need to sell. You may see prices drop a few percentage points this year but qualified buyers are out there and looking to purchase while prices and interest rates are both low.

Just remember to work with your agent and take any advice he or she may give as far as getting your condo market ready. Clean, De-Clutter, De-Personalize. And maybe a new coat of paint if it needs it. A good agent will be able to advise you.

Best of Luck
Certified HAFA Short Sale Specialist, Keller Williams, Los Feliz 323 252 9055
Website and Real Estate Blog: http://WWW.EASTBOUNDLA.COM
Web Reference:  http://www.eastboundla.com
0 votes
Amador Guzman…, Agent, Los Angeles, CA
Tue Jun 14, 2011
No one really knows if prices are going up or down. However recent trends show home prices have been declining and many experts sure think there may be a doubke dip. I would sell now, or hold on to market home prices go higher which may be awhile.
0 votes
Linda Maynha…, , Laguna Niguel, CA
Fri Jun 3, 2011
Hi Dee,

According to MSN Money and the WSJ last week, home prices are expected to decline another 10% by end of year. The GOOD NEWS for you is that BUYER ARE OUT THERE looking as interest rates are at an all time low. Think about it...if your condo community qualifies, a buyer can go FHA with only 3% down...and about 4.6 or 4.7% these days. On the flip side, if you purchase, the rates are very low for conventional loans.

I would be happy to provide you with a comparison, however, as Realtors, it is best to view the property we are assessing for upgrades, changes, etc.

Please visit me at my Open House in Orange on SUNDAY - 5722 E Stillwater, 94.
Website: http://5722estillwater94.epropertysites.com/

Linda Maynhart, Realtor
Realty ONE Group
Phone: (949) 370-4555
Dre: #01703553
0 votes
James Noll, , 92869
Tue Sep 22, 2009

there are several rules about "selling". Firstly, don't listen to the media. They are usually mis-informed and will say anything just to sell papers, airtime, etc. Their rule is "If it bleeds, it leads"

Prices as of 9/2009 have gone up, but not as much as we would like. There are still a lot of "Short" sales to compete with. The good news is that if your house is "not short" it will sell faster than a shortsale due to the approval process on the lender end.

The price range for your condo is anywhere from 299,000 to 459,000.
If you would like my assistance in selling your condo, I may be reached at 714-931-8942
James Noll, Century 21 Superstar
Good Lucks
Web Reference:  http://jamesnoll.com
0 votes
Jacqueline W…, Agent, Irvine, CA
Fri May 30, 2008
You say you "need" to sell, which suggests that whatever the market, you will be putting your home up for sale within the next few months. If that is the case, I recommend you contact whomever you have decided to use to market your home and put together a marketing plan that includes the date you will go on the open market. It may be best for you to wait and make a few improvements or, if your home is pristine, it may be best to put it on the market now. There is one other 3bd condo currently for sale on Berkshire.....it's a short sale.....so you may want to see how you compare and decide if this offers you an opportunity.
0 votes
Guy, Home Buyer, Sacramento, CA
Thu May 8, 2008

Here is what the “experts” (real estate pros) are saying – I think the media is saying the exact same thing:

Michael D “The trend seems to be down so there's no sense in waiting. I can't see any reason for prices to be heading higher in just a few months.”

Keith S “..most markets, if they are not gonig down, they are flat. And will be that way for the next few years.”

Sandra C “At this time last year, 11 sales closed in the month March. This year, there was 1. While inventory is down 15% since this time last year, the number of sales has taken a nose dive.”

Michelle L “Dont listen to the media. Listen to the experts. Dont wait if you want to sell.”

Good luck, Dee.
0 votes
Dave Osborne, Agent, Orange, CA
Thu May 8, 2008
Sorry for the delayed answer. I am new here. Our office is located in Orange very near you. Quite frankly, why you are thinking of selling is going to have a lot to do with how you would need to price it. Putting a home up for sale anymore does not guarantee it will even sell anymore. The best advise I can offer you is to be clear about your objectives and your answer will become more obvious.

Like you, making the right real estate decisions is also important to me. I would be happy to discuss your situation by phone or go over it by chat, fax or email. Good luck!
Web Reference:  http://www.TheOCmls.com
0 votes
Nathan, Home Buyer, Fresno, CA
Sat May 3, 2008
JPMorgan says no near end to financial crisis:

FRANKFURT (Reuters) - JPMorgan Chase & Co does not expect the U.S. financial crisis to end soon and will remain very cautious, its top executive said in comments published by a German weekly on Saturday.

"We can only speculate how deep and how long the recession in the United States will really be and how that in turn will impact banks," James Dimon told "Welt am Sonntag."

"But we are not done with the crisis for a long time," Dimon said, adding that it was not the company's job to make bets on the future.

"Imagine we would need to walk up to our shareholders one day and say, sorry but the recession in the USA is so bad, we're broke. We need to be able to rule out at all times that it will not come to that," Dimon said.

JPMorgan said last month it was on the lookout for regional banks to take over but Dimon said in the report the bank was not interested in purchasing the German consumer lending business of Citigroup Inc. .

"From my point of view today a takeover like that would be a waste of time," he said.
0 votes
MICHAEL-SHAWN…, , Orange County, CA
Wed Apr 23, 2008
You need to look no farther. I am an experienced Realtor in the Orange County & Los Angeles real estate areas.

When I work with buyers, I educate them about each and every property that interests them. For instance, I have access to who owns the property, how much is owed on the property, if that property is in fact a 2nd home, or the seller's primary residence, area comps, etc. All of these factors, as well as the time the home has been on the market, do factor in when it comes time for my buyers to make an appropriate offer.

When I represent sellers, a lot of the same issues factor in when correctly pricing the home for a prompt sale. You not only deserve open communication with your Realtor, but honesty and realistic expectations, based on research and data.

Being experienced as a Realtor in the Orange County and Los Angeles areas, affords me and my sellers the maximum exposure to buyers from many different areas. The "MARKETING MACHINE" I enjoy with Coldwell Banker Previews International carries my your "home's message" to buyers worldwide.

REGARDING FORECLOSURES AND SHORT SALE PROPERTIES: If you’re a seller who is possibly facing foreclosure in the near future, contact me today. We may be able to list and sell your home in a timely fashion, while getting you any remaining equity in your property. As well, you can avoid the catastrophic effects a foreclosure can have on your credit rating. If you’re a buyer looking for foreclosure or short sale properties, I have access to those types of properties, in all of the areas I described above. Amazing buying opportunities are there for the taking.

I must say, with both pride and humility, that my success has earned me recognition as one of the "Top Producers" in sales and service world wide, with Coldwell Banker Previews International.

I hope this helps. Feel free to contact me if you have any questions or need first rate real estate assistance.

Hope to hear from you soon....my best to you.
Michael-Shawn O'Leary
Coldwell Banker Previews International
Please Visit My Website At:
0 votes
Sandra Carli…, Agent, Newport Beach, CA
Wed Apr 9, 2008
Need to Sell??? Are you selling due to finances, relocation or moving up?

I looked at the average sold price per square foot for your zip code and it's right around $325 for condos. This is down from the low $400's last year but up from $292 earlier this year.

There are 24 3bd condo's on the market, 5 in escrow and 4 that have closed since the beginning of the year. Condo's are averaging about 70 days on the market. Based on how much competition you have and the average days on market, what does your timeframe look like now? If you wait a few months, make sure to add 70 days to that few months estimate.

We are also approaching a seasonal high time in the market. You might not want to miss out on the flurry of buyers that come out during the Spring Season and the beginning of summer.

Whether it will go up or down depends on demand. At this time last year, 11 sales closed in the month March. This year, there was 1. While inventory is down 15% since this time last year, the number of sales has taken a nose dive. This doesn't bode well for price increases in the near future so I wouldn't hold out hopes for that, especially in just 3 months.

What you do have on your side is the fact that you bought a 3bd/3ba condo. Out of the 7 sales in your zip code this year, 4 of them were 3bd. You can be one of the next sales if you market your home correctly.

Check out the web reference below and also the "Selling in the OC?" page on the blogsite it takes you to.
0 votes
Keith Sorem, Agent, Glendale, CA
Wed Apr 9, 2008
You need to ask a Realtor that knows three things: your market, your home, and your personal situation.
Will will tell you that in most markets, if they are not gonig down, they are flat. And will be that way for the next few years.
So you need a Realtor that can come up with a plan to sell your home. IMHO now is better than later, unless you like it in Orange and plan to stay for the next few years.
0 votes
Jon Ridgeway, Agent, Waldorf, MD
Tue Apr 8, 2008
My crystal ball is not any better then yours.
0 votes
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