Compared to three years ago, it is not a good time to sell. Compared to three months ago, it is a good time to sell. The interest rates are rock bottom in the 4% range for $417K or lower and high 4s to 5% for many jumbo options.
Buyers who want to qualify for the first-time homebuyer with certainty have to buy within the next few weeks to close by 11/30/09. So we have some immediate urgency that drives up demand.
A few factors will come to play:
1-Your price point. Homes under certain price points are moving fast in Willow Glen, homes over certain price points are moving more slowly. You want to list at a price below the current sold values for homes like yours. So, if a person goes and looks at 7 homes on the market like yours, you want your price to be the lowest by even a minor degree (ideally) because buyers still have in their minds that they should be getting a good deal
2-Condition of your home. Are you actually ready to sell? I normally would not list in November-December months, and we only have a few weeks left of October. It is a good time right now (in general) to list but within about a month we will move into a time when fewer homebuyers wish to move. Typically, watching inventory, late January to early February will be the next good time of year to list. February to late April are typically optimum, as people with kids have not listed yet so the inventory can be less than during June to August.
3-If you are looking longingly at equity that no longer is present, you may want to rent for the long haul. The prices are simply not what they were a few years ago. I sold two homes in Willow Glen with multiple offers a few years back, and in 2008 had one sit and we finally took it off the market because the sellers thought there was equity but there was not sufficient equity for the 2008 market to meet their expectations.
Renting can be a good option if you want to hold your assets and watch the market. However, 2010 is not promising any major changes that I have discerned from economic and real estate indicators. The job market is trending to worsen in Q1 2010, with hopes (by the whole country) that it will step back up in mid-2010. But we don't have evidence that the job market will improve. And we can not predict interest rates.
All we really know now is:
1-what the current sold prices are for your area/size and type of home
2-how many houses like yours are competing right now for buyer attention
3-what the general rent you can receive will look like
Without a crystal ball, we can't really know where we will be in 2-3 years.
I hope this helps!
Erica M Nelson
Fabulous Listing Agent!