Should I sell if don't need to?

Asked by Lora Wells, Canton, GA Tue Nov 22, 2011

I live in the metro Atlanta and bought a foreclosure in late '08. Great price, but a BIG house for just 2 people (5B/4BA). Thinking of downsizing, is this a good time to put the house on the market and buy smaller? If so, don't need to sell right away, should I do it in December or wait until spring?

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7
Terry Bell, Agent, Santa Rosa, CA
Tue Nov 22, 2011
Contact a Realtor to get comps done on your house and evaluate your equity. If you have an accountant or tax person, you might also discuss the pros and cons of taking equity out to buy a new house and rent out the old one.
0 votes
Molly McGrory, Agent, Watersound, FL
Tue Nov 22, 2011
First of all if you are a buyer, there is no better time to be one, so the questions is do you wait until your home is worth more so you can pay more on the new one? Do you wait and see what rates may do? Do you wait until you have more competition?

If I wanted to sell to buy a a new home that fits my current lifestyle I would not wait, you are just trading equity from your current home to your new one. If you are buying smaller it will take a little longer to recoop all the extra equity but your insurance, utilities etc would also be lower. If you are interested in selling I would be interested in talking further with you.
0 votes
Hank Miller, Agent, Alpharetta, GA
Tue Nov 22, 2011
Hey Julie - did we go the same school of speak your mind? lol

Hank
0 votes
Julie Britta…, Agent, Atlanta, GA
Tue Nov 22, 2011
Hey Lora. Are you insane? ;) You'll never get what you paid for it. You probably need to rent it out and wait 3 - 5 years to break even.

Contact me about pulling the comps in River Green for a sale AND a rental. I promise not to blow any smoke your way :)

Julie
http://www.JulieOwnsAtlanta.com
0 votes
Hank Miller, Agent, Alpharetta, GA
Tue Nov 22, 2011
Canton isn't lighting the world on fire, I live in Bridgemill and would love to get out but the market is a disaster right now and will be for a while; we're in the same spot with far too much house.

I'm an appraiser as well as broker, if you want an opinion email me the address - you can see canton stats - http://hounddogrealestate.com/atlanta-real-estate-conditions…

Hank
0 votes
Laura Fawcett, Agent, Atlanta, GA
Tue Nov 22, 2011
Selling now or later may depend on if you received any of the home buyer incentive money. People buy and sell all times of the year. You often have serious buyers who are being transfered with a job change this time of year.
I work in the area and would be happy to meet with you or send you some information on the current market.
Laura Fawcett 678-858-8061
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Nov 22, 2011
If you are ready to sell and need to sell, no reason not to consider listing now; buyers do exist year round; however if you are still undecided, to sell or not, wait until you are absolutely sure....
0 votes
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