Home Selling in Jacksonville>Question Details

Trulia Jacks…, Other/Just Looking in Jacksonville, FL

Should one sell now as prices rise, or wait another year for more appreciation?

Asked by Trulia Jacksonville, Jacksonville, FL Mon Mar 11, 2013

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I agree with Allan. You will probably not gain huge amounts of appreciation in the next year. The biggest question is "why" you are moving. If you are purchasing another home, remember those prices will go up also in the next year. If you are selling and not repurchasing it becomes just a question of what it is costing you now to gain a small amount in the future?
1 vote Thank Flag Link Mon Mar 11, 2013
To add to the great information already given, you must consider the price point of the home you are going to buy - if you are planning on buying another home.

If you are a move-up Buyer, then your $400-500,000 priced home will appreciate higher than your $100,000-200,000 house that you are going to sell.

5% appreciation on $200,000 is $10,000 or $210,000 if you sell next year.

However, the one you will buy:

5% appreciation on $400,000 is $20,000 or $420,000

You have a net gain of $10,000 if you decide to purchase this year vs. waiting until next year and losing $10,000 when you pay $420,000.

Take these numbers and play with your personal situation and see how the numbers work for you. It is usually wise to seize the day now rather than waiting - and let's not forget interest rates. They could be considerably higher next year.

Hope this is helpful.

Sharon H. Alters, GRI
Coldwell Banker Vanguard
0 votes Thank Flag Link Sun Mar 17, 2013
Thank you Jeff and Kaye for your complement.
0 votes Thank Flag Link Sun Mar 17, 2013
It should be the individual decision of the seller, there is usually more than one motivation in wanting to sell, not just the price, sometimes it is having to sell, wanting in order to do what is usually the most
important question, the next step then is to find out the real honest market value of the property, what
will it most likely sell for......

And there is no crystal bowl that can predict the appreciation within only one year.... what is the seller
going to do when the home is sold, buy another one? Sell for a little less buy for a little less, sell for
a little more, buy for a little more, or a lot more, still and then the question comes in is the current owner
upgrading to a much larger home, or downgrading to a much smaller home?

Not an easy question to just answer with yes or no.
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
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Investors alike....And always with a SMILE :)

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0 votes Thank Flag Link Wed Mar 13, 2013
You DO have some great answers. This is REAL simple......what is your motivation? Are you investing in this home? Or is this property your home? What is your plan WHEN you sell this property? BASIC questions....and exploring ALL your options will give you a CLEAR picture. Contact Hickory and me, Donna, to discuss your property.....your goals....and your options. All of this is free without any obligation....it would be my pleasure to help you explore ALL your options and let YOU decide what is best for YOU. Thanks for the question........donna

Hickory and Donna Delegal
Oceanside Real Estate
startpacking@comcast.net (dONNA 732-PACK 732-7225)
h.delegal@comcast.net (Hickory.....(904) 463-5664)
0 votes Thank Flag Link Mon Mar 11, 2013
As indicated there are too many factors that are unanswered to give an substantive answer. I have found the in the Jacksonville, FL area home prices are neighborhood dependent and increases can vary. Alan, Jeff and Kaye raised some good points to consider. As a Jacksonville agent, if you would like to discuss this please contact me.

0 votes Thank Flag Link Mon Mar 11, 2013
The market is not in favor of any one persons equity over another. We do not know what the future holds. So, since you know what is going on in the present, then why not base your decision on the present. I would recommend you go ahead and sell now. You can build equity in your next purchase. Consider contacting me if you have any other questions. I am happy to assist you.
0 votes Thank Flag Link Mon Mar 11, 2013
I see no reason to wait. Sell now and buy now while rates are low. The future is always an unknown especially for financing. Build equity in your next purchase not your current home.
0 votes Thank Flag Link Mon Mar 11, 2013
I'm with CC Underwood, buy now and build equity in the new house. I also recommend that you try to pay extra on your mortgage (if you're not already doing so) and not solely rely on the market to determine your equity position. I wrote a blog on that topic, linked to a mortgage calculator, so you can play with the numbers to see how much interest and time you can save. I gave an example of shaving off 10 years off a 30 year loan.

Go check it out at: http://claycountyflrealestate.com/post/3595931/i-m-upside-do…
0 votes Thank Flag Link Mon Mar 11, 2013
The question to ask is why would you want to build equity in a home you want to sell? If you sell high you buy high. So why not take the money and run. You make your money in real estate when you buy, so buy for future equity. You know the market now, you know the interest rates now.
0 votes Thank Flag Link Mon Mar 11, 2013
And how much more will it cost you to stay(mortgage payments, taxes, insurance, maintenance, etc.) to get you another 1-5% which is not guaranteed?
0 votes Thank Flag Link Mon Mar 11, 2013
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