is this a good time to sell, and if not when?

Asked by d517, 85388 Wed Aug 15, 2007

when will the housing market recover, or will it ever

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Deborah Madey, Agent, Brick, NJ
Wed Aug 15, 2007
If you are moving up, it could be an OK time to sell because it might be a good time to buy. You will sell for less, but the net gain that you could save on the purchase will be in your favor.

If you are planning to downsize, I recommend that only when the lifestyle you want dictates that. If solely for financial reasons, I recommend not downsizing now. The reverse from paragraph 1 would apply and that is not in your favor.
2 votes
Steve Ostrom, Agent, Roseville, CA
Wed Aug 15, 2007
Like others have mentioned, if you are in a good location and your home is in good condition and presented well, people will find your home. Each area is different and what people are seeking for in your location. I love the area of Leonardtown by the historic district and the area near the water (I am biased I have family there)

If you are bouncing around the idea of selling, just speak to a Realtor and have them evaluate your home, condition and they can let you know about how much homes are selling around your area and how long are they on the market and what you might possibly expect to see how of a home sale financially.
2 votes
J Lo, Home Buyer, California Glory, Brentwood, CA
Wed Aug 15, 2007
I like to refer to the times we live in - as the market "righting" itself. Once the buying sector gets a positive outlook on the future, those waiting in the wings will come out in droves.

Now, is it a good time for you? Depends on the availability of homes for sale in your market. What activity has been like, and whether you have a shortage to begin with. I'm not familiar with the part of the country your particular town is in - but I have lived in DC at a time when the interest rates hovered around 14% and still homes were in high demand.

Supply and demand is what drives a market whether it's Christmas toys or homes. If you have a good product in a location that is desireable, by all means get your home on the market; because you can also capitalize on an upgrade for yourself.

What better time will there be? Once all the dust settles, if you sit out on the sidelines, you may miss a great deal!
2 votes
Diane Glander, Agent, Spring Lake, NJ
Wed Aug 15, 2007
If you don't have to sell now, I would suggest you wait. As to when you should sell, market predictions are for a turn around in 2008. While no one knows for sure, what we do know is that real estate is cyclic, The reason for the decline in prices recently (2005 on) was affordability. Prices rose 187% between 2001 and 2005. That was due in part to 9/11. In August that year, the real estate market was down and hurting. In an effort to save the real estate market and boost the economy, the Feds lowered the rates. That started the frenzy that continued for 4 years until we drove the first time homebuyer out of the market totally. And, for each first time homebuyer, there is a domino effect of 5 subsequent sales. The bottom fell out and so the decline began. The recent price corrections have started to help the recovery, in some areas more than others.
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Pam Winterba…, Agent, Danville, VA
Wed Aug 15, 2007
The answer will depend on your needs at this time. Moving up you can be a good time to buy. Downsizing may not.

Just weigh your situation and move accordingly.
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1 vote
J Lo, Home Buyer, California Glory, Brentwood, CA
Mon Sep 10, 2007
For the family that has outgrown it's current abode - & is in dire need of a larger space - Most definitely. You will be able to take advantage of your current equity to step into a much better home at a great price point.

You may give up a little on the percentage when selling - but what you gain will come back at you once the market recovers... (I don't have a crystal ball for when that will happen - but it's not too far in the future).

To answer your direct question "will it ever"? Yes. It always does. We have cycles just like any other industry. There was a time when the wireless companies went from $40 per share to under $4: they have rebounded and are stronger than ever.

The housing market must right itself - and pay for the sins of the past. Once we get back to reality and the market catches up with itself we will all benefit. I wouldn't look for the 10% annual appreciation - I do believe those days are done (hopefully).

Remember the tortoise and the hare? Slow and steady gets you there....
0 votes
Robert, , Lexington Park, MD
Sun Aug 26, 2007
The reason for the price declines recently (2005 on) was NOT affordability. Housing has not been affordable for quite some time now. Salaries have not/did not keep up with the 100%+ increase in prices. The declines you are seeing now (2005 on) are due to inventory, ARM re-sets, and the end of loose lending standards. As inventory continues to grow (or at least remains fairly steady during the “off” season), lending standards continue to tighten, ARM’s continue to re-set, and lenders continue to fold, showing that these homes are not affordable now, nor were they a few years ago.

For instance: Say someone purchased a $300K home in 2005 with and ARM. It re-sets in 2007 and the borrowers now can not afford the new rate. The price of the home never changed ($300K). The home was not affordable in 2005, and it is certainly not affordable in 2007. Furthermore, the talk of government bail outs are not for new buyers, they are for people that bought years ago.

As for the question at hand, Yes. It is a good time to sell a home. You just have to price it competitively, that is, DROP THE PRICE.
0 votes
Art Lane, , Howard County, MD
Wed Aug 15, 2007
I hate to initially sound so wishy-washy, but it really depends on what you expect to walk away from the settlement table with. In other words, what are your financial expectations.

Generally speaking, the housing market is soft and seller's expectations remain lofty. I would advise that you contact a realtor in your area who is reputable and have them prepare a CMA (market analysis) on your home. That will at least give you an idea of the price range that you can expect with a sale. Then, depending upon the timeline you require to actually complete the sale, you can decide whether to focus on the lower or upper end of the range.

As far as where the market may be a year from now... well let's just say if I really knew that answer, I'd be a rich man. The market slump we're experiencing today came upon all of us rather suddenly about a year ago and none of us saw it coming. It is just impossible to tell where things will go.
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