This is a question that everyone has but usually an answer that nobody likes to hear. Let's face it, we all think our homes are worth more than our neighbors but the truth of the matter is that we are not just selling our homes, we are selling our neighborhoods and if the homes in our areas are selling for less then our homes are going to sell for less.
Just this past week, I know of 3 homes that were scheduled to settle but all 3 appraisals came in low which means that the homes will not settle. What that also means is that the listing agents didn't do their homework and listed the homes too high. This will start to end once more homes scheduled to close don't appraise. So it is extremely important to make sure when you list your home that it is priced right, right from the start.
There is a such thing called "over improving and when most people over improve their home they don't want to hear that their home isn't worth what they thought it was worth and then they refuse to list the home where it should be listed and then what happens is they list the home with the Realtor who tells them what they want to hear and then the home sits on the market for a year. If the home sells, it sells for UNDER market value or the home owner takes it off the market and hates the Realtor.
To answer your question, nobody can tell you when home values will go up. I can assure you that they will probably never go as high as they did which put us into this horrible situation that we are all in now. If you seriously want to sell, find a Realtor who will only work for you and not the buyer. That is called seller agency. Make sure your Realtor is an expert negotiator. Have your Realtor do research on other similar homes in the area and then you will know how much your home is worth.
If you know people who are interested in buying then the home needs to be priced right so they can obtain a mortgage.
I'd love to talk to you further. Feel free to email me at email@example.com or give me a call at 215-669-0589.
I know your area extremely well. I live close by and I have family and friends who currently live there.
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