Are the home prices going to go up enough in the spring to off set the falling prices now ?

Asked by Eileen, Knoxville, TN Tue Oct 28, 2008

I asked a question yesterday about selling my home now or waiting, all agents were in agreement about listing now. However I pulled a report from the national association of realtor and the report seems to make a case for holdimg out till the 2nd quarter of next year. There could be as much as a 9% increase over the realistic selling prices right now. My feeling is that the market may be hitting bottom and it only has up to go, Should'n I wait and take advantage on the up swing?

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Liz Snide, G…, Agent, Knoxville, TN
Thu Jan 24, 2013
I agree with Jim's Crystal Ball comment. Historically, corporate relocations occured during summer to allow for the family move, but since the recession relos occur if and when the employer decides or there is a job change necessitating a move. Interest rates are another factor for 2013.

NAR is a wonderful resource for information, as is the Federal Reserve and Washington Post but all they can report is past events. Also these are usually national averages meaning the hard-hit Las Vegas, San Francisco and FL markets are skewing the stats. Look at your local numbers for the best, most accurate information so you can form realistic expectations
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Dallas Texas, Agent, Dallas, TN
Thu Jan 27, 2011
Confer your questions to listing agent. In most instances 2nd - 3rd qtr of any year is high selling time when most family search for homes

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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Jim McCowan, Agent, Arlington, VA
Thu Jan 27, 2011
The NAR's crystal ball works as well as everyone else's. NO ONE can predict where your prices will be in the 2nd quarter of next year. What's the stock market going to look like next year? What are gas prices going to be next year?

If you're in a position to sell now, why not? Maybe you'll be able to get more in a year but you may get less. Try it for 30 or 60 days now and see what happens . . . . .
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John Harris, Agent, Manalapan, NJ
Thu Jan 27, 2011
Sell your house now. Put the money in your pocket. Watch the market and see that the projections for next year were "off the mark". Nobody knows what next year will bring, however, my advise to my clients is sell now, put the money aside and then be a position to take advantage of opportunities that will be available. Sell it now
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J Lewis, Agent, Knoxville, TN
Thu Jan 27, 2011
Obviously, we can't predict the future even with all the stats we can show. Think about your mortgage payments. Would selling now and eliminating payments for the next 15 months make up for the predicted 9% increase you speak of?

Hope this helps!

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Sherry Wheel…, , Knoxville, TN
Tue Oct 28, 2008
No one knows when we hit bottom until after it's over. If we could predict the bottom & rising prices it would be a wonderful world! Below is an eNewsletter I sent out last week.

Lu Lu says, "It's a great time to buy"!
Despite What The Media Tells You, Loans ARE Being Made Every Day

Yes, there is money out there to be loaned and loans are being made daily. Contracts are being written and closings are taking place. If your credit score is at least 570 loan packages are available.

The National Association of Realtors trade group forecasts that resale home prices and sales will both fall about 6 percent this year compared to 2007. After peaking at a record 6.48 million resale home sales in 2006, this pace dropped 12.8 percent to 5.65 million in 2007 and is projected to drop to 5.31 million this year and then rise 5 percent to 5.58 million in 2009, according to the forecast report. The median price of resale homes is expected to fall from $218,900 last year to $205,300 this year, and to rise 4.3 percent to $214,100 next year.

This means average prices are forecast to rise right here in Knoxville. Inventory is high, rates are still low and houses are "on sale" right now. If you're waiting to sell your home, reduce the listing price and get it sold. When you buy up, you'll being buying for less too. Plus you'll qualify for more house!

Spring is historically when owners put their homes on the market. Why take the chance of inventory increasing even more plus lose the option of "buying up" for less at a low rate. I still say sell.
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Margaret Ro…, , Knoxville, TN
Tue Oct 28, 2008
The appreciation rate is not that high in Knox County and has not been , its about 2.5% for this year
Waiting till spring or later next year will still not get a 9% appreciation rate here in my opinion.
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Scott Godzyk, Agent, Manchester, NH
Tue Oct 28, 2008
i do not think that those percentages are realistic as an average, some areas are now seeing bottom while others are still falling. your best bet is to meet with a local and trusted broker who can give you market conditions for your area. in most cases if prices continue to fall, your home is worth more now than it will until next year. the biggest condition is if the banks start loaning again, we have buyers , we just cant get them mortgages.
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