Selling a Home
As the real estate market continues to slowly climb out of the depressed state it was in, many homeowners are wondering if this is the right time to sell property. As with any major financial decision, there are many questions that one must ask.
Questions to Consider First
If selling your property is a serious proposal, obtaining a more recent property appraisal is a very good idea. It is always beneficial to know what the current value is on a home since it can change with the sentiment of the market. After calling a professional property appraiser such as Abbe Edelman, and obtaining the going market rate for your home you may know whether or not you are interested in selling now depending on how much you paid for the home. You will also want to consider whether you bought the home as an investment or a place to live. If it is an investment it is likely that now is not the right time to sell. It will probably be better to wait until the real estate market makes a full recovery.
Pros for Selling Now
Each region is different and has to be approached in a different way. This is one reason it is beneficial to obtain a current property appraisal before putting your house on the market. It’s important for a seller to do some research so that they are aware of the health of the housing market in their region. They need to know what other comparable homes in the area are selling for. Some areas have a low inventory and that makes it a seller’s market. Homes that are priced right can get several offers and may sell fast.
Cons for Selling Now
As a general rule, house prices are remaining depressed according to many experts. Some sellers would literally have to pay some in order to pay off their mortgage if they sold today. For those who can benefit from selling in today’s market, they will be competing with short sales which may drive prices down too far for the effort to be worthwhile. If you can hold on to the home as the market makes its recovery, you may be able to get a lot more out of it in the next year to year and a half.
Pros for Waiting to Sell
Some experts suggest that the best thing to do right now is to wait it out. Even though the market is in recovery mode, most areas are showing housing prices still way down. It is very possible that if the home was purchased in a time when finances were in an upswing or there was a housing boom then you may very well lose money by selling now. This again is one reason to obtain a recent property appraisal. This can help determine if it will be worth it to sell now or not. If you are not thinking about purchasing something else and you can afford it, it might be better to wait to sell. This way the home is certain to appreciate while the market is recovering.
Cons to Waiting to Sell
If you need to leave your home as soon as possible you may just need to just count your losses. If you wait until prices make a full rebound then it may actually be more difficult to sell the house. If you think that the housing prices are going to skyrocket like they did in the mid 2000s it could mean a very long wait. The growth we are presently experiencing is slow and steady so waiting it out could mean a very long wait indeed.
