Should You Wait To Sell Your Home?

Should You Wait To Sell Your Home?

 

There have been several reports showing that the housing market is beginning to recover. With the market showing signs of life, the question now becomes should you wait to sell because prices may be about to increase. This has caused fear among some homeowners who are considering whether or not to sell their house in the next several months.

 

The data shows that sales are increasing. There is no consensus on home prices yet. At the National Association of Real Estate Editors conference in Denver at the end of June, Lawrence Yun, chief economist of the National Association of Realtors (NAR) said:

 

“This time next year, there could be a 10% price appreciation. I would not be surprised to see that.”

 

During the same week, Morgan Stanley came out with a housing report that stated where they believed housing values were headed over the next eighteen months:

 

“We estimate a drop of 5-10% more.”

 

So which direction are prices headed?

 

If we look at the Home Expectation Survey, which asks a distinguished panel of over 100 economists, investment strategists, and housing market experts to give their 5-year expectations for future home prices in the United States, we see the average cumulative appreciation expected by the end of next year (2013) is only .9%.

 

Should you sell now or wait? Does it make sense to delay your move for 18 months in order to get less than a 1% increase in your selling price? Only you can answer that question.

 

Here is the sentiment echoed by a couple of other real estate agents.

 

1) Inventory is thin. There isn’t a lot out there

 

2) Multiple bids on desirable properties, stuff is getting run up, sometimes up 20%

 

3) Homes are appraising higher

 

4) The REO properties out there are utter crap. The bank owners are doing nothing to update or care for the properties. Further, they are doing nothing to negotiate on price, nor provide any incentive or protection to buyers.

 

5) New construction is BOOMING in part due to weak inventory and the crappiness of REO properties.

 

6) Definite easing in getting mortgages. Pendulum has swung to, “ideal.” If you have an old blemish or two you can still get a mortgage.

 

7) If you were looking for a deal, most likely the boat already left the dock.

 

8) It is ‘crazy busy’ buyer’s looking for a home.

 

Doreen Inzalaco, Inzalaco Team, 480-420-9151, www.inzalacoteamaz.com

 

Should You Wait To Sell Your Home?

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