Is it a good time to sell?
Considering the sub-prime mess that has caused Real Estate prices around the country to take a nose dive, this is the number one question anyone thinking about selling their home has on their mind.
Well, I guess the answer to that question depends on why you want to sell. Truthfully, If you really don’t need to sell and maximizing the amount of money you get for your home is very important to you, then its probably better for you to wait until prices recover. Unfortunately, you could be waiting a while. Economists predict that we shouldn’t expect to see a “turn in the market” until late 2008 or even early 2009.
However, if you really need to move, or if you have so much equity in your home that getting a lower price then you would have 6 months ago doesn’t faze you, then now is as good a time to sell as any.
The main thing you’ll need to do to get you home to sell quickly is to price it right. Just because “Joe”, who used to owne a house on the same block that is very similar to yours, said he sold his house for x amount of dollars, doesn’t mean you’ll get the same price (and truthfully he could be exaggerating). When your neighbor sold has a lot to do with what price he got for his property. If it was during the “real estate bubble” he got top dollar and now that the bubble has burst, you shouldn’t expect to get the same.
The best thing to do is to find a Real Estate professional who has knowledge of your area and get him or her to do a CMA (Comparative Market Analysis) so that you can get a realistically idea of what your home will sell for. Don’t let the news of doom and gloom scare you. Do your homework and you’ll be able to sell your home successfully no matter what the economy is.
