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Answers (15)
- Frank Rosati, "Frank Rosati"
- Contributions:23
There are many things to consider before making a decision which may have been overlooked. You will need to realize that normal appeciation is around 5-6% in a normal market. Of course we have to hit bottom before that will occur. The other factor is what your current interest rate is versus what rate you would qualify for today? There may be a significant monthly savings in your monthly payment on the new purchase to offset the sale. If you would like a net proceeds sheet prepared for your sale and a good faith estimate for a potential purchase, please let me know. This will show you the mathematical breakdown on each side and help with your decision. If you do decide to sell, I would do it soon while inventory is low since there will be more competition in the coming months. Best of luck!
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
From the looks of it, if you sell it for $320 and pay a 5% agent commission yoiur net would be about $4,000. Which is the amount you could give toward a seller credit to the buyer. In this market buyers are getting an average of about 3% in seller assistance. You should speak to 2 or 3 agents to get an idea of your homes value. Meet wuth them at your home so they can see what kind of condition the home is in. You may find a Agent who will agree to a sliding commission structure. It the home sells for say $330,000 the agent gets 6%, $320,000 or less 5%. One of the best things you can do to get the best price and get it sold in a hurry is declutter and stage. It may pay off big time to rent a storage unit for a few months and get all your "stuff" out of the house. The fact is, people don't care about any of your personal nic-nacks and "personal design touches" Clean it up. and if needs painting, paint it yourself, unless you are as sloppy as a 5th grader.
- Reema Sharma, "ReemaSharma"
- Contributions:927
Spring is the best time to sell. You can always negotiate the realtor fees. Tell the realtor you are planning to sell and buy through them, the agent will definitely be more open
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
I believe this spring will be an opportunity to sell for a whole lot more then next spring. We are at the beginning stages of this foreclosure mess and sellers everywhere who really need to sell are getting desperate.
- Mack McCoy
- Contributions:1111
Well, nobody knows the future, and it's impossible to see around a corner.
Your house is going to sell for less than it would have five years ago, and the house you want to buy is going to sell to you for less than it would have five years ago. The next milestone to look at isn't where house prices might be five years from now, the next milestone to look at is where house prices might be when the kids are grown, which is when you will be selling next.
All the best,
Your house is going to sell for less than it would have five years ago, and the house you want to buy is going to sell to you for less than it would have five years ago. The next milestone to look at isn't where house prices might be five years from now, the next milestone to look at is where house prices might be when the kids are grown, which is when you will be selling next.
All the best,
- Katie Burmeister, "Katie Burmeister"
- Contributions:199
To answer your questions....
(1) You don't have to fork over closing costs. If a buyer absolutely loves your house and if it is priced right they aren't going to back out of a contract because you won't pay for closing costs.
(2) Although it may seem counterintuitive, selling now is a great time IF you are buyer "up". Yes, you will loss money when you sell your house, BUT, when you buy a house that is worth more, those sellers are taking an even bigger hit than you are, unless their neighborhood depreciated less than yours. Speak to a local Realtor and they should be able to pull those stats.
If you are selling and moving "down", I would advise against it. Also, if you are selling and not buyer, I would try to hold off until the market gets better
(1) You don't have to fork over closing costs. If a buyer absolutely loves your house and if it is priced right they aren't going to back out of a contract because you won't pay for closing costs.
(2) Although it may seem counterintuitive, selling now is a great time IF you are buyer "up". Yes, you will loss money when you sell your house, BUT, when you buy a house that is worth more, those sellers are taking an even bigger hit than you are, unless their neighborhood depreciated less than yours. Speak to a local Realtor and they should be able to pull those stats.
If you are selling and moving "down", I would advise against it. Also, if you are selling and not buyer, I would try to hold off until the market gets better
- Eric Bard, "Eric Bard"
- Contributions:65
I have to chuckle a bit at some of the conflicting advice given to you by my peers. I am NOT an agent in your area, but know it well as I have frends living near there. Your situation is not unusual, or frankly, all that complicated. You, or working with a full time professional agent, need to perform due diligence in establishing the market value of your current home, and a range for your target property. Since it sounds like you are staying in the same area, the market dynamics are equal on the sell and buy side. So, net-net,it's a wash, except for the proportionate to due seeking a larger home. Also, while I believe full time professional agents deserve to earn their full fees, you still might be able to negotiate a modest discount if the same agent is handling both the sell and buy side transactions. You have a lot to digest, so get a move on, and good luck to you!
- sunnyview
- Contributions:25121
"Speak to someone who knows your local market...to provide you an accurate forecast of the next 12 months..."
I think that is unrealistic advice. Realtors are not market analysts or predictors of future events. Even good agents get it wrong. Take a look at the advice given about a year ago here where the person was told that it was "the best" time to buy. Here is chart for that area and interest rates have only gone down since then. So buying now would be better than then for that client based on numbers alone.
Buyers need to collect information to make the best call they can. A good agent can help them do that, but buyers should not rely on representations the market recovering quickly or that waiting is their best choice based on opinion alone. Buyer get all the information you can and make your own call. Agents are agents not fortune tellers or they would all be retired on their huge RE bubble profits.
I think that is unrealistic advice. Realtors are not market analysts or predictors of future events. Even good agents get it wrong. Take a look at the advice given about a year ago here where the person was told that it was "the best" time to buy. Here is chart for that area and interest rates have only gone down since then. So buying now would be better than then for that client based on numbers alone.
Buyers need to collect information to make the best call they can. A good agent can help them do that, but buyers should not rely on representations the market recovering quickly or that waiting is their best choice based on opinion alone. Buyer get all the information you can and make your own call. Agents are agents not fortune tellers or they would all be retired on their huge RE bubble profits.
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
Unless the need for additional space is critical, consider staying where you're at.
I believe our economy will start to recover in earnest next year. Once that happens we'll start to see a gradual improvement in property values.
If you sell now it sounds like you'll be locking in a loss, or at best, you'll break even.
Speak to someone who knows your local market and community well enough to provide you an accurate forecast of the next 12 months before you make any other decisions.
It just may be that in your case, good things will come to he who waits.
- Adam B. Manville, "CapstoneBroker"
- Contributions:53
It would be a good idea to review your local market statistics with a local agent. We've found that the local markets can be very different. What makes sense in one area may not make any sense in another. If your current property doesn't work for your family's needs, you will most likely need to sell or rent the property out. Understanding your local market statistics can help you decide which of those options is most beneficial to you and whether it makes sense to buy a new home now or to wait and rent yourself.
- Bridget McGee, "mdmortgagemama"
- Contributions:30
There are lots of reasons to sell and not to sell. Unfortunately there are a lot of people in your position.
We have a marketing program to help for sale by owners and realtors to market their properties. There is no cost to the seller or the realtor and may help to see if there is interest in your property. Rents are going up, if priced right, yours may be the perfect home for a first time buyer.
I would also be happy to send you an estimated net proceeds calcultor. That would give you a good idea of where you really are and what will make the most sense for your family moving forward.
Maryland Mortgage Mama
We have a marketing program to help for sale by owners and realtors to market their properties. There is no cost to the seller or the realtor and may help to see if there is interest in your property. Rents are going up, if priced right, yours may be the perfect home for a first time buyer.
I would also be happy to send you an estimated net proceeds calcultor. That would give you a good idea of where you really are and what will make the most sense for your family moving forward.
Maryland Mortgage Mama
- sunnyview
- Contributions:25121
Honestly, few agents will step up and tell you not to buy a house right away, but it is up to you to do your own homework and make sure you have a plan. Your area chart is here.
Super low interest rates are propping up the market in many areas so you need to compare the cost of buying PITI to the cost of rent right now. Also look at historical prices for your market. Many agents will tell you to sell your townhouse and buy another house right away, but that can give you fewer choices of property and less flexibility so you need to weigh that on your own.
Super low interest rates are propping up the market in many areas so you need to compare the cost of buying PITI to the cost of rent right now. Also look at historical prices for your market. Many agents will tell you to sell your townhouse and buy another house right away, but that can give you fewer choices of property and less flexibility so you need to weigh that on your own.
- George Belleville, "George Belleville"
- Contributions:144
Obviously you shouldn't post it here, but a big question is how much cash you have. If you sell and net 0 dollars, could you still move forward? Quite a few of my clients are actually selling to net zero or bring some cash to the table, because it is such a tremendous time to buy.
- sunnyview
- Contributions:25121
If you will need a bigger house before the recovery for your family, I would start looking now at where the market is headed. If you can sell your townhome, I would consider selling and rent until you know the direction of your market.
You can try selling yourself with a listing on the MLS, but it is very important to price your home properly. You can also hire an agent, but you need a short listing period and more than one CMA so you can see the true market and not just an agent looking to buy a listing with an unrealistic list price.
Ask each agent for a listing price to sell in 30, 90 and 120 days, for the days on market for houses like yours, their marketing plan and the listing and sold price per square foot for similar townhouses. Then make you decision about whether and how to sell.
You can try selling yourself with a listing on the MLS, but it is very important to price your home properly. You can also hire an agent, but you need a short listing period and more than one CMA so you can see the true market and not just an agent looking to buy a listing with an unrealistic list price.
Ask each agent for a listing price to sell in 30, 90 and 120 days, for the days on market for houses like yours, their marketing plan and the listing and sold price per square foot for similar townhouses. Then make you decision about whether and how to sell.
- Jackie Vaughan & Patrick Smith, "Patrick Smith1"
- Contributions:155
This is a good time to sell your home. There is a limited inventory and buyers have started looking again. Beat the Spring influx of new listings and sell now.
A Question of Timing: Sell now?
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