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Is now a good time to sell my house and buy a new one?

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February 03 2009 - York
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Profile picture for sergio211
No ! have no money for new one, thinking of renting a town house or an apartment.
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December 03 2009
ANSWER: It depends.

Not every home market in America is doing poorly. Where do you live? Is your LOCAL market a Seller's market (meaning, less than 6 mths of inventory of houses available)? Do you have equity in your home? What kind of shape is your home in--can you draw a crowd and get top-dollar? Do you want to buy another home? How good is your credit rating?

These are some things to discuss with a Realtor. Also get her to develop a Comparative Market Analysis and a Net Sheet for you to see how much money you will "net" from the potential sale of your house.

One thing's for sure...right now may be a great time to BUY a home. Check out http://www.ecobrokerfortbend.com/buying_real_estate/Buying_Selling_Home_Down_Market.htm
And the money you save on your new home, may offset a lower sales price on your current home. Do the math.

I'm located in Sugar Land, Texas...a suburb of Houston and we are rated as the #1 city to BUY homes right now by Forbes: http://www.ecobrokerfortbend.com/how_to_buy_a_home.htm

Good luck!

Sheila Cox
www.ecobrokerfortbend.com
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July 31 2009
call any realtor, at any time in history, and they will likely tell you YES you should sell and buy right now!!!!

call any barber and ask if you should get your haircut.

go to any car dealership and ask if you should buy a new car.

go to a bar and ask the bartender if now is a good time for a drink...


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April 01 2009
It can be a very good time to take advantage of the market.  If you live in a home that is in a lower price range you have a very good chance of selling since first time home buyers have incentive to purchase.  In this market vs a few years ago you have a much better chance of negotiating an offer with an eager seller without competing offers requiring a full price offer on your part.  Call a local reputable Realtor to answer questions in your immediate market place. Good Luck
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April 01 2009
Profile picture for sunnyview
I think you right David about asking why they want to sell and move up. That's a valid point in my opinion. Moving/selling costs money. You have to consider the cost vs benefit of moving. I would also consider the prices in your area. If they have come down to a historical range as compared to current median salaries, maybe it's worth looking into. But if you do, please don't stretch to get there. It is always dangerous and in this market it is even more so.
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February 03 2009
Profile picture for Pasadenan
If you can sell your existing house for $10 million, and can buy a "new to you" house for $10k, you should definitely do it!   Cash in on some of that "imaginary equity" before the rest of it dissapears.  You could always buy the same house back again for $5 million about 3 years from now.

In the meantime, that $10k house will have no debt, and you will have sufficient cash for any needed repairs, and with all that extra cash on hand, you don't need to worry that there an no jobs anywhere near a $10k house.  And if you want to work, you can always telecommute.  And who cares if that $10k house is only worth $3k in 3 years!  You will have a place to live with minimal expenses, you will not be paying interest, but earning it, and the cash you deposit will be earning money instead of losing equity.

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February 03 2009
Profile picture for klarek the realist
"when the market comes back you will make even larger gains in a bigger more desirable property. "

Are you predicting a "Bubble 2: Magic Equity Boogaloo"?
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February 03 2009

It seems to me that everyone who has answered your question has missed the most important point.  WHY do you want to sell your house?  If the answer is that you think it may be a good investment move, that's pretty questionable; if you're staying within the same market area, it's likely to cost you a fair amount to do it, negating a lot of profit for a number of years.  However, if you have good reasons to sell your home (too big, too small, not enough bedrooms/bathrooms, you hate your neighbors, whatever), then it can be a very good time to buy, particularly if you're buying up; yes, you'll take a loss, but the person you buy from will likely be taking a bigger one.  My advice--focus first on your personal needs, not your investment profile, and if you still want to sell and buy, it's likely a very good time to do it.

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February 03 2009
Profile picture for sunnyview
Just because a larger shiny home is more affordable now does not mean that moving now is a good idea. Do your research and decide if it is. Get a CMA on your house, total all costs of selling/moving to the bigger home and estimate the new expenses for heat/cooling/insurance/maintenance on the bigger home. If cannot afford the increase with no strain, do not even consider it. This economy has not been kind to people who have stretched. Please be careful and consider you situation.
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February 03 2009
Tubbedcj351,
Meet with an agent that understands the market, most all markets, unless you are looking in particular niche areas in which scarcity is a factor, will continue to drop and taking a patient and thorough approach to your purchase would be the best way to go.  Even if your property continues to fall in value, so will most other properties and if you are worried about being upside down in your current home, then you probably shouldn't be looking to upgrade anyway.
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February 03 2009
You might be taking a loss with the sale; however, when the market comes back you will make even larger gains in a bigger more desirable property.  With interest rates being so low, the payment on this new home has the potential to make this a phenominal investment.

Brian,
Extremely bad advice.  There are just way too many assumptions.

Assumption 1)  Bigger house will appreciate at an greater then or equal too clip as the smaller home.  Why?  This is not a given in any market.

Assumption 2) You will make up any loss on sale of home now with purchase of larger home, because the larger will home will automatically appreciate over the long run.  Yet if OP sells home now and buys larger home that devalues at 30% over the next 2 years.  Are you predicting an equal appreciation over the next 5-10 years??

example.  Buyer purchase home today at $100K.  Home devalues over 2 years to $70K
year 3 - starting value $70K appreciation 4% (a little over historical norm) = year end value $72,800
year 4 = same appreciation 4% - year end value = 75,712
year 5 = $78,740.04
year 6 = $81,890.10
year 7 = $85,165.70
year 8 = $88,572.33
year 9 = $92,115.22
year 10 = $95,799.83
year 11 = $99,631.83
year 12 = $103,617.10

so after 12 years you will eke out a little ahead of where you started today.  Now you may say that market will not fall 30% over 2 years and you would be right (some market won't, but some will) and since no other data was provided to the OP except "yeah go for it".  I will say again.  Extremely bad advice.

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February 03 2009
All great answers by my peers.  In my opinion, if you are moving up (into a larger more desirable property) GO FOR IT.  

Reason:

This new home is now affordable.  You might be taking a loss with the sale; however, when the market comes back you will make even larger gains in a bigger more desirable property.  With interest rates being so low, the payment on this new home has the potential to make this a phenominal investment.

My two cents...
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February 03 2009
Find a Realtor who can do the math and really understands your market can make and analysis of what the average income vs the median price, inventory, cost, and where you are moving form and too.
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February 03 2009
Yes the real estate is ever changing and extremely localized. Check your area for an agent to provide you with information so you can make the decision that is best for you.  Just too many vairables to have a blanket answer of yes or no.
Even if you sell your current home for less than expected due to a slower market you could end up taking a bigger chunk out of your next home, therefore if could still make sense.
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February 03 2009
Profile picture for wetdawgs
You have to judge your  own community.   In some communities, sales are extremely slow. 
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February 03 2009
 
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