Profile picture for silveradomary51

List our home Now or wait til March 2011?

We are in the process of upgrading our home, kitchen is done, but still have some work in the bathrooms, and some painting to do. Our listing price will be low, as we will be buying into a manufactured 55+ park in Bend, Oregon, and it isn't necessary to sit on our house and try for more money, especially with all the foreclosures around. Are we foolish to wait until next year, when the upgrades or done, or should we list it now?
  • February 25 2010 - Dundee
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (18)

Profile picture for wetdawgs
I don't believe so.   Reading before answering isn't directly mentioned in the GNP.

  • March 13 2012
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Geez, does anyone read these questions before answering?
  • March 13 2012
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Sitting on an overpriced home is only going to make the inevitable worse. If you end up chasing the market down, it will most likely cost you more equity than pricing the home at the market price right off the bat.
I'm not discounting the improvements that you made. Don't get me wrong. Account for the condition of your home. If you are priced way over the other homes that are selling in your neighborhood, you may have a hard time getting buyers to even look at your home.
The most serious buyers are still shopping through the holidays and Spring. Why wait to put your home on the market when the competition is greatest during the Summer? As soon as you are ready, get your home on the market. Good luck! 
  • March 13 2012
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Profile picture for sunnyview
The question was from 2010 so I hope that the poster took some of the advice on this thread and sold then. My fingers are crossed for her.
  • March 13 2012
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Melina is right.

I would wouldn't wait if I were you. "Get while the getting is good." As a mortgage broker for over 20 years in the Portland Oregon area, I've been witness to a few down tuns in the real estate market, but this last one was a "DUZZIE" and unfortunately it may get worse and it could get a lot worse.
  • March 13 2012
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Profile picture for sunnyview
Hello. You might want to take a look at Zillow's policy here. They usually remove hotlinks that are self promotional. Hope the link's useful.
  • March 03 2010
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Talk to a local agent.

[link removed by moderator]
  • March 03 2010
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Profile picture for angelicablatt
I wouldn't wait either. Now is a good time to sell. Next year things may be very different.
  • February 27 2010
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I wouldn't wait to list your home.  Right now is a great time to sell.  The interest rates are at an all time low.  If you wait till March 2011 and the economy is better you run the risk of the rates being higher. 

Also, right now FHA is still under their old guidelines with what you can get for seller assist and what is needed for down money.  This will be changing in April of this year.

And the tax credit will be running out in April this year and they need to be under contract by the end of April and close by the end of June.

These things will also help you on the purchase of your new home.

Hope this helps.
  • February 27 2010
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Profile picture for silveradomary51
Thank you Sunnyview! With the help from you and others, my husband and I are now going to list our home this summer, or whenever we have it ready for the market. I had the feeling we should list it this year, and was hoping for your honest opinions.
We had pretty much decided to stay with a manufactured home park, as there are several nice ones in Bend, but after checking into the prices in Prineville again, we may decide to buy another stick built home. The prices have dropped over $20,000 on homes that we had looked at last Fall, and some even more. It isn't Bend, but my hubby loves the small town feel of it, and less people. Cheers!
  • February 26 2010
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Profile picture for sunnyview
Sorry about that. I usually read more carefully. Maybe I need more coffee in the morning ;) The chart for Dundee is here. Oregon's bubble market hit later than in some other states like CA, FL, AZ, NV. It heated up less overall than the hot states and began to fall toward normalized values later than those states. There is still a lot of bubble left in many Oregon markets and I see prices continuing to drop in most communities.

In nutshell I would sell in Dundee sooner rather than later and buy in Bend later rather than sooner. Do you think that renting in Bend after you sell might be an option while prices normalize? It might save you some money.
  • February 26 2010
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Profile picture for silveradomary51
Just to clear up where we live. We now live in Dundee, Oregon, just southwest of Portland.
We will be moving to Bend, after we sell our home here..
Hope that clears things up, and I appreciate every answer that I read!
Thanks guys!
  • February 26 2010
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Profile picture for sunnyview
I think you can time the market direction in Bend at this point. There is a lot of unemployment, negative equity and rising foreclosures see here and here. A better market to sell may be years away, so if you are looking to sell I would strike while the iron is hot. 
  • February 26 2010
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I really wouldn't wait any longer to get your house on the market.

You can't time the market, what I do know is that rates are expected to go up and the tax credit will expire.  

Low rates and Tax credit are motivating more people to buy NOW.


What 2011 will bring,  who knows!

  • February 26 2010
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Really, it's impossible to time the market. I can advocate either way and make good sense. What it comes down to is your needs, making a decision and moving on.
  • February 26 2010
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Profile picture for Genie Shook
Hi,
I don't live far from you...The market has definitely picked up steam since last year..would love to chat with you..See my profile for contact info..

Genie Shook
Principal Broker
  • February 25 2010
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Profile picture for sunnyview
I believe that you would be foolish to wait until next year to sell in Bend. The market is not stabilizing there yet see here. If you are ready to sell, use the buyers credit to your advantage. price it right the first time and do not wait until later. Market trends are not on your side.
  • February 25 2010
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Profile picture for Melina Tomson
You know you really need to talk with a local real estate agent to find out what your market is doing, but in most of our areas, we are still declining, which means your house would be worth less next year.

Foreclosures are just increasing due to all of the job losses.  I don't think it will be better next year.
  • February 25 2010
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