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My home value has declined for 2 years - sell or hang in?

Located in Miracle Mile of Los Angeles. Lots of construction to compete with a great walk-ability score. I believe we have 3-5 years while construction continues.
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February 13 2010 - Mid Wilshire
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Answers (59)

The values are going up in that area.  I would be happy to give you an evaluation of your homes value today, and then you can choose the best route.
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May 09 2013

I would suggest contacting a local real estate broker to have them do a CMA on your home.  They have the ability to run comps in your neighborhood and find out what is selling at and at what cost.

 

Best of luck to you in making a decision!

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October 12 2010

How bad is the noise? Is it extremely mild or extremely irritating? If you have to move, you will be a necessary seller which has no choice but to move; it's a forced sale, which means a lower selling price. If you don't sell now, in a few years your lifestyle will be different and you'll become an optional seller. As an optional seller you can demand a higher selling price.

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October 12 2010
I agree with neal impossible to answer without knowing all of your circumstances..
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October 12 2010
It all depends.  Do you have to sell?  What are your circumstances?
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September 25 2010
Hi Sue

Please remember the old axiom, "buy low, sell high." 

Also remember that the real estate market--just like the stock market--has cycles.  Prices go up, and prices go down.  In our area, prices are currently at a ten-year-low.  And, interest rates are at a 60-year low.  Now is an excellent time to buy low.

Assess your situation.  Do you need to sell right now?  If your personal situation requires that you sell, then sell.  If you are planning to buy with the proceeds, that should work out fine.  You are selling low and buying low.

Ask yourself if you are simply nervous because your home's market value has declined.  Until you actually sell, nothing is lost.  The value of your home will likely increase over the coming years.  In the meantime, your property taxes may be lower.  (-:

The nearby construction may help your home's value increase in the mid- to long-term.  I encourage you to take a long-term look at your situation.

Good luck!

Marilyn Stark
Century 21 Heritage Realty
[contact info removed by moderator]
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September 22 2010
Hi Sue,
Well that depends upon your personal situation. Do you need to sell now?
Can  you wait until next Summer to see how  the housing market is?
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September 20 2010
Short - Sale.... NOW...
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September 19 2010
If you want to move interest rates and prices might out weigh the loss you take on the front end.
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August 26 2010
This is quite an old post. It's funny how when a user posts a questions about wanting to sell, the sharks immediately smell the blood in the real estate waters. So funny this got dug up again.I agree sunnyview. 
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August 25 2010
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What do you mean ..? You dig up a post from 6 months ago for that?
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August 25 2010
..
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August 25 2010

Construction noise for 3 to 5 years, against a market that will most likely not rebound for 5 years or so.

If you are planning to move to a larger home, it might make sense for you to sell and move up.

If you are planning to move into a smaller house, you might want to invest in double-paned windows to reduce the noise and wait out the market.

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August 14 2010
Dear Sue,

As you watch the market what would your guess be about the future? Neither of us have a drystal ball but if we look at the trend and you review the housing prices and the price reductions that will give you a solid idea.  In my market,
there is plenty of inventory.  With the volume of REO's and Short Sales the competition is pushing the prices down. It all depends on your reason for moving. Can you afford to wait 2 or 3 or 4 or 5 years? My suggestion is now is better than later.  Best of luck to you with your decisions.
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August 12 2010
Where would you go?  I know that everyone's values have declined. Is this an extra property you want to cash out on before you lose more on your investment?

If it is your primary residence, does it suit you? What would you do when you sell? Are you are thinking of selling, then renting and buying further down the line? That is a matter of figuring out how much you'd pay in rent vs. what you're paying now. Don't forget to include tax deductions, moving expenses, selling costs, etc.

If you're heading towards a larger home and values decline, the larger homes will decline in larger increments than your smaller home. That means you have time.

If you're downsizing, the opposite holds true. If you're downsizing, the sooner, the better. 

If your home no longer suits you...too big, too small, wrong area, too expensive, etc., it's time to consider a change. BUT if you are comfortable in your home and the current value roller coaster has caught your attention and made you second guess your financial prowess, take a deep breath, look around you and picture where you'd go and all the implications before making your final decision.
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August 09 2010
Are you upsizing or downsizing?  If you are looking to get into a bigger more expensive home, then waiting for the market to get better would not be the best idea.  To make it easy, if your home is worth $100,000 today and you want to buy a home that's $200,000 - if you wait for the market to turn around, and let's say there is a 10% increase in your area, then you would be able to get $110K for your home, but the new home you are looking to buy will be $220K.  You just lost $10,000.

However, the same applies in reverse if the market goes down.  You have to have a firm belief as to where you think the market is going.
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August 06 2010
Whht is your motivation to sell?  Do you have somewhere else to go?  There is an even split on whether prices are going down or they have reached the bottom, but the truth is no one really knows. Unless you have a compelling reason to sell you are probably better off staying put.

Simon Mills
Mills Realty
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August 04 2010
First you need to determine your motivation for moving.. Is it for economic reasons or is your family growing and you need more space.. The market and its fluxations should not be the ultimate predictor in why you choose to move.. If you like where you are living then stay... wait out the economic and housing cycle.. If you are in need of change and it makes sense with regards to a return on your investment then sell and move on.
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August 04 2010

To sell now or to stay and wait it out.  That is the question.  I would suggest that you consult a good Realtor in your area for an accurate comparable market analysis (CMA) and, depending upon whether you have equity or not, you can decide if your current home is where you want to "wait it out" because you will wait it out somewhere.  If you do not have equity, then you will want some tax and legal advice so you understand any financial repercussions of your decision.  Good luck!

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August 04 2010

It depends on your personal needs! Do you need to move for right sizing?  How much equity you have in your home?  Depends on the answer to these questions would determine if you should sell and move on or stay.

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August 04 2010

This is always a tough call to make because no one can really predict the future.  I think that many have given great advice when they say if you love your home and community, then hang in there.  Hopefully, things will get better.  On the other hand, if you are wanting a change in scenery, the silver lining of the economic situation is that it's a great time to find deals! 

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August 04 2010
I would have to say that if your neighborhood is making improvements and you want to stay there for another 10 or 15 years you should stay. After improvements are made the value may rise and the overall market may improve. Also making some additions to your home could improve its value as well.

However if you are not intending to keep this home and it would not be comfortable for you to stay that long, than you should sell before it declines to much.

Hope that helps!
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August 04 2010
If your local market remains in decline, with a forecast of additional declines in the future, you may want to sell now.

On the other hand, if your local market is stabilizing, or showing early signs of recovery, hanging in might just be the right thing to do.
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August 03 2010
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Hang in there do what you have to do to keep your home things will get better & you will have more to gain than to loose.

well, no, you dont. you have 10 years of your life to invest in a maybe-breakeven-maybe-not proposition.  that includes the cost of renting your home from the bank over that time. if it takes you 10 years and you arrive at the same conclusion, then you have lost something irreproachably precious.

i'm not saying you will, just that anybody who claims that you have nothing to loose or that they know what will happen over the next decade, is a Fing LIAR!
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August 02 2010
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Did realtors tell you it was a good time to buy then?

If so why would you listen to them now? Is it their great track record?

No one knows for 100% sure what prices will do. But look at the average income in your area. Now look at the average house price.

If the house price is more than 3 times yearly income expect more price drops.
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August 01 2010
Hang in there do what you have to do to keep your home things will get better & you will have more to gain than to loose. 
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August 01 2010
If you can afford to stay there, then stay put.  The market will rebound eventually.  If you need to move or are having financial problems, then please talk to a local professional who can help you make good decisions about your future.
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August 01 2010
If you can hang in there, I would recommend that you do so.  The market will rebound....we just don't know when!!! 
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August 01 2010
If you enjoy your home, community, and can affrord the payment if there is one, then hold on the market will improve over time. Otherwise, find an experienced local Realtor and price it to sell.
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July 31 2010
Sue, it depends on the utility of the house for you as a place to live and what your plans are for the next few years. If you enjoy the house as a personal residence or rental and can afford to continue making the payments then I would say "Hold on!"
None of us can predict the future, but most economists are predicting a slow, bumpy recovery which means housing prices will likely go up very slowly over the next 5 to 10 years.
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July 28 2010
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