Profile picture for jinniedempsey

Sell now or wait?

I currently live in 11421 but I'd like to move to the suburbs before my son starts school in 2 years. Should I sell now in this bad market and upgrade or should I wait it out?
  • August 26 2009 - Richmond Hill
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (22)

Profile picture for the_country_hick
If you had sold OVER A YEAR AGO you would be ahead of the price you could get now.
  • October 14 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for NY Broker
If your looking to up grade, its a great time to sell and then to buy, because of the interest rates and the low prices.  If your looking to sell and then rent, its a bad time.
  • October 14 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

good afernoon.. i see you are near the forest park area.. i am not sure where in the suburbs your interest is.. however, if you sell now and buy something that will be of a higher price than what you are selling the payments may actually be the same as what you pay now due to phenominally low interest rates right now,. 
we dont know how long the interest rates will remain at this level.
if you are not underwater in your current home and you have some vested equity in it you may not get the price you would have a few years back, but you also wont pay as much on your new purchase and will
have the added benefit of lower interest rates..!
all the best,
Lisa

  • July 29 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Depends on your particular situation. If it can wait, of course you should wait. . we are going thru some of the hardest real estate markets ever right now.

  • July 29 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It seems that your decision to move is also heavily vested in your sons education. I would continue to explore that and weigh how your decision to move will affect him.  As well you can think about property taxes in the suburbs and the level of education he will be receiving.  The belief has always been the higher the taxes the better the education and therefore the public school system in the suburbs is comparable to the private schools available in the city educational system.  So you will have to weigh the decision of property taxes as well.

Also, if he is a young child you should consider all his school options up to the Collegiate level against what is available in the Suburban community.  You do not want to keep repeating this decision each time he has to change schools. 

FHA has a program that will allow you to purchase another home while still holding a mortgage on a another property if you can prove the new purchase will be an upgrade.  Of course you will have to sit down with your lender to determine the guidelines.

Your decision to ask the Zillow community this question is a great first step because it shows you are open minded and willing to listen to advice.  Continue to research your options with your son at the forefront of each decision and I am confident you will make a choice that is great for him.
  • July 29 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for nealadler
It depends on what your situation.  You may not get as much for your house as you would have a few years ago, but you should be able to buy more for your money now.  Check with a local REALTOR(R).
  • October 26 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Everything is relative. As the other posts indicate there is no difinitive answer to your question. I would suggest you contact  an agent in the area your presently live and an agent that servicves the area that you wish to live. The recovery process will be different in each marketplace.Your best scenario will be a well informed decision and if you know the numbers and have a clear understanding about the market you will make the correct decision.
  • October 22 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The Law of Supply and Demand will always prevail. Buying in todays market is excellent.You will be able to purchase a whole lot more for so much less, therefore the upside to buying now is much greater than ever before sell, sell....

With the many incentives available for buyers today, it is essential to purchase while interest rates remain historically low and as prices start to go up, so will interest rate, another advantage to selling now and buying low. 

As a member of Leading Real Estate Companies of the World wea re able to assist you with ensuring a seamless relocation and a phenomenal experience. I am available for any questions you may have, I am enthusiatic about discussing your many possibilites. [contact removed by moderator]
  • October 22 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Mr Caveat
i dont see how cap n trade is going to get people on the public transportation or get people out of the suburbs...

like the people who claim the healthcare legislation will lead to a single-payer system like canada... you skip a step.
  • September 02 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Put the real estate market (local & national) aside for a moment. H.R. 2454 more commonly knowns as "cap and trade" by design will make housing more affordable in the suburbs as demand in cities increase and federally backed loans encourage the move "to" cities "from" the suburbs. While this is probably a few years off, it's coming. Access to public transportation is going to be king.
  • September 02 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

i think there are other factors here. How badly crushed each market (selling/buying) is. How buy/rent ratio, # of foreclosures etc, AND the price of the home you are selling compared to the one you are buying...
  • September 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Mr Caveat
allison, is quite wrong, clearly. it does matter. we dont have the data to assume one way or the other(or at least both sides have their arguments... ), but if you assume that from here prices flatten and begin to rise, buying now would benefit you quite a bit. if you on the other hand believe that there is almost no chance that anything good comes out of real estate for a decade or more then the best course of action selling now and not buying is the best answer, and selling/buying now rather than later would be the worst. as was explained below buying and selling in a few years would hurt you less than buying/selling now.

also you have to assume that the bigger homes will fall in value much farther than the 100k +/- homes, not just more $$$ discount, but a 200k home might fall 25-35% while a 450k home falls 50-60%...
  • September 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for payit4word
  • September 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Seems like it doesn't matter if you plan on buying either way. Assume the economy improves and prices go up in the next two years...

1. Sell Now, Buy Now - You get a lower price for your home but you pay less for the upgrade home.

2. Sell in 2 years, Buy in 2 years - You get a higher price for your home but you pay more for the upgrade home.

Carrying costs associated with a bigger mortgage and real estate commissions also factor into the equation.
  • August 31 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It's not a great market to sell in, but it will likely get much worse before it gets better. No net gains in jobs + expiring unemployment benefits = many people going to foreclosure.
  • August 31 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Mr Caveat
2 years from now the market wont be much better, if you list now there is every chance the stimulus rush will trump bad economics.

list asap 0.02
  • August 31 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I always default to the postion that you shouldn't try to "out-guess" the market but make the decision on whether the decision makes sense on it's own merits, i.e., "Will I save money now on the monthly payment", or will my situation improve right now regardless of what the market looks like in six months. Unless you have very specific information such as a new company is moving to town that will have lots of jobs, look at other factors and I believe you'll be making the most sound decision.  Good Luck in whatever you choose.  -Isabelle
  • August 31 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I'm sorry for don't see the "Upgrade" word. ;-)
"Should I sell now in this bad market and upgrade or should I wait it out?"
  • August 26 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for rockinblu
RE  HOANGCHAUPAN's post.
Lets hope he's right. That means if prices end up recovering 6% this year, that 160k house may appreciate by $9,600, and the 280k house by $16,800. Sounds like a good trade off to me. ;-)
  • August 26 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Home's prices are start to going up, unless you are really need to sell, I think you should wait for the market get more improve before sell it.NEW YORK (CNNMoney.com) -- National home prices may be on the road to recovery.
After three years of declines, home prices increased 2.9% in the three months ended June 30, according to the latest S&P/Case-Shiller report. That is the first quarter-over-quarter improvement in three years.
http://money.cnn.com/2009/08/25/real_estate/June_CaseShiller/index.htm?postversion=2009082514
  • August 26 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Unfortunately, the right answer can only be known after the future is known.  That 200K house may drop further.  It may not.  Each location and each price-point in each location may, ultimately, have a different outcome.

That being said, YOU need to do some serious research.  Contact several RE agents, preferably agents who have successfully sold houses in your neighborhood or general location.  Tell them your are considering selling.  Ask them each to prepare a report on comparable sales in your area (called a cma), and you want to know how long houses like yours are on the market these days.  Interview each agent as if you may be deciding which one you will list with (you may be).  Get their advice.  Think about it.  If you have a significant other, the two of you should discuss it and reach an agreement.

Maybe the cma will be a reasonable amount and you will decide to list your house, but not accept below a different offer amount.  Maybe you will decide to wait until next spring, a time when, in the past house sales usually pick up.

Do your research and make the best decision you can.  Then, whatever happens, don't second-guess yourself.

Personally, I go with rockinblu, I would probably give very serious consideration to selling now.
  • August 26 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for rockinblu
I guess the math works this way. If you have a 200k house and it's down 20%, you will be selling for 160k, however that formerly 350k house that you would like has taken a 70k hit, making it 280k. It seems like the numbers are working in your favor. So to me the answer is NOW!
  • August 26 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.