Profile picture for BrianJohnDavis

Should we sell at a 10% loss in order to buy a new home low? Are we at the bottom of the market???

If we sell now at a 10% loss and buy a bigger place that we stay in long term then we could make out ( Prop. tax, total debt...) But the market could continue to fall!! Crystal ball anyone?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 14 2010 - San Francisco
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

Dear BrianJohnDavis,
In my opinion the market will recover, but it will be slow. If you can purchase a better home in this market, it might make sense in the long run...provided you are willing to stay in it 10 years or longer.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 15 2010

This is an archived article on 5 good reasons to sell your house now

EXCERPTS

"There is a ‘shadow' inventory of foreclosures coming to the market

There is a large volume of foreclosed properties which are currently being held by banks. In the near future these houses will come to the market at discounted properties.

Barclays Capital uses foreclosure data from mortgage securities to estimate that there are slightly more than 600,000 homes in the process of foreclosure.

RealtyTrac, which examines public records, estimates the number is closer to 700,000.

Independent housing economist Tom Lawler combines data from Fannie Mae, Freddie Mac, the Federal Housing Administration, Federal Deposit Insurance Corp., and securitization trusts to conclude that there are actually about 500,000.

As these properties come to market there will be an increase in supply of homes. This will create downward pressure on prices.

In addition, more and more families are finding it difficult to keep up with their mortgage payments. And once they fall behind, they are finding it almost impossible to catch back up.

It isn't always about the money

If you are considering whether or not to sell your home there must be a reason. Perhaps it is time to move-up to that dream home on the water. Maybe the time has come to downsize and have the freedom to travel more. Maybe you miss the rest of your family who now live in a different part of the country.

Selling a home should not ONLY be about the money. Sometimes it is about moving ahead in your life and doing the things you want to do or need to do. Don't let money get in the way of living your life.

 

 

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 14 2010
No crystal ball can accurately predict the future.  And the only way you know that the market has totally bottomed out is when prices steadily increase from month to month, and by that point, you've already missed the bottom of the market.  My advise it buy when you are ready.  If you are getting a good deal, you're getting a good deal.  It may not be the absolute best, never been beaten, amazing deal that no one has ever seen before, but if it's really a good deal, does it matter?  As you pointed out, if you sell you home now and take the 10% loss, ideally you should be able to get more for  your money when you purchase a home since prices are depressed.  If you wait until things are on the rise to get more from your home, other home values will be rising as well and you will, in theory, get less for your money when you buy.  To me it's a wash. You either get money when you sell and have less power to buy, or you lose money when you sell and get more when you buy.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 14 2010
Right now in most areas that is what has been happening.  People are taking a loss on their house so they can upgrade to a larger home for cheaper than they would have several years ago.  Most areas have leveled out.  There are still some areas or subdivisions that are continuing to fall but for the majority things have leveled.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 14 2010
 
Related Questions
Should I remodel a very small kitchen and bath before selling?
Profile picture for Michele  Preston
Latest answer by Michele Preston
September 23 2013 | 15 answers
What is a typical broker fee for selling a home?
Profile picture for Shawn Rogers
Latest answer by Shawn Rogers
August 07 2013 | 23 answers
What a real estate agent really worth?? Shouldn't we pay these folks based on effort and time?
Profile picture for Steven Ard
Latest answer by Steven Ard
March 07 2012 | 26 answers
What is a real estate agent really worth??
Profile picture for Dorene Slavitz
Latest answer by Dorene Slavitz
November 24 2011 | 33 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 755 Noriega St, San Francisco, CA Home For Sale
    755 Noriega St, San Francisco, CA 94122

     For Sale: $1,618,000

    • Beds: 5
    • Sqft: 2173
    • Baths: 5.0
    • Lot: 3192
  2. 352 Richland Ave, San Francisco, CA Home For Sale
    352 Richland Ave, San Francisco, CA 94110

     For Sale: $1,749,000

    • Beds: 4
    • Sqft: 2309
    • Baths: 3.0
    • Lot: 2500
  3. 1454 40th Ave, San Francisco, CA Home For Sale
    1454 40th Ave, San Francisco, CA 94122

     For Sale: $1,180,000

    • Beds: 5
    • Sqft: 2534
    • Baths: 4.5
    • Lot: 3000