Profile picture for JasonArnold7

Should we sell now or wait?

My wife and I are considering selling our house (technically a condo) in Culver City, CA.  It has been underwater in the past but seems to be at a point where it is not valued less than the loan; however the current value is not high enough to enable a refi.  If we sell, we will not be able to keep much of our equity; however it will allow us to reduce our monthly payments.  We know that prices are on the rise and that generally more sales occur in the summertime. 

Would we be able to get a great (high) price if we sell during the fall or winter, or is it better for us to wait until spring or summer 2014?  How much can we expect that the condo would appreciate in value over the next few quarters?

Would greatly appreciate any general advice, and if anyone wants more specifics, please provide contact information for an offline discussion.  Thank you in advance!
  • August 28 2013 - Culver City
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Answers (14)

The Culver City Condo market is a bit different from traditional single family market. In general, single family homes are slow to sell during the holidays based on, well the holidays!

Condos however, appeal to a different demographic. Many times, younger, single buyers are looking to capitalize on their time off during the holiday season to move.  The combination of low inventory (even more so in the next 3 months) and the demographic your property will appeal to, I would suggest selling sooner than later. 

Have 2 to 3 Agents run a Market Analysis for you. Have 2 or 3 Brokers do it!! Get a realistic outlook on what the property is worth.  Go form there and make the best choice for your family. 
  • October 16 2013
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We have been in a rapidly rising market in the last year or so. It is due to low inventory and low interest rates. Supply and demand.

Currently, homes are still generating multiple offers which are pushing up prices. However, more homes are coming on the market. Many sellers are starting to get the idea that it's finally time to sell. Others are finally above water and can move on. As this trend continues, the upward price  pressure from low supply will ease and prices will stop rising or stop rising as quickly. It is happening now in some areas.

Recently, Ben Bernake decided to continue the easing that is keeping interest rates down. However, many experts believe that this will come to an end soon. When it ends, interest rates will rise. Rising interest rates bring an initial rush of buyers trying to get in before they go higher, then it slows down as more buyers are priced out of the market by high interest.

The uncertainty of the times makes it difficult to forecast the market. I'm thinking that now would be the best time because you could take advantage of the current sellers market and the possibility of a bidding war is still high, getting you the best price. Selling in a possible environment of increased inventory and high interest rates is not as appealing.

Click my link and contact me for more assistance.
  • September 23 2013
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So, without being extremely familiar with your market, here's an idea.

Find a Realtor and have them pull comparable homes in the area, get an idea of what your house is actually worth, don't just speculate or assume prices are going up.

If you're in no rush, list the home for 6 months, and add 10-15% onto whatever you feel it's worth.  Wait a month or two, watch the local market, see what happens.

From there, you can judge by the reactions (or lack there of) on your listing, and adjust your price accordingly.  If the market rises, you'll be ready.  If it goes stagnant, a decrease in price will draw attention to your home.

Generally speaking, though, if you're in no rush and can't refi - don't lose your equity.  Wait it out, when the value goes up, refi and get your payments lower, or sell it off and take the next step.  Good luck!
  • September 23 2013
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Profile picture for Sally English
For the Atlanta market I would recommend to sell now.
1. interest rates are low
2. Inventory is low.
3. Buyers are motivated

We do not know what the Fed will do with interest rates and what effect the Syria situation will have on crude oil supply (which directly correlates to the health of the US Economy).

I would cut my losses and sell now.
  • September 17 2013
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Profile picture for kelliv
Jason-
Your question would require more questions.  By that I mean, it would depend on what are your short term and long term goals?  Do you plan on reinvesting the money?  Is the mortgage something that you can afford?  Are you looking to move up?   Is the mortgage fixed and if so is it lower than what you can receive in rental income?  The market is doing great now and we have seen substantial increases in sales prices, but there is a lot of uncharted areas in our marketplace that could still cause a stall in the market.  That being said, many professional economist believe that we will continue to see a small incline in sales prices over the next 30 months.  However, your selling is still depends on your own personal goals.

I know a GREAT Realtor in your area and if you would like to contact me, I would be happy to pass along their information to you.
  • September 17 2013
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That question needs to be carefully considered in many ways. The market is strong in most areas for sellers currently. If the price and condition are correct it most markets it will sell quickly. Some variables will exist , however what is most important is if you plan on purchasing,again, especially a higher priced home, the the answer is absolutely yes. Being able to purchase a higher end home while prices are still good and rates, is an important consideration , you always come out ahead in that scenario, when your home increases, so will the others and higher end consider,y more. It could become unaffordablev
  • September 14 2013
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Profile picture for aracz
Hi Jason,

We will see the effects of higher interest rates next year, if they head in that directions. It may have bearing on the size of the buyer pool in certain areas.

I defer to experts in your local area for specific trend analysis, and possible forecast thoughts.

All the best,

Arpad

  • September 12 2013
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No one can predict what the market is really going to do. Everyone just speculates. It really depends on you and your current situations and motivation for selling. If you need to get out of that house because you can't afford it and you can break even now. This could be a great time to do so. If you are looking to make profit, values seem to be rising and you can wait to get more. Just remember by doing so no one knows when it will peak and drop again. Keep in mind that interest rates are beginning to rise again and there must be a balance because that is how our economy works. As interest rates go up, home values come down and vice versa.
  • September 12 2013
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Property values are rising, not quickly...but rising. Interest rates have remained low which has buyers out looking. Presently there are not enough properties for the demand so well priced homes are getting multiple offers in Culver City.
Buyers really like homes that are upgraded and well cared for. That is something to consider, before you put your property on the market.
Although Spring and Summer are traditionally good times to sell, property sells in the Fall and Winter months as well.
  • September 12 2013
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Jason - It's a multi-faceted question. Will be glad to take this offline and discuss. Depending on the price range, property condition, and your marketing strategy you may be able to get top dollars in today's scarce market that the buyers overbid like crazy. Who knows what's going to happen tomorrow once/if the interest rates go up, etc. All in all, sell/buy/rent decision can't be answered without looking at the full financials, goals, etc. No-one knows how the market is going to behave. Either way, you deal with risks what matters is how you manage and mitigate it. Please feel free to contact me, will be glad to help. 
  • August 30 2013
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I agree with Tim Moore
  • August 30 2013
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Really depends on your situation...if you can wait, I would wait since it seems like things are still on the rise.  If you're in a squeeze we can see what options you might have, feel free to contact me and we can look into your property in closer detail and create a game plan for now, the next 3 months, 6 month, etc.

Good luck!
  • August 29 2013
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If you sell and rent, you might want to check what rentals are in your area. I know in San Diego, our rents are in the same range as ownership in many areas. Therefore, if all things are equal, you might want to wait 90 days and see where the sale market is at that time. If it appears the market is stalling, then you can sell. If the market is increasing, you could wait another 90 days and check the market again. It may more sense financially for you to sell, but that is a decision you can revisit every quarter in order to find the optimum time for you and your family.
  • August 28 2013
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Do you have to move? If not I'd wait. Things seem like they are getting better despite our current government giving away the store daily.
  • August 28 2013
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