Profile picture for donna_smith

To wait or not to wait, should I sell my house right now?

I bought a house in 2004 for 625k and I would like to sell, how long do I have to wait so I can sell it above what I bought it for? Its current estimate in zillow is $521k.
  • September 17 2010 - US
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Answers (15)

Nobody knows the answer. What you could do now is to request for Loan Modification from your Lender to lower your interest rate and make your mortgage a little more affordable. My quess is that it will take 5-7 years. Home prices are still dropping in some areas so we don't know where the bottom is at this point.
  • October 05 2010
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Profile picture for Jeff Smart
Depends are where you are.  As long as you can walk away with a profit and are able to purchase your next home, do it now.
  • October 04 2010
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Profile picture for jenpells
There is a great Bloomberg article that may help with your decision.  Things aren't looking up yet.
  • October 04 2010
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I looked into my crystal ball .. it asked me what is the inflation rate going to be in 3 years??
  • October 03 2010
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call a local realtor... but you are most likely 5-7 years off...
  • October 01 2010
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Profile picture for shawnspaw
I wouldn't go by the Zestimate to find the value of your home.  Call a local Realtor and have them perform a Competitive Market Analysis on your home.  You might be surprised to see the value is much higher than the Zestimate.  On my home the Zestimate shows the assessed, but the actual value is much higher.   If you are moving up in homes this is a great time.  Trying to predict the future of where your home value will be in a year or 2 is risky.  Have the same Realtor show you the current trending in the area.  You might have already hit the bottom and be moving up.
  • September 28 2010
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You should sell it when you want to move, there is no guarantee that waiting will make the value go up, the home could steadily drop over time.
  • September 28 2010
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Donna: Real Estate tends to run in cycles and here is a great article that you should read that may help you see the current market and what is to come.
http://www.dailyfinance.com/story/real-estate/housing-bottom-years-2013-14/19636711/

Unfortunately most of the country has not hit bottom yet and it may be some time until you will be able to sell your home for what you bought it for in 2004. In my market place we are currently running close to the 2004 prices. My best advise is to call a few "Local" Real Estate agents to give you a CMA (Comparative Market Analysis). I would NOT take the Zillow estimates as a"True" market value. Often they are not as accurate as you would like them to be. Keep in mind that Time is money, everyday you hessitate will cost YOU market value. So if your gonna make the move and the numbers are there, do it now, or you will be waiting a while.

Good Luck
  • September 28 2010
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It depends on where you are located.  At this point,  the market could get worse before it gets better.  In some cases it's just better to take the hit and move on.  
  • September 19 2010
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Dear Donna, Your situation is very common today and there's no way to know how long it will take to recover.  The 1st step is to learn if you qualify for the government sponsored loan modification program, HAMP:
https://www.hmpadmin.com/portal/index.html  visit this site.

Short selling can be an alternative, which you can discuss with your lender, will they allow you to do that?  That can save you on damage to your credit score vs. a foreclosure which will impact you possibly 300 points on your FICO score and can stay with you for 7 years.

Consult with a real estate attorney.  If I can help you further please email me with your questions, thanks.  Ken Erickson
  • September 17 2010
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What are your dynamics? Only you can answer your personal, spiritual and financial, dynamic questions! The estimates are only the tip of your UNIQUE, REAL ESTATE TRANSACTION. What is your motivation for selling? How much money do you need? CAN YOU WAIT? Or should you for monetary reasons? How long you should wait is a subjective question.
With all due respect, the better question is: Why are you selling?
Abundance, Lyn.
  • September 17 2010
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It's going to be a couple of years 
  • September 17 2010
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Hi Donna,
Actually do not believe the zillow estimate of value.  Get a local realtor to tell you what the comps in the area have been selling for.  Truthfully that is a slow price range in our area right now; above $500,000. Depending on where you live you may or may not be smart to list it at this time.  The fall is a great time to list normally and in the ST. Louis area we are seeing an upswing in activity.  If the house is in great condition and decorated neutrally and nicely see what your realtor says and if they think it is a go then go for it. Another idea is to have an appraisal.  The you can let the buying public know your are selling under appraisal, if you can!!
Good luck,Pam.
  • September 17 2010
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Profile picture for DiMatteoGroup
Hey Donna, it's me again!

Based on the way the market is headed, it's going to be at least 3-5 years before you'll brake even on your home.
I regularly blog about what the housing market is doing and I think this one specifically will give you an idea of why I'm saying these things.
[link removed by moderator]
Please let me know if you have any more questions and I'd be glad to help you. PS: Zillow is often unreliable.

Daniel Di Matteo
CENTURY 21 Award
860 Kuhn Dr.#200
Chula Vista, CA 91914
[contact info removed by moderator]
  • September 17 2010
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Hi Donna, I think the important question is why you would like to sell? If you have to move out of town or something like that your best option is probably a short sale. You will obviously walk away with no profit from the sale, your credit will be hurt to an extent, but it doesn't cost you any money. For more information on short sales visit Bay Realty at [link removed by moderator]. If you are not struggling to make your mortgage payment, and don't have to go anywhere your best option is to hold your property for as long as it takes for real estate values to climb up again. Once you are in the positive region, you may sell, even at a possible profit.
  • September 17 2010
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