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With all the reports coming out talking about falling property values, how low do you think they can go, and in light of this if you are planning a move how is this "news" impacting your decision ? Sell now or wait???????
With all the reports coming out talking about falling property values, how low do you think they can go, and in light of this if you are planning a move how is this "news" impacting your decision ? Sell now or wait???????
I have been waiting - over 4 years. Since they announced that the recession has ended, my stocks have started going up (a wee bit). Makes you wonder~~~~~~~~~~~~
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by newenglandgirl
With all the reports coming out talking about falling property values, how low do you think they can go, and in light of this if you are planning a move how is this "news" impacting your decision ? Sell now or wait???????
Yes this news / reality impacts my decision !
In most areas Real Estate corrections are 7-10 yr processes.
Money is cheap right now, thus, if you need to sell, get busy NOW.
Property values are likely to decrease even more when the lending costs get back up to market rates. Sales will be very slow at that time.
If you are waiting for prices to increase, you've got a long time to wait (unless in a prime and desirable RE market that was not too overvalued).
If you MUST sell before 7 more yrs, consider doing a 'fire sale' and move on. Maybe you can make up a bit of the lost 'potential' on your next place. (Maybe not).
If you can physically hold onto the current joint it MIGHT recover some value, if it is quite attractive to future boomer buyers, or is a unique property (view, location, construction, setting). I personally think the 'big TRACT house' idea is not gonna recover any time soon, if ever.
Just got my 2011 assessment this weekend. It dropped 30%, as evaluated in July 2009 for Jan 2010 'basis'. Frankly this is not looking good for anyone who was considering their home as an asset for retirement sustainability and future care needs . (which is A LOT of USA retirees) - Just look at GROWING vacancy rates a independent and assisted living facilities. Many are going broke due to seniors not being able to sell homes and come to care.
An older couple I help, turned down $700k in 2007 for a nice 'in-town' acreage w/ 2 houses and shop. They now MUST move to higher level of care and have the SAME place listed for $189k. That is typical of how this area has declined in RE value.
In most areas Real Estate corrections are 7-10 yr processes.
Money is cheap right now, thus, if you need to sell, get busy NOW.
Property values are likely to decrease even more when the lending costs get back up to market rates. Sales will be very slow at that time.
If you are waiting for prices to increase, you've got a long time to wait (unless in a prime and desirable RE market that was not too overvalued).
If you MUST sell before 7 more yrs, consider doing a 'fire sale' and move on. Maybe you can make up a bit of the lost 'potential' on your next place. (Maybe not).
If you can physically hold onto the current joint it MIGHT recover some value, if it is quite attractive to future boomer buyers, or is a unique property (view, location, construction, setting). I personally think the 'big TRACT house' idea is not gonna recover any time soon, if ever.
Just got my 2011 assessment this weekend. It dropped 30%, as evaluated in July 2009 for Jan 2010 'basis'. Frankly this is not looking good for anyone who was considering their home as an asset for retirement sustainability and future care needs . (which is A LOT of USA retirees) - Just look at GROWING vacancy rates a independent and assisted living facilities. Many are going broke due to seniors not being able to sell homes and come to care.
An older couple I help, turned down $700k in 2007 for a nice 'in-town' acreage w/ 2 houses and shop. They now MUST move to higher level of care and have the SAME place listed for $189k. That is typical of how this area has declined in RE value.
My plan was to list in April, just before the grass and leaves come back in New England. Now I'm concerned about waiting that long. Seems every day some new awful report comes out. But....as I've asked before, is it a poor idea to list a Northern house in the winter? Leaves gone, grass and perennials dead, traffic noise highter...plus potential buyers expecting a great winter bargain....
There are lessons in history about people waiting too long to act.
But no one wants to jump from the frying pan into the fire....by making what could turn out to be an unwise decision.....
With all the reports coming out talking about falling property values, how low do you think they can go, and in light of this if you are planning a move how is this "news" impacting your decision ? Sell now or wait???????
A couple of responses to your questions. I received an offer on my home in Wisconsin in March when the snow was still covering the deck and yard. The property had been on the market for six months. The purchaser had no idea what the outside looked like.
About the "sell now or wait" question. If you sell in a down market and plan to buy a property of similar value, you'll be buying in a down market, so it will be a wash. But if your plan is to sell and then pay less for a home, the timing is more critical.
I cut my losses (20%) and got on with living. None of us knows how much longer we have on this earth and I didn't want to waste valuable time second guessing myself about if and when to sell and move. I have no regrets.
Thanks KiwiKate and TrustFund and others, I appreciate your comments.
Seems like every day there's more news on housing price drops. It hasn't hit here quite yet but it's disturbing to see it happening in other areas of the country. I know it was an unrealistic housing bubble that drove prices so high, but then I again I and my ex have put so much money and labor into this modest property, I just don't want to get back to the original asking price and lose all that we put in.
I also put a fair amount of money into my house over the years, so my loss was greater than 20% of the original purchase price. However, since the market was down in the state I sold in, and also down in the state I planned to purchase in, it was still a wash. The houses I'm looking at (have an accepted offer on a short sale) were actually down 40-50% from their owners' original purchase prices. I believe it would have taken 10 years for me to get the money out of my house that I'd put in, and I wasn't sure I had that amount of time before I put my retirement plans into action.
That's the million dollar question. Like any market timing question. If we could predict the future, then we would all be wealthy wouldn't we? Winning a market time is a matter of luck. Some win, most lose.
For my plans, I will sell when other things drive the sale & see how it goes.
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? Sell now or wait???????
When to sell
