When should my cousin sell his Hanover, MD home? (Baltimore: house, neighborhood)

[CindyTevis]

My cousin has been in a Hanover SFH since 2005, and he's wanting to sell his house at this point since his children are getting ready to go to high school in a few years, and he doesn't want them to go to Meade. His house is currently listed as 605k and his max budget is around 750-800k. He's looking at areas like Crofton, Odenton, Gambrills, Arnold, and Severna Park. He wants his kids to go to Broadneck High, and loves the waterfront homes there. According to Zillow, Hanover home prices are expected to rise 2% next year. He bought it in 2005, new around 645k. He thinks if he waits to sell his house later, the house price will continue to go down, and he should move now. but I think if he stays for a few more years, the house price will go up since Hanover is home the Arundel Mills Mall, BWI Airport, and is very close to Baltimore, Severna Park, Glen Burnie and Annapolis. What do you guys think?

[Noble Savage]

I think I would sell now, I don't see any real improvement in the economy for at least 3-5 years. The area he want's to move to will probably increase more than the prices in Hanover. I would not count Arundel Mills or Arundel Live as a positive for selling, to me it's a big negative.

[pokeable]

Sell now.

We live in Howard (Ellicott to be exact), and home prices in our neighborhood are up around 10-13% in the year since we bought.

Inventory is pretty low at the moment, but there are numerous SFH construction projects in Hanover and Severn that will be competing against your cousin's house. Additional homes are being built in Arundel Preserve, and down the street, the old peach orchard is being developed into SFH in Severn.