Should we sell now or wait for spring (Arlington, Lexington: for sale, real estate) - Massachusetts (MA) - City-Data Forum

Malishka · 10-14-2013, 09:10 PM

We have a house in Belmont and we just signed P&S for the new house in Lexington(yay!)..

Our house in Belmont (we think) is very nice, all the updates, renovations etc done, very contemporary finishes...2800 sq ft, Winn Brook/Chennery school....

And we are torn if we should sell now while it's still hot and literally no houses on the market in Belmont...but i think the market is not as crazy as it was 1 month ago...or wait till spring? What do you think? would the prices go up in spring?

We would be losing some money on the mortgage (our new house closing date is in the end of january) if we sell in the spring, but would we sell for the better price?

MikePRU · 10-14-2013, 09:31 PM

My experience so far this spring has been that a lot of buyers who were looking in the spring are still looking. Buyers outnumbered sellers by quite a bit this year and many buyers have not found something to buy yet. So, in many towns the market hasn't really slowed down at all. I've been working with some clients in the Belmont/Arlington area lately and the open houses there have been packed. Many of the homes I've looked at with my clients have sold in the first weekend. Many homes are still selling above list price as well.

What is the market going to be like next spring? I couldn't tell you. I'm sure plenty of people will chime in saying they think the market will do this or that but the truth is no one knows for sure. In my opinion, unless you're underwater on your mortgage or selling at a loss then there's no reason to wait. Sell now and get as much as you can. Real estate values next spring could just as easily be awful as they could be awesome. Whatever gains you might realize by waiting could easily be offset by the interest you paid unnecessarily on your mortgage carrying the property all those extra months. If you want to keep the house as a rental property, that's a different story but I wouldn't keep it in hopes that values will continue to rise.

Pito_Chueco · 10-14-2013, 09:46 PM

No one knows for sure what houses will be selling for 6 months from now. Even IF you were able to sell it for more money in the spring of 2014, you would have to factor in the cost of maintaining it (taxes, insurance, utilities, maintenance, etc.) in the mean time. Personally, I would probably try to sell the old house asap and move forward with my life.

xo_kizzy_xo · 10-15-2013, 07:00 AM

Things around my area have seemed to slow to a crawl, and we've got a fair number of houses for sale. This past spring it was nuts, then it suddenly died.

I'm thinking it's because interest rates went up, but I can't say that's the #1 reason.

Malishka · 10-15-2013, 07:35 AM

Thank you, guys! our agent was the one who said that we ned to put our house on market asap or it will be too late...so we got concerned...

xo_kizzy_xo where do you live?

in Belmont there are like 12 houses for sale now...And only 4 of them are under 1M...So i am hoping our house would sell quick...

CaseyB · 10-15-2013, 07:40 AM

It may. You're right about the inventory in Belmont.

Beachcomber4 · 10-15-2013, 08:17 AM

Worst case scenario you put it on and take it off mid winter and re- list in spring.

luvmyhoss · 10-15-2013, 11:19 AM

Quote:

Originally Posted by xo_kizzy_xo

Things around my area have seemed to slow to a crawl, and we've got a fair number of houses for sale. This past spring it was nuts, then it suddenly died.

I'm thinking it's because interest rates went up, but I can't say that's the #1 reason.

You are right and what I've been saying for the past month.
Interest rates are a factor.
I would say List now. and withdraw if necessary.

495neighbor · 10-15-2013, 11:43 AM

List now. There are still people coming to the area and looking to buy as you can tell by these boards.

WoodyWW · 10-17-2013, 10:22 AM

Quote:

Originally Posted by Malishka

Thank you, guys! our agent was the one who said that we ned to put our house on market asap or it will be too late...so we got concerned...

"Too late" for what? For the agent to get their commission in time for the Holidays, is my guess. In fact, I've never heard an agent say anything else. Years ago I knew an agent who I talked to maybe 3 times over several years about possibly selling my property, but made it clear that I only wanted to sell if I got an accepted offer on whichever house I was interested in buying.

I don't think she even heard that last part, b/c she always exclaimed: "We need to get your property on the market this weekend!!! At first I wondered what was so special about that particular weekend; then I realized that for her, every coming weekend was the weekend that was best for her to get a prospective listing on the market.

But wait: your new house closing date is in the end of january? If you list your present house now, are you only going to only accept offers that have a 120 day closing date? Or are you willing to move out & get temporary housing if a buyer insists on a 30 or 45 day closing date? Personally, I'd list your present house around the time of the closing date on the new house......& since you can afford it, try to close on your sale a couple of weeks after the purchase to give yourself a bit of time to get moved.....