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Old 08-30-2011, 02:30 PM
 
35 posts, read 102,049 times
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My wife and I have decided to sell our northwest suburban Chicago home to buy a comparably priced home in another suburb. We live in a subdivision of 4 BR homes in a very good school district. Given that the school year is just getting going and the primary target audience for this home is a family with kids, does it make more sense to wait until spring?

There is no reason why we must list now, but it is our preference all other things being equal.

Our reasons for wanting to list now:
  • We have decided that this is a move we want to make, so we are just excited to move on.
  • If we are "homeless" at all between the selling of our home and the purchase of another, it would be much more convenient for that to happen over the winter because I have a relative's house to stay at who "snowbirds" it out of state through the cold months.
  • The market is bad, but I kind of prefer a bad known vs. a possibly worse unknown market in the spring.
  • Since we plan on buying another home right away, selling for less due to the timing may be a wash if we also buy in the same time frame.

Please let me know some reasons for waiting until spring. We are definitely willing if that's what makes sense. Could I get more due to cycles in the market? Do you feel the market may recover a bit by then (not holding my breath)? Will it likely sell significantly more quickly?

Please let me know your thoughts... thanks!
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Old 08-30-2011, 03:38 PM
 
Location: Newton, MA
324 posts, read 1,014,406 times
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Probably not what you want to hear, but IMO, a family with school-aged kids is NOT going to be buying a house in the fall. Maybe a family with younger kids might, but you're definitely cutting out a big chunk of your buyer pool.
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Old 08-30-2011, 03:57 PM
 
Location: Boise, ID
8,047 posts, read 26,625,803 times
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Are you going to be short selling? If so, it could conceivably be next spring before you close a sale if you list now. By the time you get an offer and process that offer through the bank, you could be 6 months pretty easily.

And there are always people moving due to job transfers, life changes, etc, but I agree that spring and summer seem to be the best months, especially for those with school age children. But if you price it to sell, it will sell anytime, investors don't care what time of year it is, they just want a deal. The problem is whether you can afford to and are willing to price it realistically to sell.

You likely will sell more quickly for more money in the spring if your target buyer is a family with school age children. But that could come down to inventory levels too. If you have no competition now, it could only take one buyer looking for your school boundary to sell the house. But in the spring, if you have 15 houses for competition, you may have to lower your price to compete. So it is possible you could get more now. Take a realistic look at your current competition. Are you willing to price your house at a price that will make your house more desirable than theirs?

I'm not at all familiar with Chicago's market, so can't answer any more specific than that. For that matter, I wouldn't even want to guess at what my own home market will do next spring at this point. We had a definite increase in both prices and sales from February to June this year, but then it slowed back down and prices declined again. You just never know.
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Old 08-30-2011, 06:08 PM
 
Location: SoCal
14,530 posts, read 17,844,118 times
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Quote:
Originally Posted by tireddad View Post
Please let me know some reasons for waiting until spring.
I'm sorry, I can't think of a single reason. I'm a gloomsayer and I expect the housing market to decline for the next year at a minimum, and I don't even want to say what my maximum gloom encompasses.

Sell it now while the getting is good. If you haven't sold it in ... maybe 4 months ... then withdraw it and reintroduce it in Spring.
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Old 08-30-2011, 06:48 PM
 
35 posts, read 102,049 times
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Thanks for the responses so far. Lacerta, this is not a short sale. My wife and I feel pretty fortunate to have put enough of a down payment on the house to be able to walk away with a decent check, probably enough for the next down payment. Yeah it stinks that our equity was once over 50% and now it could be less than 25%, but we know too many people who also want to sell but are stuck underwater.
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Old 08-30-2011, 07:42 PM
 
Location: The Triad (NC)
31,986 posts, read 73,710,190 times
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Quote:
Originally Posted by tireddad View Post
My wife and I have decided to sell our northwest suburban Chicago home to buy a comparably priced home in another suburb.
If you don't *need* to sell most owners would be well advised to just sit tight.

Absent some other fundamental life change creating a motivation to make such a superficial shift... it will be very hard to justify the trouble and expense of preparing the property for sale and then maintaining that for the (often quite long) duration required to actually get a property sold.
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Old 08-30-2011, 07:51 PM
 
Location: Lexington, SC
4,281 posts, read 11,805,709 times
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Many have said best selling time is Mar to Aug. Seems that window has passed.

I would say price low, low, lower for quick sale now or wait until Feb 2012.
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Old 08-30-2011, 08:01 PM
 
4,567 posts, read 9,683,541 times
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Quote:
Originally Posted by tireddad View Post
Could I get more due to cycles in the market? Do you feel the market may recover a bit by then (not holding my breath)?
There will be no "recovery". We were in a bubble. Prices will not reach the price levels we once had unless there is another bubble.

The only thing that matters is people having jobs. Cant buy a house without a job. More and more people are loosing jobs everyday.

Still want to wait until you put your house on the market?

Advice: You need to put your house on the market yesterday.
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Old 08-30-2011, 09:15 PM
 
10,876 posts, read 12,945,628 times
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You really missed the tail end of the summer market and with the school year already started, you're going to have a rough time selling. There is a small blip in the sales around January as many IT transfers in the area usually start on feb 1st, but otherwise if you can wait it out, list in spring.
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