In the middle of the current recession (2011), you may be wondering if is it a good time to sell your home. Think about this: will your home continue to decline in value, or will the housing market pick up again. You might also be considering, what time of the year is best to put your home on the market.
Now, it’s always been true that real estate is a local market. It all boils down to your ZIP code, location, and the nuances of your local market. If you own a house with a great view, such as a mountain or lake, or an ivy-covered classic home near a prestigious university, there will always be someone who wants to buy. If you are not so lucky, however, in some areas price trumps location.
Your home has lost value, you say? Generally speaking, at this stage in the cycle, your home has probably lost all the value that it’s going to. You can’t go by market averages, so remember your home is worth only what someone is willing to pay for it.
In quite a few parts of the country, actually, real estate markets may be close to turning around. So if you can afford to wait it out it might be better for you. Expecting another increase in home prices like the pre-recession run-up, however, if probably a dream.
The best thing to do is assess the value of your specific address as it stands now. Get an experienced realtor to help you. Carefully hiring a good realtor will help bring out the best in your home. Buyers today have some helpful options, even though banks are tighter about lending. Veterans can get VA loans that are guaranteed and have low interest and no down payment.
Get your home on the market by early spring. A lot of buyers plan for a summer move because of their kids’ school break, so they start looking then. Start early, because many potential buyers also have to sell their homes before they can move. Keep your home staged and cleaned – for those of you who live in Phoenix you may have to hire a Phoenix janitorial service to stay on top of keeping your place looking good week to week.
If you are happy where you are living and can hold out for another year or two, that might be your best option.
