Is now a good time to sell my house or should I wait until house prices go up again? I hear this question often. But this is the answer you should hear from an agent that you pose this question to: Home selling potential always comes down to the nuances of local markets, specific zip code and even specific blocks.
A great location can trump factors like the unemployment rates, low and high mortgage rates,mortgage access, etc. For example, a classic home on a tree-lined block near a school(s) will always be in demand, despite the economy.
Now, are you perhaps concerned about losing more equity if you wait? Odds are good at this point in the cycle that your home has lost most of the value-and equity- it's going to lose, give or take a few percentage points. But again, the value is only what someone is willing to pay for it, not market averages. So, i wouldn't let the anticipation of further losses force your hand. However, if you are planning to hold on to your house and wait for the market to turn to what we saw 5-6 years ago, you're going to be disappointed. Not going to happen.
Now you ask: "When should I sell then?" The stock response is still spring because that's when most buyers emerge. This is largely because it gives families time to plan moves that won't uproot kids from their schools in the middle of the term. However, please note this fact: Today, spring really means "late winter".
If you want to sell next year, have your house on the market and ready for showings by mid-to-late February at the latest. Many potential buyers actually begin their search in this time frame because now they have to consider putting their house on the market so they can buy your house. Everything is relative. It's a fine line to walk, I know.
There is one more option: If you're happy where your living and you don't have to sell, you could simply sit tight for another year or two for additional clarity. After all, a home is a shelter first and an investment second.
With all this said, I am here for you. I specialize in the Stevensville, Md and surrounding areas. If you have any further questions or concerns, either call me, Lisa Longest, at 443-786-4200 or visit me at Exit Gold Realty located at 1241 Shopping Center Rd, Stevensville, Md. 21666. I am certified as a buyers representative, sales specialist, and a short sale and foreclosure representative. Let me be there for you.