Trishgiassa's Blog

Once you have made the decision to sell your home or condo, many factors come in to play as to when to put it on the market. A significant life event, job or locality change may dictate selling immediately. But if time is not a governing factor, many ponder the mood of the real state market. Although the housing market does not move as fast as the stock market, many selling considerations are the same. As with the stock market, one of the biggest mistakes sellers often make is trying to “time the market”. If the market is falling, it is all but impossible to predict when it will rise appreciably. It’s no secret that the economy and the real estate market are somewhat depressed in most areas. Prices have declined significantly in the last 12-18 months, with only weak signs of recovery on the horizon. We do know, however, that the market will eventually recover, as it always does, and we all want to sell when prices are high, or rising. So the question really is, how long should you wait?

One of the main considerations you should have is to protect your equity. Every day lost in a falling market, is a day of lost dollars. If you wait too long, it is possible that you could at some point face the nightmare of your value being less than your mortgage. You want to avoid this at all costs. Another negative aspect of waiting to sell in a falling market is cash flow. Mortgage payments, insurance, utilities, repairs, taxes, etc … all still have to be paid. The earlier you put your house on the market at a salable price, the better your chances are of selling earlier, and mitigating some of those ongoing expenses … and saving your equity.

In today’s market, the best time to sell is now … not next month or next year. If you are going to wait for the market to fully recover, you might be waiting many years. Any equity is better than none. It’s not a tough decision.

If you are considering selling your home, call me at your earliest convenience so we may determine your property’s value and discuss your options. You are not alone … your real estate professional is here to help.