May 14th, 2010
Is it a good time to buy and sell property?
Do you think we should sell our property to upgrade to a larger one or could we be making a big mistake, given the downturn in the property market?
Related posts:
- Can you sell a property without paying all of the CCJ charges on it? I bought a flat a few years ago, but over time got into serious financial difficulties, resulting in CCJs and eventually additional charges being placed on the flat. So...
- How can I sell a property very fast? Say for example I have a condo which I need to sell immediately. The condo is priced below market value but not moving on the market. Are there any...
- has anybody heard or used a company called express sale scotland to sell a property quickly? my house has been on the market for about 5 months now we have another property which will be ready in the next few weeks and have been looking...
- Need to sell my house FAST? I’ve had my property in the market for a month or so (in miramar, florida) and no offers. I’m even offering at a price less than what I owe...
- Whats the best way to market my plan to help people sell properties faster & for more cash by seller financing? I am trying to guide property sellers and realtors to my website: http://www.Cash4PromissoryNotes.com/thebestnote.html but I also launched this page explaining that page so that they can click on that...
Filed under: Sell Property
It depends on the local real estate market in your area and what is happening there.
Generally speaking, prices are coming down and are likely to go much lower. If you sell now, it may look good later on. If you trade up your new house will likely fall in value.
Rates are coming down too – next rate cut should be Jan 31st at 1/2 point with another 1/2 point cut in March. Maybe refi? Hope you don’t have an ARM. Fixed rate only.
Good Luck.
PS Most real estate agents have their head in the sand regarding the real estate market. Don’t rely on them for financial advice.
It is a great time to buy and a poor time to sell. Housing inventories are very high so it is a buyers market. To much supply and not enough demand. If you are worried about the value of the home you purchase you need to check into the market for the area the home is in. Most areas have slowed or stabalized regarding declining prices. Values were always there but some people just paid more than the home was worth
depending on the market for any commodity its either a good time buy (prices low)or good time to sell(prices high) it can never be a good time to buy and sell………
as prices mostly seem stable or falling on the property market its a better time to buy
sell when prices rise
There are 3 different scenarios:
1. Buy Only: In this situation in our current Market, this is the best situation a consumer can be in. Since, it is considered to be a Buyer’s Market (an over-supply of homes on the market), a home purchaser can either buy more of a home or a less expensive one.
2. Sell Only: Those people out there that have only to sell their property may have a little challenge in doing so, or they may get less than they might want for their home. Consumers selling their homes can expect to have a longer market time, a lesser sale price, and a more discerning buyer!
3. Sell & Buy: Those individuals that have to sell their current home and then buy their next one, should be in a “status quo” situation. They may experience their challenge in selling their home and may take a little hit on the sale price. But, they can expect to make up their losses when they make their next purchase!
Ultimately, it is not a bad market or situation to be in! I guess it just all depends on what you are doing in it!!
Good luck!
If you are in Utah, yes the economy is good, we just had our big increase in house prices and we’ve leveled off at the normal 3 to 5 percent increase. So your house is worth the most now, but most buyers are hesitant because of markets in other states. So you can still get a good price and have the market value on your new home increase. If you are in Florida, Detroit or California, they just had a big dip. I know for a fact CA did because I also have property there and what was selling at $500K two years ago is now selling for about $435. yuck. Good time to buy in these markets, but not to sell. Again, depends on where you are. Utah has a great market and the economy is strong here.
I would not recommend buying new property at this time unless you are actually planning on holding it long term or are getting a great deal.
Real estate prices are said to be dropping even further, so make sure you can stomache your purchase.