Realty Bites

And the answer is: it depends.

Clearly this is a difficult time to sell, with prices falling daily. I expect them to continue to fall for some time. Properties that are priced right, expertly marketed, and carefully shepherded to settlement will sell. Most likely they will sell for less than they would have two years ago. A lot less. Should you sell? Maybe. I don’t mean to be vague, but the answer isn’t the same for everyone. What you should do really depends on your particular situation. Some questions that affect the decision are:

• Are you selling because you want to buy a more expensive home? If so, the longer you wait as prices fall, the more you’ll save on the house you buy than you’ll lose on the house you sell.
• Are you downsizing? Then the reverse is true. You’ll lose more on the house you sell than you’ll save on the house you buy. Take action as quickly as possible.
• Can you afford to wait five years for prices to improve? Ten years?
• Can you make the numbers work by finding someone to rent your house?
• Are you honestly willing to accept a fair market price for your home, or do you demand top dollar?
• Do you have a choice? Or is your employer/spouse/school the real decider-in-chief?

I often advise my clients to stay put. It’s certainly not something you expect to hear from your garden variety Realtor®. But then, you didn’t think I was your garden variety Realtor®, did you?

Fact is, I see my job as helping people, not selling homes. Sound corny? OK. I can live with that.