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I will hold on to my home for a while until the prices go up again.

By Anne Hensel

Real Estate Broker/Owner with South Beaches Real Estate Professionals BK 652174

August 03, 2008 01:24 PM

I will hold on to my home for a while until the prices go up again.

We all know that we are in a challenging real estate market right now.

I have talked to a few people lately that want to sell their home but they realize hat they will not get the price they want. So, what do you do? Some of them say

"OH, I will just hold on to my property for a while"

Well, how long is a while?

In some cases it makes sense, in others it does not.

The market is not going to turn around over night.

You have to do the numbers and send your emotions on vacation while you do this.

I know, it is a tough decision to make, but once you figure out what is really important to you, the answer comes much easier.

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Mott Marvin Kornicki

Waterway Realtors® • Notary Public & Apostille - Sunny Isles, FL

Miami Notary & Apostille 786-229-7999

Holding on seems to be the theme these days. Lot's of people bought when the market was artificially inflated. Many have bailed out by way of foreclosure or short-sale; the bulk of homeowners will just have to wait it out, ride out the storm or sell at a loss.

Aug 03, 2008 01:36 PM

Charlottesville Solutions

Charlottesville Solutions - Charlottesville, VA

Excellent point. How long is a while? Can someone call a bottom or a top of a swing in the real estate market? I do not know anyone who is that good...

Aug 04, 2008 07:13 AM

Larry Brewer - Benchmark Realty llc

Benchmark Realty LLc - Nashville, TN

Anne - I talk to people about this all the time. It depends on what they are doing after they sell. Are they moving up? If so, I don't see how it can get any better than thsi. If they are moving down in price, it's a smart decision to wait.

Aug 04, 2008 11:30 AM

Stanley Barsch

Realty Executives Premier - Silver Spring, MD

Realtor, GRI - 240.882.8512

Anne - The more people that hold, especially when they need to sell, are not doing themselves justice. However, if most "potential" sellers are creating that environment, that means less inventory on the market. You know what that means, more places sell quicker, and in some cases they get higher bids!

Stan Barsch

Aug 04, 2008 11:34 AM

Anne Hensel

South Beaches Real Estate Professionals - Saint Petersburg, FL

Realtor - Broker - St. Pete Beach, Treasure Island

Mott, that is all fine as long as they can HOLD for a long time. Most of our areas are still going down and there are a more foreclosures and short sales to come.

Aug 04, 2008 03:19 PM

Charles, you are right, nobody has this crystal ball, but I think it is save to say the a "while" here in Florida is not just a couple of month. If you take a look at the public records and see all the red flags, you know that we have ways to go.

Aug 04, 2008 03:21 PM

Stanley, yes, you have a point, I call it "Hidden inventory"

Aug 04, 2008 03:22 PM

Larry, you are so right, I really believe it is important to see the big picture and figure out where to go from here.

Aug 04, 2008 03:23 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I find that most sellers, if I sit down with them and show them the difference of what they are going to sell for versus what they can buy for, it is actually a great time to sell and buy. I explain to them that in two years if their house goes up 20%, so does the house they are going to buy and so does their mortgage payment in 2 years. Once they see that it is a wash, they usually decide to move today rather than waiting two years.

Aug 06, 2008 05:12 PM

I will hold on to my home for a while until the prices go up again.

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Anne Hensel

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