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Will I get more if I wait???

By
Real Estate Agent with Keller Williams Integrity - Team Leader

This is a loaded question, and really depends on the goals of the client.  There are so many scenarios that may or may not hold this to be ture.  Wells Fargo stated in January that they anticipate an 8% delcine in prices by the end of the second quarter.  This in itself suggests that they may know more than me?  However, Bank of America and Fannie Mae didn't quote a specific percentage, but also anticipated a drop in prices.

You can see where the question can be a simple answer.  A couple questions that you may want to ask yourself include:

1. Why are we moving?  There are different scenarios that can make it a good time to sell or have it make more sense to wait.  If you're happy in your home, have refinanced and really have no real need to sell, it may not make sense.  However, if you need to move or would like to upgrade, financially it may make sense.  There are two things to consider:  PRICE vs. COST!  Affordability rates were just under 15% in December, that is an all time low!  Not only are prices attractive, but interest rates still offer substantial saving long term.  If you upgrade, the money you will save over the life of the loan will be dramatic simply because of the decision you made at this point.

2. Are we willing to wait 3-5 years to sell?  If you decide not to sell now, and prices do in fact decline, you'll likely be waiting a substantial amount of time before the market truly recovers.  If you're comfortable and able to wait, with no real need to move, maybe staying is ok for you.  There is nothing wrong with this decision, it's just good to have the information to make an educated decision.

Ultimately, based on what many of the banks are saying, in addition to various economists, it doesn't seem like there will be any kind of quick rebound.  Stability will be welcomed at this point in the game.  There are huge opportunities out there, simply taking in the information and exploring your options is well worth the time and effort put into it. 

Jake Luehrs

 

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Continuing falling prices and upside down owners are surely going to keep the market depressed from some time.

First time home buyers are the market here. 

Mar 15, 2011 11:38 AM