Homeowners struggling to deal with the consequences of the sluggish recovery in home prices are wondering if they should sell now or wait for a real housing recovery; and the answers are as varied as the local markets. One of the keys to answering the question is motivation. Across the country motivated sellers have reentered the market and are finding conditions much better than they imagined.
While the collapse of the housing market and subsequent recession left millions of homeowners underwater, owing more on their home than it would bring on the market, the past year has seen significant improvements in many areas of the country. Thousands of homeowners have begun “testing the waters” to see if a sale might be practical.
However, millions more remain in homes they would sell if market conditions equaled those of the past decade. Seniors wishing to downsize or relocate to a warmer climate, couples who have outgrown their homes, breadwinners who need to relocate in order to take advantage of employment opportunities, and others who just seek a different or more exciting environment are looking to today’s housing market and wondering if it’s possible to sell and find an affordable replacement.
And the good news is: The housing markets in many areas of the country have begun to experience rising home prices. It may not look like the boom of the bubble years—most of those prices were skewed far above the realities of a normal housing market—but thousands of home sellers have already sold their homes for prices they found acceptable.
Those desiring to sell their home, especially those who consider a sale to be a necessity, should contact an experienced, local real estate professional and discuss their options. They just may be pleasantly surprised to discover that a sale is not only feasible; it just might prove to be advantageous. Inventory levels in many areas have begun to favor home sellers; and homes are being sold every day for prices that, in some cases, equal those of six or seven years ago. And with mortgage interest rates remaining at “rock bottom” levels, a growing number of buyers are entering the market.
Finally, those home sellers who are concerned that their home’s value has not rebounded sufficiently to justify a sale should remember that the home they plan to purchase may also be offered at a discount from past years. The perceived loss from a sale could be recouped in a shrewd purchase. Perfect conditions rarely exist. But, for many, today’s housing market may be just about as perfect as they’ll find.
Sell now or wait for a real housing recovery? For many, the current market may be as real as it gets.
“Sell Now or Wait for a Real Housing Recovery?” first published on The Housing Guru Blog.
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