Tips for sellers in a wavering market

Real Estate Agent with Keller Williams Realty

It will come as no surprise to most sellers, that buyers have the upper hand in today's market, with such a large supply of houses. But there are things that sellers can do to make the process less painful.

If you are in a market where homes are not moving as quickly as you would like, renting can sometimes be an option, depending on the financial situation of the seller. Also, with rents strong, it makes more sense for some homeowners to rent out their home, rather than sell and take a loss. Be aware that renting out your home could increase your home insurance. Also, you would have to report the rental income on your taxes, though you'd be able to deduct things such as including mortgage insurance, homeowner's association fees, maintenance, etc.

On the flip side, when considering selling your home, there is another aspect to consider. If you are moving up to a larger home and have lived in your current house for at least five years, you might be better off acting now. Why? You can score a bargain on the more-expensive house you are moving to. In addition, rates for conforming loans are relatively low.

Comments (1)

Debra Kukulski, Broker Associate
RE/MAX Suburban - Cary, IL
SRES;SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL

This is so true in Northern Illinois also.  It is an excellent market for move-up buyers!

Oct 10, 2008 01:36 AM