Is Now A Good Time To Sell A House?
This year, after a few years of a down economy, and a housing market that doesn’t seem to want to come back, there are plenty of people wondering “Should I sell my house in today’s market?” The high prices of just a few short years are still in the back of everyone’s mind, and the desire to wait for those prices again before selling is a natural inclination. however home sellers have to be practical, and look at today’s reality in the home market and the economy generally. The likelihood is that prices, even if they don’t fall farther, will stay at these levels for some time.
Here are the reasons prices are not likely to jump higher in the near future. right now, there are tow big issues facing anyone buying a home. One is the unstable job market. Some people are comfortable that their jobs are secure. But many more people are not sure whether they could be laid off, or are now struggling with being laid off. Unemployment benefit can’t help enough to hold a person and much less a family for more than a short while. Buying a house when someone is unsure of their income situation is very unlikely.
The second problem is the housing market itself. When prices are low, banks don’t like to lend. Even if a home seller does find a qualified buyer, the asking price of the house makes the bank’s appraisers nervous. The bank – and the buyers – can’t be sure what the actual market price is, whether the value of the home will drop shortly after the sale, or if it’s worth what’s being asked. Appraisers and banks play a big role in whether a buyer can actually close on a home, and many people are stuck at closing without a commitment on mortgage. Without security in the pricing and the future, banks and borrowers are both scared to invest in housing, and a homeowner wanting to sell a home fast may be waiting uselessly.
This situation may change in the future, in the next year or the next five. If you need to sell, it’s better not to wait for higher prices, which may never come, but be realistic and take the proceeds now based on the home’s value today.