I am considering selling my current condo that I am outgrowing, but I notice prices are down and houses are taking much longer to sell. I have no idea if this is a good time to sell and purchase something bigger or sit tight with what I have (since I would get less for it) and ride it out for awhile. Knowledgeable opinions are much appreciated.
2006-08-24 04:14:12 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
All kinds of things about your personal situation may influence or change this answer but it is not a good time to be selling in most of the country. On the other hand, it is a very good time to be buying.
Question: How much could you rent your condo for? Enough to justify keeping it as a rental? Would the current rental market in your area be reliable enough about getting you a tenant so as to keep your cash flow manageable?
You can always sell when the market turns back, and it will turn back. But this is a good way to make a lot of money, if your situation is right for it.
2006-08-24 04:34:48 · answer #1 · answered by Searchlight Crusade 5 · 1⤊ 0⤋
Well, this can be a good time to upgrade if you are looking for something larger for less money........but you may have some level of difficulty off-loading your current house.
The alternative would be to lease your current home esp. if you live in a market that is attractive to renters. There are some hassles in being a landlord and you would have to be ready to put up with it. However, the rental icnome could pay for the property and improve your asset base...When market condition stabilizes you can sell your house.
2006-08-24 11:17:43 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
Not sure, but............
Keep in mind...........
Times and markets are changing!
In California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???
This last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.
From 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!
With all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!
For some great 'insider' articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years.....visit:
http://www.brokerforyou.com/brokerforyou/
http://www.san-diego-for-sale-by-owner.com/
http://www.downtown-san-diego-real-estate.com/
http://www.palermo-homes.com/
http://www.poway-real-estate.info/poway-real-estate-brokers.htm
http://www.los-angeles-real-estate-brokers.com/
http://www.orange-county-real-estate-brokers.com/
http://www.san-francisco-real-estate-brokers.com/
http://www.san-jose-real-estate-brokers.com/
http://www.brokerforyou.com
2006-08-26 23:12:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
read more tips on real estate on this site
2006-08-24 11:50:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋