I see the market taking a plung. I bought my house for 139000 and is selling it for 259000. it was worth 320000 about 8 months ago. Should I just cash out and take advantage of the market and buy a new home while its getting lower in value? or hold on to it hoping the value goes back up.
2007-09-22 04:25:15 · 6 answers · asked by Mastermine 1 in Business & Finance ➔ Renting & Real Estate
No do not sell right now unless you are in a position where you have to. All the people who are saying that the market is going to do nothing but get worse dont know what they are talking about. True Realtors have seen the market like this and it will recover probably within the next 6 months. Find you a great Realtor and keep in contact with them so that they can keep you informed.
2007-09-22 05:30:11 · answer #1 · answered by young2bballin 2 · 0⤊ 0⤋
I have been in real estate sales since 1978 here in North Texas. In the late 1980's our market values took a heavy plunge.
I remember the people that got hurt the worst were the people that sold in a panic. The people that made the most money over the long run were the people that bought those homes that were sold in a panic.
If you think prices are going to drastically drop next year then sell. But I think your best move in a panic market is to set tight (or if you are confident and rich then BUY)
2007-09-22 04:49:05 · answer #2 · answered by glenn 7 · 0⤊ 0⤋
Hold it until it goes back up, and here is why.
Houses are no different than stocks. You haven't "lost" anything until you sell. If you sell at a loss, then you have taken a direct hit.
Also, be careful as to what you think the house is worth. I had a client just this week that complained that her neighborhood had 'gone down in value $75K'. However, the comps did not support a drop---at all.
....she was also an original FSBO...had she believed the hype and sold the home herself, she would have lost $75K.
2007-09-22 06:31:51 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
Never..I say Never sell property for below the current market value. Hang on if you can. Rent it out or stay there. Don't sell it. I speak from experience. The market will bounce back.
2007-09-22 04:38:47 · answer #4 · answered by chilicooker_mkb 5 · 0⤊ 0⤋
Hi,
This is not the right time to sell and you should wait for at least another six months to let market stabilize if you don't have to dispose your house in a hurry. Checkout http://realestateguide.financialdealsonline.info for some valuable tips on the matter. Good luck.
2007-09-22 04:28:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋
YES!
2007-09-22 05:25:21 · answer #6 · answered by kevc21 3 · 0⤊ 2⤋