Should I sell my home?

Question

We are thinking of putting our home up 4 sale but heres the thing,We paid 157,000 in 2001 and in 2003 it was appraised for 175,000.We had a market analyst done on out home and he said in todays market our home is only worth 160,000 and we still owe 149,000 on it and the realtor is charging us 10,000 to sell it so he figured we would break even and might even be in the hole a little.If we should wait a few more years to sell Is things suppose to be better or worse selling?

Our home was built in 1961 and has 2032 sq feet of living plus a 2 1/2 car garage.it is a Quad level home and in very good condition and I find it hard to believe it is only worth the 160,000

Plus it has a 600 sq ft basement

And no about needing the money.My husband just wants to move to a different neighborhood,closer to his work.He is just tired of where we live and I myself thinks it ok.

Answer 1

Depending on where you live, it is most likely a tough market, and prices may still be adjusting - downward. It is possible that your home is worth $160,000. Consider asking another Realtor or two to give you a comparable market analysis.

Then, think about WHY you are considering a sale. Have you outgrown the space? Need to be closer to work or school? Is a baby on the way or has some other recent change made this issue come onto the radar screen?

Generally speaking, if you don't have to sell right now, I would advise waiting a couple or three years.

If you do, be prepared to understand what your house is really worth - and hire the best Realtor you can find to work it hard for you.

The commission is not the only thing you will need to pay. There are most likely local sales taxes (doc stamps?), perhaps repairs that will need to be done for the buyer, plus moving costs - and then, bank fees for the purchase of the next home.

You may not even break even. Are you prepared to come to the closing table with your checkbook?

Think it over carefully.

Good luck and best wishes.

Answer 2

Don't sell it now unless default is inevitable. No one can know what the market will be like in a few more years. If anyone knew, they'd be rich, and wouldn't share the secret. I'm not a psychic, nor do I play one on Yahoo. I speculate that the market will decline. The industry is attempting to stabilize itself at the present. Remember that it took years for the industry to reach the current state of instability. Things take time, and it always gets worse before it gets better.

Also, why do you find it hard to believe your house is only worth $160k. Your house was built in 1961, and you're now living in a decade where new construction is the market trend. New constructions come with a ten year general construction defect warranty What state do you live in, county, city? What defects are associated with your house? Demographics? Analyze the facts more carefully in the future, and pay attention to market trends. It will help you avoid a similar outcome.

Answer 3

If you don't have to sell, it's best to wait to see what happens with the market. Regardless of what it's appraised for, any offers you get will be low-balled offers, and you'll be lucky to break even. Of course, you don't have to take the offers, but no one is going to offer what the selling price is right now.

I'm concerned about the realtor's fees. Most charge 3% for selling agent and 3% for buying agent. At 160K, that will be $9,600 for both agents. Is your agent charging the whole amount for himself only, or is he including the buyer's agent's commission too? Also, what will he charge if he brings in the buyer? Normally, when the selling agent brings his/her own buyer, they'll charge total of 4%. Find out exactly what the closing costs will be, which will include commission for both agents, before making your decision. I know every agent is different.

Answer 4

Frankly, I don't think it makes a difference if you sell your home now, when market prices are depressed, or wait until they improve a bit. Why? Because, along with the fact that YOUR home price is depressed, so will be the ones in a new neighborhood you choose.

You will need to shop carefully to insure that a new home you select is also properly priced according to the current market situation. Of course, you WILL lose the expense of the real estate marketing program, and will have to also pay the expenses of obtaining a new mortgage. But, as long as other homes in your market area are similarly depressed in price as is yours, the timing of your move is irrelevant.

Answer 5

It all depends on your reason for selling - Are you downsizing? Do you need the cash? Do you want to move to a different neighborhood/town/state? I would sit tight as the housing market is very volatile right now. Wait until it settles down (if you can). Seems silly to just break even or even lose money for no good reason. Good luck!

Answer 6

In uk there are different rules to be accompanied. different than for the hygiene ones there's a question of labelling. All tarts ought to have an exact checklist of all factors, quantity of each and every consistent with cake or consistent with a hundred gm. the quantity and share of fats, sugar, salt etc.. a itemizing of any ingredients or colourants. no remember if any nuts or hypersensitive reaction form materials are cutting-edge. I actually might question no remember if it grow to be all worth it. ought to mum administration her baking so the parts and effects have been precisely the comparable each and every time? you're able to do what you like at homestead or provide them away yet can not sell them. Even the WVS and mothers Union have had to end the handmade cake sales at fetes and comparable because of the fact of rules and regulations.

Answer 7

If you have to bring money to closing, plus pay a Realtor a high commission, then this isnt' the time for you to sell, plain and simple.

Have another Realtor take a look and see what they can come up with.

Answer 8

It's a buyer's market. There's a buttload of houses available, and you'll never get offered what you'd like right now.

Why sell and actually lose money? If the reason you'd sell is because you need money, that would be doing the complete opposite.

Answer 9

Dont sell it if you dont have to..........Rent it out if you really need to move.

Buying right now is better than selling in most areas.

Good Luck

OBA™