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One of the most common questions I get asked is whether or not a person should sell their home now or wait until later. Of course, this is a personal question depending upon a number of factors including where you're moving to and why. Many people are downsizing or moving out of the area, so circumstances are specific to different people.
The only time that waiting to sell your property is beneficial is if the market is appreciating. As I explained recently, the current trend on Long Island shows that the real estate market is still down. That means that there are very few good reasons to wait to sell your home in the current market situation.
We're currently in a time that I like to refer to as diminishing equity. This means that there are more people who are getting closer to having little to no equity in their existing home. Some of these people should have sold their homes one or two years ago, but they have waited hoping that the market would improve. Now, people are in a situation where they really need to move but have no equity in order to do so. In fact, there are many homeowners who are on the cusp of not being able to sell at all.
If you are thinking of moving anytime within the next five years, my advice would be not to wait any longer than is necessary. So who should sell their home now?
One group that could benefit from selling now are retirees. You are likely to sell your home today for more money than you could in the foreseeable future.
Move-up buyers are another group that could benefit the most of the current market situation. Most of the time, move-up buyers are looking to buy a larger or more expensive home. The percentage of price decline is greater the higher you go in price range. The number of buyers for these high-priced homes is smaller. For people who are moving up, the amount of home for the money is at an all-time high.
If you're not sure what category you fall into when it comes to selling your home now or in the future, give me a call. I'm always happy to answer any of your real estate questions.