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Why You MUST NOT WAIT to Sell Your House

The best real estate professionals are trying to convince anyone thinking of selling in the near future to correct the price on their home and sell now before the home loses even further value. Some cynical homeowners think the agent is just trying to create fear in order to make a quick sale. Some sellers are waiting until after the holidays. Some sellers are waiting until the ‘spring selling season’. Today, we want to say that your agent is giving you great advice – Sell Now!

We want to prove this is the best thing for you and your family. The most complete data available is usually generated by the local and national real estate associations. We realize that this data is sometimes considered suspect by the consumer (especially the cynics). For that reason, we will make our point without using any industry data generated by these associations. Instead, we will use the government agency Fannie Mae’s November Economics and Mortgage Market Analysis Report.

Fannie Mae forecasted median home sales prices for the next eight quarters. Their projections call for prices to fall and to not again reach today’s values until the 3rd Quarter of 2012 (see graph below). Remember, these are not real estate industry projections. These are government projections.

*The above graph and others will be available to KCM subscribers to print and use in your client presentation manuals in the December edition of Keeping Current Matters. If you’re not a KCM member, you can find other great visuals like this and much more by becoming a subscriber today.

Bottom Line

If you are looking to sell within the next two years, the highest sales price you will be able to attain for your home is its current value. Don’t wait. Take the advice of your agent and price it to sell today as the house will not increase in value in the short term.


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3 replies
  1. Chuck Cornwell
    Chuck Cornwell says:

    There are lots of projections about the real estate market. One thing is for sure, real estate is a LOCAL business. While some areas may continue to have a difficult real estate market, there are other markets that are moving up. The Northern Virginia market is one that is seeing the next leg of the housing correction – LOW INVENTORY. Home prices are jumping here and since development activity has been non existent the past few years, getting new home projects on line will not happen right away.

    Also, HUD Secretary Shawn Donivan was interviewed on CNBC a couple weeks ago. During that interview he said the negative economist did get it wrong. They projected a “double dip” over the last year that did NOT happen. He went on to say, in his view, we will NOT see a further drop in the overall real estate market. He did, however, indicate that some LOCAL markets may still have price issues, but those will be limited.

    We all need to watch our LOCAL markets, not the national market.

    Reply
  2. Susan Jacobsen
    Susan Jacobsen says:

    This reiterates what Steve shared at the NAR convention – and is a great reminder. This is terrific information since as you point out, often sellers feel that we Realtors(R) are just trying to get a deal and all we do is drop the prices and drop the prices – THANKS for the visual – another great tool from KCM!

    Reply

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