I talk to sellers every day who are thinking of selling their house. Should you sell your house? It may be an
inherited house, a second house, a rental house or the house they live in. We all know that the inflated home prices of a few years ago are long gone. It will take years if not decades to get back to those prices, if ever. We know, now, that the easy lending sparked a frenzy in the housing market.Sell your house now?
Here is what I would ask you, if we were discussing your options on selling your house now or waiting.
1) Do you need the cash in the next 12 months? If the answer is "yes" then it's time to sell. It takes months to complete the selling process with a real estate agent. (It only takes 2-3 weeks with me). Plan ahead to have the money available.
2) Repairs needed? If you own a house that needs significant repairs, then you should consider selling sooner than later. Why? Because either you are going to pay to fix the repairs or deferred maintenance can lead to more expensive issues down the road. My favorite example is a small leak left unfixed for years resulted in a ton of mold (yes, the bad kind). Thousands of dollars later, that small leak was fixed as well as all the walls and floors that were affected by the mold.
3) What are you waiting for? If you are waiting for the market to improve, it is going to be awhile. Don't get me wrong, the housing picture is much healthier now. And we should all be happy about that. But, as I mentioned earlier, the double-digit increases aren't going to happen soon. In fact, the main reason that the housing market is healthier now is because the government is keeping interest rates low to artificially stimulate growth. At some point, that will have to end.
If you have decided it's time to sell your house, I would seriously ask yourself what you are waiting for. It is a good time to sell your house.