Articles » Real Estate-Sell Now or Wait?

By: Debra Howard

Real Estate-Sell Now or Wait?

Owning a reliable real estate crystal ball in this current market would no doubt be worth a small fortune. Unfortunately, no such tool exists so we are left to decipher the polls, statistics and opinions of real estate professionals and economists across the country.

Researching what is actually happening in real estate right now results in limited findings, concluding that no one really knows what the future holds. Month by month comparisons, combined with “best educated guesses” and then throw in the current interest rate, topped with a side of unscrupulous mortgages and foreclosures and you’re left with more questions than you started with. The “experts” are currently predicting a modest recovery in 2008. (That’s a fairly safe assumption, don’t you think?)

Opinion aside, what are the facts about the current real estate market? After reading dozens of articles, these items seem to be what the majority agree on as we head into 2008.

1. It is STILL a buyer’s market. There are more houses than there are buyers and sellers are still slow in reducing prices resulting in homes sitting for longer periods of time.
2. The market is coming back, albeit slowly, and although down from a year ago, sales (across the nation) are increasing every month.
3. Resale statistics are currently stronger than new home sales due to overbuilding by homebuilders.
4. Homes that are prepared for sale (new paint, attention to curb appeal, staging, etc.) tend to sell faster.

So what do you do if you want to sell your home? Do you sell now and get what you can or do you play the waiting game and hope the price will increase? And how long will you have to wait?

First thing you want to consider is what are your reasons for selling? Is your family growing and you need more space or is it the opposite, you want to downsize? Or is there a job that requires you to move or a family emergency?

If faced with an emergency and you have to sell relatively fast, then do the best you can with what you have. In other words, make all the repairs like paint, broken doorbells, leaky faucets, etc. And above all, make sure your home is clean and uncluttered.

Present your home in the best possible light. If you have to hire a designer to help you stage it, then do it, even if it means spending a few dollars now to reap the rewards when the house sells. You have to make your house stand out from the rest of the inventory on the market. Also make sure you price competitively. This is no time to get greedy if you need to make a quick sale. A professional real estate agent can help you with pricing.

If on the other hand, time is on your side and you don’t have to move right now, there are several things you can do while waiting for the market to improve. You can leisurely make your repairs or even do some improvements. Remodeling and additions can be considered if you’re in an area that will support the improvements, especially when it comes to bathrooms and kitchens. Talk with a real estate professional about your expected return on investment. At least you’ll be able to enjoy the improvements while you’re waiting for the market to come back. And be prepared to be patient…unless of course you have a crystal ball of your own.

Written by Debra Howard for Tucson Home and Garden Spot, Copyright 2008. www.tucsonhomeandgardenspot.com is an online resource directory for the local home & garden industry. Debra is a former antique dealer, retailer and interior designer who now helps small businesses get maximum exposure on the web, through her business, Creative Edge Marketing Company www.creativeedgemarketingco.com No part of this article may be reprinted without permission.