Selling a property in this tough market can seem like a challenge. There are many reasons that a person need to sell their home. Some are personal, such as needing a larger home for an expanding family or the house is just too big for the empty nesters. There are also financial reasons, such as job changes, cash flow problems, or relocation needs. Here are five factors that actually make this a good time to post a For-Sale sign.
1. Sell low and buy low. Because all property values are down, the sellers’ loss on a property is really only a paper loss because the next property they buy also will be a bargain. If they buy smartly, when prices come back up in a few years, they’ll be in better shape.
2. Market has stabilized in many areas. We are seeing that for the single family homes, many of the markets in the South Bay Area had bottom out during 2009. We expect that market will continue to improve as the inventory remains low and the demand for housing is strong.
3. Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
4. Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
5. Good help is available. Really talented real estate agents, contractors, and designers are available and eager for business.
If you are thinking about selling to upgrade to a better home or area, the first thing to do is to sit down with a financial planner to figure out what is your budget and then talk to a realtor to define about your housing needs and learn about your options. If the home in the desired location is too expensive, looking for a condo or townhome in the same area could be an alternative. Please feel free to contact me if you have any specific questions regarding your situation or the value of your home. We are always here to help.