To prepare to answer this question, I have before me a crystal ball, a Ouija board, today’s horoscope and a Jamaican lady at the Psychic Hotline Line holding on Line 2.
All agree that the answer is NO! Here are some of the reasons that factor into this answer:
- FEAR – There is still too much of it circulating in our society and culture right now. Just wait a bit … the fear will subside with time.
- UNCERTAINTY – One morning you will read that sales prices are up in 19 out of 20 major cities since 12 months ago… but then that night the 6 o’clock news announces that foreclosure rates are up in some of the same cities! Now THAT is uncertainty – go figure!
- TIME – It’s still too soon. We are still not far enough away from the crash that started in 2008 where most of us lost 1/3 of our real estate equity values… or more! Be patient. The book entitled “The Benefits Of Rushing Into Things” has not yet been written !
- APPRAISAL PROBLEMS – Appraisers are still including distressed sales as comparables on their appraisals. That means that even if you find your dream home and you and the seller agree on a price, it very well may not appraise for the agreed price.
Now, consulting the same oracles I first mentioned, I ask “When might it be a better time to sell my real estate?” and my answer is “Maybe in 1-2 more years… no sooner.”
Oh sure, you can go ahead and put your property up for sale right now but I don’t recommend it… and like Grandpa used to say –
“Trying to do that will be like trying to swim up the Mississippi during the spring flood… you’re probably not gonna get anywhere and you just might get hurt. Stay on the shoreline, build a little fire and wait.”
I kinda miss Grandpa.