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Should You Sell Before the Housing Bubble Pops
For the past several years housing prices have risen dramatically. With interest rates continuously moving up, and more and more people being priced out of the market, all signs point to an imminent housing market correction. So should you sell your home now before prices drop or should you stick it out and see what happens? It really depends on your individual situation.
Let's face it, we all need a place to live and the world and United States population continues to grow. Any correction in the housing market will inevitably be short lived, relatively speaking. Historically it is not uncommon to see house prices drop 10-20% during a correction cycle and for these cycles to last several years. Inevitably, however, the housing market recovers and prices continue to rise over the long run.
Before a homeowner decides to sell out to beat the housing market, he or she should first decide what their 5 and 10 year plans are and what their home needs will be. If the plan is to stay in the same community and that the current home will meet their long term needs, e.g. enough bedrooms for a growing young family, then there should be no real reason to sell out. Unless of course your feeling lucky and want to gamble. However, if you sell out too early you may find yourself priced out of a new home and stuck in an apartment for much longer than you planned. As most financial investors will advise, it is not wise to time the market. Instead invest on a regular basis that suits your long term financial goals. Your home will probably be your biggest investment, so as with other financial investments, attempting to time the market is ill-advised.
On the other hand, if your medium or long range plan includes moving to another community and/or requiring a change in housing needs then it may be wise to take advantage of a sellers market. For example, if the children have all grown up and left the nest and you have been contemplating downsizing it probably is wise to take advantage of a sellers market.
Whatever the market conditions are, when deciding to buy or sell a house, first evaluate your own specific goals and plans, and then assess the market conditions. If the current housing market condition is favorable with your goals, then certainly take advantage of it. If it is not, then reassess your plans and see if your timeline can be stretched out to await better market conditions. If they can not, then indeed, you may need to make a less than favorable housing decision to meet you longer term goals.
Over the past 20+ years Mr. Donovan has been involved with building homes and additions to homes. His projects have included: building a vacation home, building additions and garages on to existing homes, and finishing unfinished homes. Mr. Donovan's formal education and profession have been as an Electrical Engineer and Marketing Manager.
Real Estate Appraisal - Do It Yourself
For single family homes, there are two basic methods used in real estate appraisal. They are replacement cost analysis, and using comparable sales.
Tax Deferred Exchanges of Investment and Business Real Estate
The Primary Residence taxation, the Residential Replacement Rollover, Sec. 1034 exception is gone.
Expense List for Buying a Home
There are many expenses that come with buying a home. The following list is a good example of what to expect:Down payment - A minimum of 20% of the home's purchase price is usually required for the best loan terms and to avoid paying private mortgage insurance (see below), but it's entirely possible to buy a house with a smaller down payment.
Should You Sell Your Home Yourself?
Are you thinking about selling your home? Would you like to sell it by yourself instead of hiring a real estate agent? If so it would be beneficial to review the pros and cons of selling your home by yourself before hanging out the sign.PROSSelling your home without an agent means More Money.
How to Find and Buy a Bargain House with Little or No-Money Down
Real estate investors know how to make money buying distressed houses. Investors recognize that bargain houses offer the best way to make a return quickly.
How To Simplify Your Real Estate Buying/Selling Experience
Today's real estate consumer has a lot to consider during the sale or purchase of a home. Be it waiting for the right buyer/seller, mortgage rates, or the moving truck, the experience can take a bit of patience on the part of the consumer.
OPM - The Art of Leveraging
Equity lender, hard money lender, private investor or what ever term one uses can be a great source of funds to do real estate transactions and the question of how to find them comes up often!There are numerous ways to do this, and no two investors are exactly alike, so it's important to be innovative and customize your proposal to the specific "hot buttons" for each funding source.One of the greatest advantages of real estate investing is the power of leveraging other people's money.
Property Investing Secrets 9
Property Investing: Here Are Two Important Tactics You Must Do When Buying Real Estate Off The InternetYou can purchase property off the internet. The off line fundamentals of property investing apply on line.
Housing Froth Creating Imbalance for Consumers and Investors
Home buyers and sellers should think twice before jumping into over-heated real estate markets. Fed chief Alan Greenspan feels the housing boom is economically imbalanced or uneven.
The Devine Secrets Of The Ya Ya Lease Purchase Hood
The biggest secret of conducting a successful lease purchase business is to have a plan. I know don't grown.
11 Different Ways to Participate in The New Millennium Real State Boom
Many parts of the country are going through a real estate boom. In recent reports real estate is showing double digit growth in many parts of the country.
Home Selling: Making It Easy On Yourself!
It's a dream for many to buy and take ownership of a home. It's something one aspires for in their lifetime.
Taxes When You Sell Your Home
What's the difference between death and taxes?Death doesn't change every time Congress meets. But taxes certainly did in 1997, and the Taxpayer Relief Act of that year made a dramatic difference in the tax liability of those who sell their own homes.
Advantages and Disadvantages to Selling a House on Your Own
As with any business transaction, there are pros and cons to selling your own home. Many people are intimidated by the whole process, but if you know what you are up against, and if you are aware of what needs to be done, you will be more effective at selling on your own, or you will be better at making sure your agent does what you prefer.
Odors Can Make or Break The Sale of Your Home
It's amazing how important the sense of smell is to many people. If you're selling your home, and this applies across the board to houses, townhouses, condos, apartments, or whatever, you need to be aware of the power of odors.
The Art & Science of Property Valuation -- Automated Valuation Models
It is no secret that sellers want to sell high and buyers want to buy low. But they often arrive at the negotiating table with very different ideas on price.
Log Homes - What is the Log-Home Lifestyle?
Typical log home company advertisements in popular log home magazines talk about the "log home lifestyle" or "it's not just a home, it's a lifestyle." What does this mean? What is "the" log home lifestyle?It's often difficult to discuss the particulars of log home living without also talking about where the log home is located.
Think You Can't Afford Your Own Home, Think Again!
Do you have bad credit, no credit, filed a bankruptcy, have a ton of late pays, medical bills, or been through a divorce? Well, we have the perfect solution for you - Lease Purchasing your own home!What is Lease Purchasing?A Lease Purchase is a process that combines a basic rental lease with an agreement to purchase, or with an option to purchase the property. The Buyer (or Lease-Purchaser) pays to the seller a monthly payment that usually approximates a rental amount or a typical mortgage payment on the home.
Equity is the value of your home minus what you owe on your mortgage. For example, If Joe's home is worth $200,000 and Joe still owes $170,000, then Joe's Equity is $30,000.
You Dont Need Health Insurance!
Seems almost every situation in our lives is centered on communication. Good or bad, the way we express our thoughts, wants, and needs to each other determines how we live, love, and learn together.
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