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2012-06-28 09:35:31
To sell or not to sell? That is the question
TO SELL OR NOT TO SELL - THAT IS THE QUESTION
 
In the nearly 25 years I have spent in the real estate industry, I have never come across more people plagued by what I refer to as the 'Crystal Ball Syndrome'.  Real estate, as in the stock market, is not easy to time. 
 
Of course everyone wants to buy low and sell high, but if you are a seller that is going to buy, that is nearly impossible.  The real question is, what is your goal and how do you aim to accomplish it?  The most popular answer I am coming across is 'We are going to wait until the market recovers'.  To that I say this, 'When do you think that is going to be?'  In most cases people seem to think that things are going to be completely turned around by next spring, and I certainly hope they are right.  However, lets look at our two neighboring states, Nevada and Arizona.  Those states are still bumping along at the bottom of a devastating market that saw homes drop to 25 to 30% of their high values.  Just today I spoke to a gentleman who told me he ended up selling his 5200 square foot million dollar home in Las Vegas for $280,000 on a short sale.  He had that amount into the pool and landscaping alone!  We have been fortunate in Utah to not see the steep declines and we had a slower rise in prices, however, that doesn't mean that we are immune from something similar still taking place in our state.  So beware to the person that wants to buy now to take advantage of low prices, but hesitates because they think their home is going to go up in value in the next 12 months.  It COULD happen in theory, but it's highly unlikely that we will see home prices increasing any time in the near future. There is still an extremely high rate of Short Sales and Foreclosures hitting the market daily and, like it or not, every time one of these sells in your neighborhood, a new price floor has just been established that an appraiser will be required to use in setting the value for your home once a buyer is procured.  If you are so set on waiting out the market, renting your home out may be a good option.  If you can qualify, you are still able to take advantage of the low prices and incredible interest rates (which will most likely go away when the market rebounds) and hold on to your home for that time - hopefully in the not-so-distant-future - when we see homes start to appreciate again.  The rental market is very strong, rents are high, and it's a terrific tax write off (see your accountant or CPA for more details).  But remember, the market could also continue to fall.  If you purchased your home for $130,000 and at the peak of the market it was work $180,000 but now it's only worth $150,000, you really haven't lost anything because we can't lose something we never had.  
 
So if to sell or not to sell is a question plaguing you, doesn't it feel good to know that you have options?!

 

Deone Smith
Broker/Owner
801-564-2243
 
Deone Smith - Broker/Owner Lady Bug Realty
 
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