As you might imagine, there is not a magic answer to this question. Generally speaking most people, if given the opportunity, would want to sell when the market was “UP” and buy when the market is “DOWN.” It’s the classic Buy-Low / Sell-High scenario. Unfortunately this is now always
possible.
The more relevant question for today may be, “Should I wait to sell until the market gets better?” The simple answer to that question is that the market will probably not get much better for 5-8 years. We have seen stabilization in the Tampa market over the previous several month, but
this does not mean that we are likely to see any substantial growth in the foreseeable future.
On the positive side, we are seeing more purchases in the market and the number of homes that are available for purchase has dropped quite considerably. In addition, interest rates are at historic lows and prices are very affordable. These factors should contribute to an increase in prices. On the other side, the primary issue that will weigh the market down over the coming years is the steady influx of distressed properties. Short Sales and Foreclosure properties are entering the market at a steady pace. As long as this happens we will likely not see any measureable increase in home values.
With that being said, if you are considering “moving up” to a higher priced home, now is a terrific time to do that. Yes, you will likely need to sell your current home for less than you would like, but the upside is that you will more than make that loss up on the purchase of the more expensive home. There are many things to consider when selling your home. We would welcome the opportunity to discuss your specific scenario to see if selling now is right for you. Rest assured, we would never push you to sell if you feel like now is not the best time for you.
Contact us today at 813.931.5000 or at Info@BellHenderson.com to speak with a member of our team.