I have many clients asking me if they should sell their home now in this buyer’s market or wait until “the market comes back?” There is no one answer for this question. It depends on the circumstance of the individuals.
We are advising our younger clients who want to sell their home and buy a larger more expensive home to wait and watch the market. Prices are falling and it looks like they will continue to fall this year and maybe bottom out next spring.
We are advising our clients who are looking to down size and don’t want to wait 5 years to sell now. The person down sizing will loose money if they wait for the market to bottom out and sell in the next year or two.
Assume you own a $500,000 home and want to buy a $300,000 home. If the market goes down another 10% by next spring you loose $20,000 by waiting. Your existing home looses $50,000 where as the smaller home only looses $30,000 in market value.
We have initiated a 90 Day Sales Program to sell homes for our clients and stop the loss of market value. It has been very successful. The statistics show that if a property is priced right and marketed properly it will easily sell within 90 days.
It’s a buyer’s market and there are many homes to choose from. A large part of the Bend Oregon real estate market is over priced but there are still some really good buys out there. We set up our buyer clients on our New MLS Listing Notification program where all new listings and price reductions are automatically e-mailed to them. When a bank repo or a really well priced property hits the market we are the first ones there!
