YES! Well actually it depends on your situation.
Scenarios of people who have to sell and should sell now.
Estate situation: Someone passed away and now the estate is left with a property to sell. Waiting in this type of situation could be detrimental. First, the property should be gone through. There are personal items and family memories that should be passed from one generation to the next. After that, there will probably be other items. An estate or garage sale could be in order. Once that is done, my advice is to get the home cleaned out and ready for sale.
Divorce situation: Families are always going through situations. Divorce is all too common. During a divorce proceeding it is common for the judge to order that the home be sold and the proceeds split. Keeping the home in good showing condition and making it accessible will go a long way towards getting the highest possible price.
Financial situation 1: In this current economic climate, there are many people who are having difficulty paying their mortgages. Many people have taken advances on credit cards and personal loans to bridge the financial gap. Unfortunately, this can not last forever. If you notice this happening to you; it may be time to downsize to help reduce your overhead expenses. While you may feel that you'll get less for your home, you will also pay less for the next home that you buy.
Financial situation 2: You are behind on your mortgage payments. If you've missed payments and don't think you will be able to catch up; now is the time to put your home on the market. Depending on your situation, you can sell your home if it is worth less than the outstanding mortgage amount. The bank would then take care of paying all your fees including Brokerage fee, attorney fee, transfer tax and possibly some other fees. Don't make foreclosure an option, there are people who can help you in your current situation.
Job Transfer: Your company needs you in another location, outside of New Jersey. Perhaps you could keep your home here and rent it out. The reality is that it is very difficult being an absentee landlord. Transition is very difficult. If you have a family, being apart from them can cause its own set of challenges. Best scenario, put your home on the market, sell it and then move to your new location.
The Reality for Buyers and Sellers
People are always buying and selling Real Estate, regardless of market conditions. Some of you may remember 18% mortgage rates. People bought homes when the rates were extremely high. Home prices go up, home prices come down.
Meet some people who are going to buy, no matter what the conditions.
Renters: People who have been renting and up until now have been priced out of the market. With the $8,000 first time homebuyer tax credit, there is more incentive than ever.
People outgrowing their current home: People continue to have children and with children comes the need for more space. The thought process has always been... Should we renovate or move? With home prices at a much more reasonable level the move up buyer is alive and well.
Transferees: Northern New Jersey and New York City are hot beds for business, believe it or not, there are companies that are still hiring and expanding. Folks are being brought in from around the world to work in our area. Guess what? They need housing.
Married Children living with their In-Laws: In an effort to save money, some married couples have moved in with their In-Laws. While this may have seemed a good idea at the time, it can't last forever. If you are married, you know what I mean. These folks are out in droves looking to buy a home and be on their own, again.
Here is the moral of this column. There are always people buying and selling Real Estate, regardless of what the "market" is doing. Don't put off until tomorrow what you can do today.
