I am debating on selling my home now or waiting for prices to go up even more.. I have been waiting for prices to go up so I can sell and pay off my mortgage. I think I should break even if I sell now, but i’m debating on waiting until prices go up more. Thoughts?
Why sell now? Are you buying another home?
- Greetings, Spring, even in Southern California, always brings out the buyers and prices sometimes rise. But for the most part, prices seem to rise based upon available inventory...less homes available-sellers market...same old story, supply versus demand. Therefore, when is inventory the lowest? Typically during the winter holidays. San Diego North County home prices on a square foot basis month over previous year month have been flat since September 2014. Only months where there was an increase over the same month in 2013 were January & February (winter inventory shortage) and June, July & August (summer). Hope this helps!
- Most indications are pointing to prices continuing to slowly climb but interest rates are expected to climb this summer as well. That means fewer buyers. You still have a mortgage and taxes to pay. If it would help you sleep better at night to be out from under that mortgage...I say sell now cause you're not going to NET much more in a few months. It's hard to put a price tag on peace of mind.
- Taking note that this question was posted 5 months ago and today being March 7, 2015, day before we Spring forward, I would have to say NOW is the time to sell! Prices have been on a steady rise and inventory still remains low, with low interest rates, creating the perfect storm. With your intent to purchase another home, waiting for prices to rise will net you more, however, you can expect to pay a higher price as well, for your new purchase. I would focus more on taking advantage of the lower interest rates NOW and readying your home to obtain the highest purchase price. Best of luck with your endeavor!