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03/27/07, 04:31 AM
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mini-steader
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Join Date: Apr 2006
Location: NE Ohio
Posts: 1,510
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Real Estate Market
I'm not sure where to post this, but this seems like as good a place as any. I am not ready to put my house up for sale, but I need to know how to detect when that right time is. Does anyone have a good link where I can watch the real estate market, interest rates and such, AND tell me what I am watching for? lol
I picked up one of those free real estate magazines to see what other houses in the area are going for. It seems to me that right now there aren't many for sale in my area, which I would think would be a good thing since the town I live in is a desirable place to live being that it is small with a great school system. Wonderful place to raise kids. Anyway, I need to get ready to put the house on the market so I can move closer to my preferred boonies lifestyle, but looking for the opportune time to do that. Would love your input. Thanks!
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03/27/07, 05:04 AM
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Join Date: Jan 2007
Location: apparently it's a handbasket
Posts: 1,582
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The consensus is that we have popped the housing bubble and the housing market is on an expected, correcting, decline that could last for years. If you google for housing bubble you can learn about this. I personally think that it will be about 5 years before the general housing market across the country is favorable again. History shows that the cycles are about 5 years of gaining strength, then 5 years of decline. We are most definitely on the decline.
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03/27/07, 05:07 AM
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More dharma, less drama.
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Join Date: May 2002
Location: Texas Coastal Bend/S. Missouri
Posts: 30,490
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It doesn't really matter. In spite of what the gurus and media tell you, there are people moving and looking for houses still. Put it on the market when you are ready.
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03/27/07, 07:00 AM
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Join Date: Jul 2005
Location: Central WV
Posts: 5,390
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If you're planning on moving within a year or so, now is the best time to put the house on the market. People with children like to move during the summer so that the school year is not interrupted. It's best to get your house on the market in April if you can and hope for a quick sale and plan to be moving by August.
If, on the other hand, you're asking about a long term decision, like sometime in the next decade, interest rates and other long term factors would come into play and I'm not knowledgeable about that.
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Our homestead-in-the-making: Palazzo Rospo
Eating the dream
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03/27/07, 09:04 AM
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KS dairy farmers
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Join Date: Nov 2005
Location: KS
Posts: 3,841
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The bloom may be off the Pumpkin as far as the unusually brisk activity and high prices seen prior to Nov. 2006. However, if you look at historical trends over the last 20 years, interest rates are quite reasonable and thus home buying is still an attractive proposition for buyers.
The biggest difference now is it may take longer to find the right buyer, and marginal credit history buyers may not qualify for as much house as they would have 18 months or a year ago.
I agree with above posts that a house should be listed in the Spring. people like to move in the warm months, and people feel like buying during the green season. In snowbelt areas, houses are most desirable when there is green grass and flowers - a setting, a place, an environment people desire to place their family in plays a role in the buying process.
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03/27/07, 09:28 AM
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Join Date: May 2002
Posts: 5,373
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There is no pat answer for your question. The reality is, the bubble has not popped (nor was it overly inflated) in every area of the country. And even in some areas that had "the bubble", every single neighborhood is not affected. Sub-prime loans right now has had a devastating impact on many areas, but not EVERY area. So do your homework, talk to realtors, read the paper, watch the ads and the net, and try to determine where your neighborhood lies. Good luck.
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Society has gotten to the point where everybody has a right, but nobody has a responsibility.
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03/27/07, 10:39 AM
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Join Date: Jan 2007
Location: Tn
Posts: 399
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Niki I'm in the same boat as you and have come to the conclusion that waiting just prolongs things.
I'm personally putting mine on the market near the end of April,a Realtor Friend of mine suggested this to be the best time of the year to do so, like Turtlehead said "People with children like to move during the summer"and from what I can tell that is your market ,living in an area with good schools and not many houses for sale. So the sooner yours is out there the better chance you have of selling it before the market gets flooded in late spring ,early summer with everyone begining to moving.
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Hidden in the hills of Tennessee
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03/27/07, 10:47 AM
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Join Date: Oct 2006
Location: N. E. TX
Posts: 29,592
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Like the others said, spring is usually the best time to sell. All the 'gloom & doom' talk comes in the winter. In most climates, builders don't do well in the winter, too darn cold to have crews outdoors, etc.
I'd look for indicators in your area. While the 'bubble' was supposed to have burst, I think that it applies to the west coast more than anywhere else. In the Dallas/Ft Worth area sales are up & new permits are up. This happens every year.
Patty
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03/27/07, 11:02 AM
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Join Date: Jan 2005
Posts: 1,094
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Those invested in real estate or who view their home as an investment will tell you that there is no housing bubble. The facts are very different. Housing prices were on an unprecedented meteoric rise that has ended. That rise in prices was of a magnitude never before seen in the broad real estate market.
Some areas were affected more than others. In general the more prices rose in any given area, the more they will fall in that same area. Many areas were already so depressed that little occured in those housing markets. If you are in an area where prices rose dramatically over the last 5 years, those prices will come back down.
You can verify this decline in the market for yourself. Look at actual market prices and sales in a chosen area. There have already been substantial price declines and corresponding inventory increases. Do not listen to opinion about this market. Look at the facts.
The housing market is on its way down and the decline will last for many years to come.
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03/27/07, 01:28 PM
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Join Date: Jul 2005
Location: Illinois
Posts: 431
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I suggest that you contact a realestate agent or 3 and have a free market analysis done on your property and take the average suggested asking price and subtract 10%. this will probably give you a good idea what you can expect to sell your house for. Also these agents will have advice on improvements you can make to your property to raise that figure. Sometimes they're right sometimes not. It is true that listing times are longer today than they were about 1 year ago but the right buyer can come along at any time so be prepared. JMHO
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03/27/07, 08:08 PM
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Join Date: Dec 2002
Location: Texas
Posts: 918
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SteveD was right..There is no pat answer! Like politics, real estate markets are mostly local. I believe fairly priced existing homes will continue to sell despite increased foreclosures in the NE and Midwest regions. New home sales or quick resales may be another matter as they have to compete with lenders unloading foreclosures. The residential department of my office is jumping with the spring rush on country homes. That said, I wouldn't trust the fed enough to delay the sale without good reason. Low
interest rates help qualify more Buyers and improve your odds of a "good" sale. Wishing you good fortune in the Market Place...Glen
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The more a man travels, acquires wisdom and learns about life, the more likely he is to marry a Country Girl.
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03/27/07, 10:57 PM
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mini-steader
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Join Date: Apr 2006
Location: NE Ohio
Posts: 1,510
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Thank you all for your input. When the time is right for me, I will put that sign out front and see what happens. Meanwhile, I have a lot of research to do 
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03/30/07, 08:47 AM
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Icelandic Sheep
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Join Date: May 2006
Location: Northeast Ohio
Posts: 3,344
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Niki,
Check out www.realtor.com
You can put in your zip code and see all the houses for sale in your area. I love my home and hope I never have to sell it, but I watch the real estate market in my area for fun.
Also, start getting your house ready to sell now. Watch "Designed to Sell" on HGTV a few times to get the basic idea. You CAN sell your house in a down market if it's the best one on the market. You're competing with all the other houses out there. Clean, decluttered, and freshly painted is your best bet.
RedTartan
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03/30/07, 08:54 AM
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Join Date: Nov 2005
Location: NE Ohio
Posts: 1,066
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Niki,
Where in NE Ohio are you? We have our house up for sale for similar reasons. Getting ready to make the switch to our homestead.
In Medina county the $180,000 homes are what are selling "rapidly" followed by new construction. Over $200,000 are much slower but are averaging 90 - 120 days on the market..atleast that is what the monthly Howard Hanna market survey is saying. Ours has only been on the market for about 7 weeks so we shall see what happens.
Best of luck to you.
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