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Should You Sell Before the Housing Bubble Pops
For the past several years housing prices have risen dramatically. With interest rates continuously moving up, and more and more people being priced out of the market, all signs point to an imminent housing market correction. So should you sell your home now before prices drop or should you stick it out and see what happens? It really depends on your individual situation. Let's face it, we all need a place to live and the world and United States population continues to grow. Any correction in the housing market will inevitably be short lived, relatively speaking. Historically it is not uncommon to see house prices drop 10-20% during a correction cycle and for these cycles to last several years. Inevitably, however, the housing market recovers and prices continue to rise over the long run. Before a homeowner decides to sell out to beat the housing market, he or she should first decide what their 5 and 10 year plans are and what their home needs will be. If the plan is to stay in the same community and that the current home will meet their long term needs, e.g. enough bedrooms for a growing young family, then there should be no real reason to sell out. Unless of course your feeling lucky and want to gamble. However, if you sell out too early you may find yourself priced out of a new home and stuck in an apartment for much longer than you planned. As most financial investors will advise, it is not wise to time the market. Instead invest on a regular basis that suits your long term financial goals. Your home will probably be your biggest investment, so as with other financial investments, attempting to time the market is ill-advised. On the other hand, if your medium or long range plan includes moving to another community and/or requiring a change in housing needs then it may be wise to take advantage of a sellers market. For example, if the children have all grown up and left the nest and you have been contemplating downsizing it probably is wise to take advantage of a sellers market. Whatever the market conditions are, when deciding to buy or sell a house, first evaluate your own specific goals and plans, and then assess the market conditions. If the current housing market condition is favorable with your goals, then certainly take advantage of it. If it is not, then reassess your plans and see if your timeline can be stretched out to await better market conditions. If they can not, then indeed, you may need to make a less than favorable housing decision to meet you longer term goals. Me_Donovan@comcast.net Over the past 20+ years Mr. Donovan has been involved with building homes and additions to homes. His projects have included: building a vacation home, building additions and garages on to existing homes, and finishing unfinished homes. Mr. Donovan's formal education and profession have been as an Electrical Engineer and Marketing Manager.
MORE RESOURCES: Rules that helped set real estate agent commissions are changing. Here's what you need to know The Seattle Times Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Five Ways Buying and Selling a House Could Change The New York Times Real estate commission change shakes industry's foundation University of Miami: News@theU Local real estate agents face uncertain future with new negotiation rules WJHL-TV News Channel 11 The Realtors' Big Defeat The New York Times Central Texas housing experts talk impacts from $418M real estate settlement - 25 News KXXV and KRHD Central Texas housing experts talk impacts from $418M real estate settlement 25 News KXXV and KRHD What National Association of Realtors agreement means for Texas real estate KAMR - MyHighPlains.com Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale National lawsuit could shakeup housing market, cut into real estate agent commission 11Alive.com WXIA A luxury agent on how the NAR settlement will change his business The Washington Post What Seattle-area homebuyers should expect after national settlement The Seattle Times Swimmo Invest Opens up a New Chapter in the Real Estate Industry Markets Insider Settlement will affect Iowa homebuyers KCCI Des Moines Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times New rules on real estate commissions could change the housing market game LehighValleyNews.com Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Realtor group will pay $418M to settle commission lawsuits The Associated Press Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Foreclosures Are Rising—Especially in This One State—but Not for the Reason You Might Think - SFGATE Israeli real estate event: Legal complaints escalate NorthJersey.com Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Is real estate the best investment in 2024? Racine County Eye Changes could be coming to fees related to home buying process Fox 46 Charlotte Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline The NAR Settlement's Impact On Commissions And Home Prices Financial Samurai National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Manhattan Real Estate Update westsiderag.com Rules that helped set real estate agent commissions are changing. Here's what you need to know Antigo Daily Journal A commission settlement may affect housing market 9News.com KUSA Agent Migration and the Power of New Mike DelPrete End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Antitrust ruling rocks real estate: Buyers brace for shift in commission structures Straight Arrow News 4 ways buying a home in D-FW may change after landmark Realtors settlement - The Dallas Morning News 4 ways buying a home in D-FW may change after landmark Realtors settlement The Dallas Morning News National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Jill Schlesinger: Real Estate Settlement - My Bellingham Now My Bellingham Now - 4 Ways a Settlement Could Change the Housing Industry The New York Times Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider |
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