By Joseph Palumbo III
The subject has come up more than once at home: Should you sell your house? We are hoping the real estate market is going to rebound soon, but is your home going to be worth the prices homes were selling at years ago? What are some warning signs that it may be time to sell your Queens home before it drops in value?
First look around and see if there are foreclosures in your neighborhood. One of the quickest ways to be behind the eight ball regarding your home dropping in value is to live in an area plagued by foreclosures. Another sign is there being many homes for sale in your neighborhood. The longer a house sits on the market with a “for sale” sign on the front lawn, the harder it becomes to sell.
The reason is prospective buyers who are shopping for the best deal on a property start to say, “It’s been on the market a while. The sellers are going to be desperate to sell.” That means you will be offered less money than you would probably like for your home.
If your neighborhood is losing its curb appeal, it is probably time to sell. If the neighborhood is beginning to physically look unappealing, then that is what the general consensus will be for prospective buyers who are shopping in that area.
So How’s Business regarding selling your home before it may lose more value? Nearly half of the nation’s 52 million mortgage borrowers will have negative equity by the end of the first quarter in 2011. The continued decline of home prices is contributing to the rising rates of negative equity, thus making homeowners sell their respective properties for less money. It is Mother Nature’s way of straightening out a one-time overpriced real estate market and bringing buyers back to reality with what they can afford, as well bringing sellers back to earth with what their property is actually worth. Talk to a licensed real estate agent to get a comparative market analysis, which can help in having an idea of what your property is currently worth.
Contact Joe Palumbo at 516-297-4034 or jp@c21amhomes.com.
