Too late too sell?
Home prices have imploded worldwide. There are several areas that have homes being offered lower than replacement cost EXCLUDING the land. And in some parts of the world, prices have not stabilized.
After all of this....is it too late to sell?
In one word, maybe.
I know that may sound like a political answer, but there are many factors that go into each particular answer and vary with each regional location. There is also the fact to look at where do you go next. For those who's credit is tarnished with late payments, pre-forclosures, lis pendens, collections, judgments, leins, etc., it is too late to sell and those should exhaust every level to keep their home with a possible loan modification. There are many companies that offer this service including attorneys. You can do it yourself, however it is not advised.
For those who are in a good credit position, can purchase another home, and just want to trade up or get a bargain, I also say it is too late to sell. Consider purchasing your trade up or bargain home and KEEP your present home by transferring it to a rental investment. The use of a property management company is highly advised and should be explored to relieve the day to day activities of being a landlord. Possible loan modification should also be looked at to improve cash flow of the property.
Since I gave two examples of when it is too late to sell, let me illustrate one that is not ....
Relocation by company.
If you have been effected by the labor market weakness and are experiencing a job transfer or have decided to move to a more favorable area for employment, you should explore liquidating your home through a professional. The single fact that almost the entire world real estate markets have experienced historic price declines makes the idea of having an out of area home, impracticable.
Remember one thing.
Cycles change. Prices will go up and yes they will correct and continually adjust to many factors. I am sure I will be writting a BLOG in the future saying "Too late too buy"?. Try to stay even keeled through life and business, surround yourself with true professionals who are focused on your goals and objectives and Dream Big!
DJB Realty, LLC is a boutique real estate and business brokerage that caters to entrepreneurs who look to enhance their portfolios with cash flow entities. David J. Britton, broker/owner is founder of DJB Realty, LLC and can be reached at dave@djbrealty.com. Updates, featured listings, news, and profiles are displayed at the company's website at www.djbrealty.com.
Have a great day!