Time to Yank it Off?

By
Real Estate Agent with Baird&Warner Fox Valley

"We think maybe we should pull the house off the market and wait until next year...?" Many of our sellers are opening their weekly reports and wondering if waiting until next year would get them a higher price. Showing activity has dropped off and the number of price changes on hotsheets far outnumbers any new sales. Sellers are frustrated after a long hot summer of keeping the house clean and showing ready. We know we've been doing great marketing, so if the house is in good shape and staged to perfection, then price drops are the only thing left to do to get the house sold.

So is yanking the listing off the market a good idea? Probably not.

Patrick Newport, an economist for IHS Global Insights, expects median existing home prices to fall another 8 percent or so before bottoming out in the first quarter of next year. From there, he expects prices to begin a slow and fitful climb.

Yesterday I came across a blog post from Steve Harney that addresses this very issue. Steve clearly states that the experts he follows believe that it will be at least two years before the drop in housing prices stabilizes. Steve concludes his post with this recommendation:

"If you are thinking of waiting for the market to show appreciation before selling your home, you have a two year wait not a one year wait. And if you are looking for double digit appreciation, it is five years away. Perhaps it is best to sell now and get on with the things in your life that caused you to think about moving in the first place".


Sell Now or Wait? What the Experts Are Saying

Excerpts from a blog post by Steve Harney on July 30, 2010 ·

......Is there any evidence that the market will come roaring back next spring? The evidence actually points to the exact opposite. Most experts are predicting that we will not see appreciation until the end of 2012 and even then the appreciation will be minimal...

......“The consensus indicates diminished confidence in the prospects for a near term recovery … This month, 60% of the panelists projected negative home price growth for 2010.”  That percentage was up from 40% just two months ago! 

......The experts are predicting that cumulative appreciation will not reach positive numbers until the end of 2012 and will still be under 10% by 2014.


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This post was written by Leslie Ebersole of Baird & Warner Real Estate.
Use or reproduction of the material published on this site is expressly prohibited
without the express written permission of the author.

 

FOX VALLEY LIVING

 

My Email leslie.ebersole@bairdwarner.com

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Re-Bloggged 16 times:

Re-Blogged By Re-Blogged At
  1. Deborah "Dee Dee" Garvin 07/31/2010 05:13 PM
  2. Lenn Harley 08/01/2010 06:59 AM
  3. Gabe Sanders 08/01/2010 08:09 AM
  4. Tony Marriott 08/01/2010 08:14 AM
  5. Leesa Finley 08/01/2010 08:30 AM
  6. Shirley Soforic 08/01/2010 08:30 AM
  7. Betty & John Knowles 08/01/2010 08:44 AM
  8. Bob Haywood 08/01/2010 08:50 AM
  9. Palm Properties l La Jolla Real Estate 08/01/2010 09:37 AM
  10. Patricia Aulson 08/01/2010 12:46 PM
  11. Lori Cain 08/01/2010 02:00 PM
  12. Cheryl Ritchie 08/01/2010 03:10 PM
  13. Chris Webster 08/02/2010 01:20 AM
  14. Erica Ramus 08/02/2010 10:06 AM
  15. Dee Bundy and Leslie Leis Northern Colorado Home Team 08/02/2010 01:47 PM
  16. Diane Williams 08/07/2010 04:26 AM
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Topic:
Home Selling
Location:
Illinois Kane County Saint Charles
Tags:
st charles il market update
st charles il real estate
st charles il homes for sale

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Rainmaker
420,591
Leslie Ebersole
REALTOR - Chicagonulls Western Suburbs
Baird&Warner Fox Valley

Erica: Thanks, I hope our sellers will be realistic about market conditions.

Bryan:I don't know about locking up those poor economists unless they can all have each other for company! I guess we have no thoughts at all of waiting for a hot market, here in the midwest we don't like all that much excitement ;-) Thanks for commenting.

Stephen: Every market is different, and for us the under $400,000 homes are selling pretty well. The upper end and townhouses are struggling. Thanks for sharing a realistic view.

Joni: Ah ha! The conflict between "need" and "want" truly is the dilemma, isn't it!

Vince: Wouldn't it be great if we could call on each other's clients and have your kind of straight talk. I plan on using your line in a phone call tonight, thanks.

Kathy: I agree, but sometimes those darn clients think we should be able to predict the future.

August 02, 2010 07:49 PM
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Debe Maxwell
Charlotte Homes for Sale - Charlotte Neighborhoods
www.AtHomesCharlotte.com | Savvy + Company Real Estate

Hi Leslie!  Great post and the final numbers of the experts' consensus on housing is truly a bit depressing.  I have to say though, I've had many sellers ask me this question and I think that it's all determined by their motivation--why do they need to move and how soon.  If they can hang onto their home and wait until 2012, they're going to be paying a higher price for the one that they purchase as well--it's all relevent. 

August 04, 2010 01:02 AM
Rainmaker
258,618
Bill Travis
Broker/Owner
Captain Bill Realty, LLC

Leslie I think it depends on the sellers needs. If they are going to sell and buy another home, then it's a trade off. The home they're buying will be a bargain.

August 04, 2010 08:53 AM
Rainmaker
420,591
Leslie Ebersole
REALTOR - Chicagonulls Western Suburbs
Baird&Warner Fox Valley

Debe, Bill: It's a double edged sword: some people who are motivated may not have sufficient equity to sell, so their reasoning is that rising prices (their wish)  will at least get them out the current home, even if they will end up paying more for their new place in the future.

Thanks for commmenting.

 

 

 

 

 

 

 

 

August 04, 2010 10:35 AM
Rainer
214,957
Diane Williams

If you need to sell your home what better time then now to do it.  In this area we are seeing a small increase in sales. With that news you will see more homes come on the market to compete with. 

August 07, 2010 04:12 AM
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Leslie Ebersole

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