The time to sell is NOW
posted by WeKnowBrevard Blog @ 8:13pm, Sunday 10 August 2008.
I write this sitting on my deck enjoying a beautiful evening and a great Diamond Crown cigar. It has cooled off from a high of 92 to a very enjoyable 80 degrees.
I sit here contemplating a conversation I had this week with a listing client. Picking themselves off the floor after I told them that their home that had been listed at 1.2 million was only worth $825,000 now, they came back that they would just sit on the home for 5 years and sell it then.
The math just doesn't add up. We are still in that 17-20% depreciation range for the year 2008. "Just sit on it" would represent this home only being worth $742,500 by the end of the year. If we continue at this pace through 2009 it will be worth $594,000 by the end of 2009. And you still have the home!
If my math is correct it would take 7 years of 5% appreciation to make it back to the $825,000 it's worth today. That doesn't take into consideration that evil "carrying cost". If you add in the cost of money, insurance, taxes and heart ache, the picture is very ugly.
In plain English, that is not a good plan. Lower the price so it will sell today and take the stress out of your life. Waiting 9 years to get the same amount as you could get today is not a good plan or a good idea.
Let's get together to put a "real" plan together on selling your home TODAY!
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