Many clients who are thinking of selling are holding out for signs of good news believing this will assist with price valuation. I would like you to consider these circumstances:
Shadow Inventory-Bank owned property which has been foreclosed however not yet on the market/ Average Days On Market-This number has recently increased from 164 to 168/ Global Economy-Slower growth and some believe may incur another recession/ Deficit Spending/ Unemployment/ European Debt Crisis/ Chinese Economy- It’s stock market is hitting all time lows and many feel a bubble is waiting to happen
I point these items out because many have put their quality of life on hold waiting for things to turn around and hopefully sell for a higher price. Now based on the factors above, it could take years to achieve the price level you as a seller are seeking.
So, the biggest question every potential seller should ask themselves is “If I were to Sell my property today, what would that mean to me”. I’m quite positive the answer to that question would far outweigh any financial benefits to a higher sales price.