Advice for Empty Nesters – Sell in a Buyer’s Market?August 16, 2011
Many parents who no longer need the extra bedrooms for their grown children are torn about selling their Boston home in a buyer's market. Should they wait for the market to rebound...and how long will that take? Or should they lower their asking price to match comp sales?
Bottom line: it's a buyer's market, but it may be in your best interest to sell if certain conditions are met. I'm able to help determine if the right factors are in place for you to sell now, or if you should renovate and stay in your Boston home for a couple of years.
I read this Boston Globe article yesterday and wanted to pass along --
Sell now or wait?
by Mindy Pollack / August 14, 2011
Laurie and Chris Ying of Lexington began thinking about selling their four-bedroom home after their daughter left for college in 2005. When they couldn’t find a suitable smaller home, they decided to renovate and wait. Then the housing market crashed, convincing them to stay put even longer. But last year, sensing an improvement in local real estate conditions, and needing to spend another $120,000 to update the kitchen and dining area, they decided to put their home of 25 years up for sale. With nearby construction coming onto the market, they figured they had “maxed out’’ the profit they could make.
The Yings are among many empty nesters forced to weigh the desire to move to smaller homes against a real estate market that remains difficult for sellers. For these homeowners, the question is whether to sell now, and accept lower prices, or hang on with the hope the market will rebound in the not-so distant future. Read more...
Are you in a similar situation? Contact me to discuss whether selling is your best move right now.