The trouble is if prices go the other way — let’s say they fall another 5% or 10% — then they’ll start rising back up again from that lowest point, not from where they are right now. So instead of selling your house at this year’s prices, you may actually have to hold off for several more years just to see prices go back up to the same point where they are now. Ouch! What a wake up call!
As real estate expert Joe Manusa states, “Realistically, anybody who chooses to wait until next year is either really waiting until 2015 to get this year’s price (or later) or is choosing to get less money for their home.”
This makes complete sense. Until the huge inventory of unsold homes declines and the number of qualified buyers rises, prices aren’t heading upwards again. In fact, they can continue to fall while home sellers sit on the fence trying to decide whether to wait until next year or not.
That’s why if you know that you have to sell your home this year or next, it may be a good idea to put that “For Sale” sign up sooner rather than later. Then, if you sell your house and the market continues to sink, you could be in a good position to purchase your next house (if you plan to buy again) at an even lower level. You might even find yourself feeling a little sorry for the seller, who decided to wait until next year — instead of selling sooner — like you did.