Reasons to List this Fall – Chicago Tribune

The Chicago Tribune ran a an article regarding reasons to list this fall and winter.  After “Selling this Fall, What to do now…”  I thought this would also aid those of you thinking of selling.

  1. You really Need to Sell. It could be a job transfer, or it could be a need to have less house or a smaller mortgage payment at a lesser interest rate.  A homeowner who has been in a property more than FIVE years and who didn’t tap into a large home equity line of credit or a cash-out refininacing, still has a chance of coming out ahead.  Keep in mind that buyers in the market during the fourth quarter typically are serious buyers.
  2. You want to Trade Up. It could be a bigger house, different neighborhood or a better school district, but it comes with a higher price tag.  Do the math; this might be the right time.  A home that was once worth $300,000 may now be worth $240,000 in a market where prices have fallen 20 percent.  Wow, you think the seller is taking a bath.  But that seller may also be a prospective buyer who wants a house that once was valued at $400,000.   WIth an equivalent market drop and a realistic listing price, that house may now sell for $320,000.   So, in effect, the person is losing $60,000 on the sale of one home but coming out ahead $20,000 on the purchase of another.
  3. You want to live in a worse-hit market. It depends on the debt load carried on the current residence, but if you’ve dreamed of moving to a “sunshine” state like Florida, Nevada or California, your money will go far.
  4. You’re the new supply.  There’s an abundance of properties that have been sitting on the market six months or more, many of them with multiple price reductions.  A home that has just come on the market, particularly if it’s priced competitively, will get the attention of serious buyers tired of the existing inventory.

Chicago Tribune, Friday, October 15,2010

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