Sellers - The Bottom Line

If you saw the graph of the Case-Shiller Index in my previous post, you can see that average prices in decline and are predicted to do so. So, what does that mean for a Home Seller?

1) If you wait to sell your home or to price it where it will sell, the price of the home will continue to decline into 2009-2010, perhaps even into 2011, in the case of a severe recession.

2) In a more normal scenario, your home will be worth what it is now in 2011 (3 years from now).

3) In a severe recession scenario, your home will be worth what it is now in 2013 (5 years from now).

The Bottom Line - If you want to wait to get a certain price for your home, you may be waiting a very long time. However, if you need to move, don't wait. Inaction could be very costly!