Right now, the cost of homes in most places around the country is at an all-time low. That’s not good for sellers, of course, but that doesn’t mean that there isn’t value still left in the market. Buyers are doing quite well, because they know that they can get homes and land a lot cheaper than they could before the market became so volatile. For sellers, there are fewer options. So many of them have given up on selling and just walked away that there is a flood of foreclosures all throughout the country. These are driving prices down further, making it almost impossible for a home to sell at anything that’s even close to what market value was a year ago – or even six months ago.
Housing prices are beginning to stabilize, but they aren’t headed back up just yet. That will happen, but it’s going to be three to five years, real estate professionals estimate, before there’s really anything to be happy about where home prices are concerned – at least from the standpoint of the seller. Because that’s the case, some people who would have moved sooner have elected to wait a while, so that they have a better chance of getting a reasonable price for their home.
You have to consider, though, that it’s not just about the price you get for your home. It’s also about the price you will pay for your next home. If you wait for the value of your home to go up quite a lot, the value (and price) of the home you may want to buy will also go up quite a lot. In the long run, waiting to sell your home may not actually benefit you financially.