Waiting to sell until home prices ... fall?
You hear all the time about homeowners waiting for home prices to rise before trying to sell. But what about waiting to sell until prices drop even more?
Some homeowners who don't intend to sell or buy next year say that's the basic plan. "I own a home and want to wait for prices to fall further before buying elsewhere" is actually the most popular answer so far in this week's poll for those who aren't in the market.
"That makes no sense," Wonk reader George wrote in a comment. "Waiting for prices to fall further just hurts you more on the selling side. Logic would dictate you sell now, rent then buy later if you feel prices will fall further."
I offered that as a poll option because Wonk reader elweedz has mentioned that he would have gone the sell, rent, buy route but he couldn't get his wife on board with the plan to not be homeowners for a while. So he's simply waiting to sell.
"Equity is not found money. I have 100k in 'equity' in my home but, I cant spend it without selling my home," he wrote in a comment. "If I sell my home and want to stay in the same community then I will need it to buy the next home. Now, if both my current home and my next home were worth 100k less then it wouldnt make a difference to me."
Are you also waiting to sell until prices drop further? What are your reasons?