“I thought about putting my house on the market this fall, but maybe I should wait until spring?” I have heard that a few times this past September, but are you sure you want to do that? Before you make that decision, I think that you should consider the following:
1) There most certainly will be more inventory on the market come next April. More inventory means more choices for buyers. More choices mean that the leverage and balance of power sways toward the buyer. The final analysis is that the seller gets neither the full price nor close to asking price.
2) Last month, Ben Bernanke said that they would not taper QE3 for the time being, which means that interest rates shall remain around 4 or 4.5 % for the remainder of this year. I think it’s a safe bet that interest rates will be in the 5’s come next spring. That means fewer buyers in the pool again, swaying the power over to buyers from sellers.
3) If you look at the Case-Schiller Index for home values, you’ll see that Denver home prices have risen above the high water mark from 2006. Home values have never been higher than right now and yes, that means even higher than the heydays of -06 and -07. Will that be the case in March or April of next year? At the very best you’ll be rolling the dice with a 50/50 chance.
In the end, no one knows for sure what the economic conditions will be next spring; so it’s a decision of selling now with the facts that you know for SURE, or selling later with the facts that are unknown at this time. If you ask me, the facts that we know now far outweigh rolling the dice down the line.