Here is an excerpt from an email sent to a prospective listing client regarding the value of her home now and in years to come:
Hey XXXX…It is really easy to pull comps for your place. There are others for sale and some that have sold that are almost identical to yours.
(These are all 3 beds and 2 baths built in 2003-2004)
Currently for sale:
Square ft Price
5043 Westview 1240 133,900
5052 Westview 1182 135,000
5047 Westview 1240 130,000
SOLD:
5097 Westview 1269 135,500
4093 Napoleon 1260 130,000
5054 Westview 1240 130,500
A portion of this email has been deleted for blog use
Based on the tax records on what you owe on your mortgage it looks like you would have to bring money to closing. One thing to be aware of is that in 2006 and 2007 these same homes were selling between 140,000-155,000 and have come down since. There are about 10,000 homes still on the market now and only about 400-800 homes are selling each month so it is not expected to get better anytime soon. If prices come down another 5-8% each year over the next 2 years as expected and then increase in value by the traditional 3% per year after that this is what it would look like:
NOW- $135,000
2011- $126,225 (down 6.5%)
2012- $118,020 (down 6.5%)
2013- $121,560 (up 3%)
2014- $125,207 (up 3%)
2015- $128,963 (up 3%)
2016- $132,832 (up 3%)
2017- $136,817 (up 3%)
Obviously, this is all just estimated by looking at trends and expectiations. It could end up being a little better or worse depending on a whole bunch of factors.
What do you think? If you think you will have to sell within the next few years, is it better to sell now or then? Pretty easy choice if current trends continue.
Posted by: Jeremy Wilson, 843.478.8532
Owner and Listing Specialist of www.ChuckTownHomes.com