If you are among the many homeowners who are wondering whether to wait for the real estate market to show some appreciation before selling your home, the experts are now predicting that you will likely have a longer wait than previously forecasted.
According to the S&P Case Shiller Index, we are now looking at a two more years before home prices really begin to appreciate at all. Double digit appreciation will take longer: The experts are now forecasting that we will have another five years of waiting and holding on, before we’ll see housing prices appreciate 10% beyond what they currently are selling at. If you are thinking about moving, rather than holding your breath for the next five years, you may want to explore selling your house now … so you can enjoy whatever comes next.
Evidenced by the shear numbers of inquiries we are getting through in our Miami offices, it’s obvious that more and more homeowners are questioning whether they should put their homes on the market, and sell now, or wait a year or two (or longer) before selling. The hope has been that 2011 would bring some relief to the housing situation, the real estate market would begin to improve, and therefore bring in higher selling prices. While Miami is unique as a market segment, and set apart from national real estate market trends for a multitude of reasons, Miami still has to contend with the same shadow inventory that the rest of the world has to contend with.
From the reports, there is very little evidence that the market will improve drastically anytime soon (meaning for the remainder or 2010- and on into 2011). On the contrary, with the amount of shadow inventory (which includes both short sales and foreclosures hiding in the wings) the evidence overwhelmingly indicates that the real estate market is unlikely to soar again, at least not for a few more years. Economists are now predicting that we will see not even a minimal appreciation until late in 2012…. and again, not a double digit increase until after 2014.
Robert Shiller of the Case Shiller Index reported in the July Home Price Indication Survey that an increasing number of experts are predicting a 2% in real estate prices by late 2012… All indications are that we are now realistically looking five years into the future before the housing market is likely to see a double digit recovery.
If you are on the fence as to whether to list your house for sale now, or wait it out, we invite you to contact our team anytime at 305-793-1365 or 305-632-0164 (our cellular numbers) or send us a message here. We will be honored to discuss to the options with you. While the general consensus of the experts, and the real estate market forecast for 2010 – 2015, indicates a delayed recovery, each homeowner’s situation is specific and unique, and we will be more that happy to discuss those specifics with you so you can make whatever decision is best for you and your family.
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