Should you sell your house now?

How to know when to sell your home

When people say that the housing bubble has burst, does that mean it is a bad time to sell your home? Or should you get out of your home now before it gets worse? Here are a few tips to help you make that decision:

Look at market conditions.

• Timing the prices in a housing market is difficult.
• Unless you really have to sell right now then it is best to probably wait until the economy turns around.
• The number of buyers is down and there is a ton of inventory you will have to compete with.

Determine the right price for your home.

• If you have to sell your home right now, determining the right price will be the most important decision you make.
• You need to look at comparable houses in your area to determine the price.
• The key is to determine what are they selling for per square foot so you can apply it to your own home price.

Stage your home for the sale.

• Staging your house is also very important when selling your home, but you don’t need to hire a stager to do it.
• Start with the exterior and make sure that trees and shrubs are trimmed and the lawn is clean.
• Inside your home you want to neutralize the colors of the walls and remove all of your personal effects.
• You want people looking at your home to see the house as their own.
• Before you put it on the market try to remove one piece of furniture from every room to help it look clean and open.

What if you are selling your home from out of state?

• If you’re moving out of state and you are having a hard time selling your home you might ask your employer if they are willing to take on the cost of your old home.
• Another option is to rent your home out and allow a local manager to take care of it.

Should you hire a real estate agent or sell your house yourself?

• Selling your home on your own can be very tough.
• A professional real estate agent can help you with all the necessary steps and give you advice on the market.
• If you are selling your home without an agent then you should price the home under market value.
• The upside to selling your home on your own is that you can save on the commission rate an agent charges.

Listing your home on the internet

• Utilizing the internet to sell your home is very important whether you are selling it on your own or with an agent.
• Make sure the pictures of your home that you are putting on the web are fabulous.
• You can also make a 360 degree video of your home and you must be sure all the information on your home is current and up to date on the internet.

Sarasota Economic update

On Tuesday, June 30, the Conference Board reported that its consumer confidence index fell to 49.3 in June from a slightly revised 54.8 in May. Economists had expected an increase to 55. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Standard & Poor’s / Case-Shiller 20-city housing price index dropped 18.1% from April 2008 to April 2009. It was the third straight month the index didn’t post record drops, indicating that the slump in home values might be easing.

The Institute for Supply Management reported the monthly index of manufacturing activity rose to 44.8 in June from 42.8 in May. Though any reading below 50 signals contraction, it was the sixth consecutive monthly increase from a record low of 32.9 in December.

The Commerce Department reported total construction spending fell 0.9% in May. Economists had expected a 0.5% decline. Meanwhile, construction spending in April was downwardly revised to a 0.6% gain. Also, a March increase of 0.4% was revised to a 0.4% drop.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 0.1% to 90.7 in May from an upwardly revised 90.6 in April. It was the fourth consecutive monthly increase after the index hit a record low in January.

The Commerce Department reported factory orders rose 1.2% in May, after a revised 0.5% increase in April. It was the first back-to-back increase in nearly a year.

The Labor Department reported the jobless rate rose to 9.5% in June from 9.4% in May. That’s the highest level since August 1983.

Upcoming on the economic calendar are reports on consumer credit on July 8 and wholesale trade on July 9.

Last Week in the News – May 29, 2009

On Tuesday, May 26, the Conference Board reported that its consumer confidence index rose to 54.9 in May from an upwardly revised 40.8 in April. It was the biggest increase in six years. Economists had expected an increase to 42.3. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Standard & Poor’s / Case-Shiller 20-city housing price index dropped 18.7% from March 2008 to March 2009. It was the second straight month the index didn’t post record drops, indicating that the slump in home values might be easing.

The National Association of Realtors said existing home sales rose 2.9% in April to a seasonally adjusted annual rate of 4.68 million from 4.55 million in March. Economists had expected an annualized rate of 4.66 million homes.

Orders for durable goods, items expected to last three or more years, rose 1.9% in April after a revised lower 2.1% drop in March. This was the second increase in the last three months after having recorded six straight declines. Economists had anticipated orders for durable goods to rise only 0.5%.

Initial claims for unemployment benefits fell by 13,000 to 623,000 in the week ending May 23 from a revised figure of 636,000 in the previous week. The number of people continuing to claim jobless benefits in the week ending May 16 rose to 6.78 million, a record-high figure for the 17th straight week.

New home sales rose 0.3% in April to a seasonally adjusted annual rate of 352,000 from a downwardly revised rate of 351,000 in March. Economists had expected a sales pace of 360,000 units.

Upcoming on the economic calendar are reports on construction spending on June 1, pending home sales on June 2 and factory orders on June 3.