Home demand will be strong as buyers seek tax credits
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So you want to sell a home in 2010? Think January, not June.
Not only are prices expected to keep falling, cutting into sellers’ profits the longer they wait, but demand will be strong early in the year from first-time and move-up buyers looking to qualify for tax credits that expire April 30.
“If I had a home that I wanted to get as much money for as I could, I’d sell it as soon as possible,” said Chris Lafakis, an economist for Moody’s Economy.com in West Chester, Pa.
Richard Griest, 58, is selling his three-bedroom home in Margate. It’s listed for $275,000, down from $299,000. “I’m a motivated seller, but I’m not going to give the thing away,” he said.
Griest’s real estate agent, Michael Citron, isn’t advocating any fire sale, but he has stressed to his client that time is of the essence.
Griest’s neighborhood is full of foreclosures and short sales, which will hurt prices of all neighboring properties. Even if Griest accepts an offer in the $250,000 range, that would be better than holding out and watching the distressed sales set a much lower standard for prices in the area, Citron said
