Sell now or wait?

How to take advantage of the next uptick
Published on Dec 1, 2009

The recent upward shift in home prices is causing some ambivalent homeowners to seriously consider selling. A common dilemma is when to sell. Is the recent uptick in the market a blip or the beginning of a trend? Should you sell this year or next or perhaps even years from now? After declining every month for nearly three years, the Standard & Poor's/Case-Shiller 10-City Composite Price Index for the U.S. rose 3.6 percent between April and July following a 4.8 percent decline for January to April. This represents a big and sudden change -- probably due to near-record-low interest rates, the $8,000 first-time homebuyer tax credit, and a change in buyer psychology. However, even though home prices moved in a positive direction, they are still much lower than they were a year ago. One of the key factors affecting increased sales activity is improved affordability. Lower prices and interest rates are motivating buyers to commit to a purchase. The magnitude of price changes ...