Should you sell or not?
Are you wondering if you should sell your home? Are you tempted by the recent price hikes? But how will you be able to predict the timing of such a sale?
Well, if you are good stock pickers, then you might have the right DNA to time the Real Estate market too. However, trends in Real Estate are harder to predict than the Equity market movement.
US Housing market specially in Silicon Valley there are too many factors to consider including foreign buyers who are snapping up properties for cash regardless of price. So, one factor to keep in mind is international buyers. But what about the tech fueled expansion which is feeding the need more talent influx into Silicon Valley.
In Silicon Valley alone homes are appreciating every month since late 2012 which might be unsustainable could lead to another market crash. I fact, according to National Association of Realtor’s March Report, Medial Home prices in California increase 28% over the last year. So, this is a good question to investigate if it’s a good time to sell your house.
There are some good public website that could provide the Home Owners good estimates based on historical sales such as Zillow and Trulia. But it’s much smarter to get a valuation developed using a local realtor since these website do not take into account any special adjustment to price due to additional features such as pool, wine cellar, library, solar panels….etc.
So, turn the table on your banker and get a Competitive Market Analysis on your Home Value before you accept any offers.