I’ve had several conversations over the last few weeks with those who are analyzing every angle possible on when to sell, or when to buy. Sellers who are sure the prices will go up next year so are holding off, and some buyers are sure prices will continue a downward trend, so they’re waiting for the bottom. In the meantime, the motivated buyers out there don’t have much to look at, and the sellers are watching the prices inch downward.
Downsizers are reluctant to take a bigger hit percentage-wise on the sale of their home than they will realize in gains on a smaller home. Those who are moving up are dubious that they will be able to capitalize on the softer prices in the higher price ranges.
I think it’s time we all get back to the basics. A home is a place that you can settle into and a home is a place where you enjoy dinners with your family, you entertain your friends, you de-stress after a hard day a work. What you should look for is simple: someplace that allows you to be surrounded by people you love and a place you will be happy coming home to. You will most likely save money in taxes and you will probably, over time, realize a gain in value. But a home should not be thought of as a get-rich-quick scheme any longer. Home is where your heart is.