Should I Stay or Should I Go?
This post originally appeared on LearnVest, where smart people learn to manage their money and live their richest lives.
It’s a question that plagues nearly every homeowner who’s ready to move on: When is the best time to put my house on the market?
And given that the housing bubble burst in 2008, another question inevitably surfaces: Just how much money can I expect to lose?
Well, it really depends on where you live, says Jed Kolko, chief economist and vice president of analytics at Trulia.com. The good news is that, in most of the country, it’s a seller’s market. “Inventory is very tight, so sellers have little competition, while buyers are getting into bidding wars—and sometimes even facing off against investors,” says Kolko.
The bad news? Prices are still sluggish to rebound in some big cities, like Chicago, Philadelphia and New Jersey. That said, a few metropolises have fared better. “The biggest price increases have been in Phoenix, Las Vegas and Oakland,” says Kolko.
So how do you know if it’s a good time to sell where you live? Experts weigh in on three homeowners living in popular regions of the country who are currently debating whether to pack up or stay put.
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