Don't Sell Your Home Now

According to all the data I'm seeing, we are nearing the bottom of the housing slump. Here are some key points:

• D.R. Horton (nation's largest home-builder) saw that, not only did fourth-quarter home sales fall 25% in the last year, but 40% of the existing home contracts were cancelled.
• K.B. Home sales in the same time period fell a whopping 43% from last year.
• The NAHB/Wells Fargo Housing Market Index (HMI), which surveys homebuilder' confidence, hit its lowest point since February 1991.
• The National Association of Homebuilders (NAHB) forecast housing starts to drop 11.5% this year, and almost 12% next year.

The NAHB predicts that housing should hit bottom by the middle of next year, and then, and only then, should you consider selling your house.

If you simply must sell now, then price it to sell right away. If you wait to get a higher price, you might be waiting until the market comes back...next year.

Source: D.R. Horton web site, KB Home web site, National Association of Home Builders web site