"Ross A. Justsold," Realtor
I've never investigated -- and am not about to -- but I've always wondered if a few (too?) felicitous real estate names are the Realtor's real name, or legally changed.
So, in the Twin Cities you'll find Realtors with surnames such as "Sell," "Sells," "Sellnow," etc.
If I ever go that route, I know what I'm choosing: "Justsold."
P.S.: the phenomenon is hardly limited to real estate; Rock Hudson's real name was Roy Scherer; Marilyn Monroe's, Norma Jean Mortenson, etc. etc.
Showing posts with label Sell. Show all posts
Showing posts with label Sell. Show all posts
Tuesday, August 31, 2010
Monday, February 2, 2009
Market Timing: Sell or Rent?
Perils of Waiting for the Market to Come Back
More than one would-be Seller locally noted weakening prices the last two years and decided to pass until conditions improved. They either stayed put, if their circumstances allowed, or found a renter, if their circumstances didn't.
Fast forward one year (or two). On average, Twin Cities home prices are now about 15% lower than a year ago. A recession is gaining momentum, and with, it job losses are accelerating. Neither development is a particularly good omen for home -- or rental -- prices.
Hindsight is 20-20, but in retrospect someone who decided to rent a year ago rather than sell is decidedly worse off now. Assuming that they owned a $300,000 house and were able to rent it for $1,500 a month, they would have collected $18,000 in rent -- and lost almost $50,000 in market value.
Of course, in the interim they would also have had to pay property taxes and home insurance, arranged for property management, and accepted the typical wear-and-tear associated with renting.
So where does the market go from here?
I don't know -- and neither does anyone else. But anyone convinced that they're better off waiting to sell should double-check their assumptions.
Although the story focuses on rapidly falling rents in still-expensive Manhattan, it could easily be a cautionary tale for home sellers anywhere in the country. Just as it is difficult to tell when housing prices are close to a peak, it's also difficult to tell when they've bottomed.People assume when [the sale market] slows down, rental will pick up, but that depends . . . When you're losing jobs, the rental market is also going to suffer.
--"A Month Free? Rents are Falling Fast"; The New York Times (1/30/2009)
More than one would-be Seller locally noted weakening prices the last two years and decided to pass until conditions improved. They either stayed put, if their circumstances allowed, or found a renter, if their circumstances didn't.
Fast forward one year (or two). On average, Twin Cities home prices are now about 15% lower than a year ago. A recession is gaining momentum, and with, it job losses are accelerating. Neither development is a particularly good omen for home -- or rental -- prices.
Hindsight is 20-20, but in retrospect someone who decided to rent a year ago rather than sell is decidedly worse off now. Assuming that they owned a $300,000 house and were able to rent it for $1,500 a month, they would have collected $18,000 in rent -- and lost almost $50,000 in market value.
Of course, in the interim they would also have had to pay property taxes and home insurance, arranged for property management, and accepted the typical wear-and-tear associated with renting.
So where does the market go from here?
I don't know -- and neither does anyone else. But anyone convinced that they're better off waiting to sell should double-check their assumptions.
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