What Can I Do to Get My House Sold?

Here are some basic questions you should answer first:

• Must we sell now or can we wait until later in 2008?
• If we list and the house sells, where will we live?
• Why do we want to sell our house?

Many of Kitsap's real estate markets aren't doing too well now...and haven't been for well over a year. So, the answer to the first two questions depends on the market in which your house is located and the market in which you plan to move (which may be outside Kitsap County). If all you're doing is moving within similar markets, you'll have leverage on one end less leverage on the other. The answer to the last question is highly personal and will vary with your circumstances.

I believe many of Kitsap's markets will not begin to change until late 2008 and the remainder not until early 2009. So maybe it's not so bad to wait, especially if you have an interest rate that's below 6.25%. And since the Fed's Open Market Committee will step up adjustments to the federal funds rate, you may want to consider refinancing your rate based on the payback period. It's all a matter of timing.

Ask your Realtor@ for the statistics showing your market's appreciation since early 2001 when many of Kitsap's markets started moving. Since markets increased and are now declining, figure out where your house fits on the curve now. My guess is it may be somewhere around the value as of 2004.

Determine your market's trend using absorption rate and compute your carrying costs if you were to put your house up for sale and it took more than six months to sell. What if you moved out and bought another house hoping to sell your current house. What would you do if it didn't sell?

Be certain you study the information and ask your Realtor@ "pointed" questions before you make your final decision.