When To Sell Property In A Down Market

Added March 18, 2008 by Ilyce R. Glink

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Summary: Is it a good idea to try to sell in a down market? Even in bad markets, there are properties that sell. The right time to sell is when there is sufficient activity in the area, or if you're willing to meet the price of the few buyers who are out there.

Q: We have 5 acres of bare land in North Georgia. It is paid for and we would like to sell it and pay off our mortgage on our house.

With the economy such as it is, would you recommending waiting to try to sell it? If so, what should we look for as an indicator that it would be the right time to put it on the market?

A: Even in bad markets, there are properties that sell. The right time to sell is when there is sufficient activity in the area, or if you're willing to meet the price of the few buyers who are out there.

Start by talking to a local real estate agent about what is selling and at what price. Then, you can make a decision to either move forward, or wait until local market conditions improve.

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