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Today: 19.01.2018 - 01:36:24
   Canada Mortgage Hub Discussion Board -> Mortgage Edmonton -> Should I sell my house in today's market?
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paraffienlamp

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Should I sell my house in today's market?
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Post # 1.

north500

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Do you have to sell? If not, then don't. Without knowing where and what the market conditions are like, it's hard to say.The real estate market is coming back and over all prices are increasing. However, if your area lost employers, it may never come back.
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psdor

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If you are selling and will then not use the money to buy another property then there is an argument for waiting.If you are selling to move to another house there is no point in waiting. If you wait for your house to increase in value then the house you buy will also have increased in value so you will be no better off.
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oscarh_17

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Dr Bear Face has some good advice.The only other thing I would tell you is that you have not realized a loss until you sell it. So, if you can wait for the market to rebound (it will) then that is your best bet. But, if you are going to buy another place soon, or you NEED the money for some other reason, it might make sense to sell.Personally, if I could, I'd wait it out. Even if you want to move, you can rent your place out and rent a different location.
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north500

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If you haven't received a comparative market valuation from your realtor then have him do one. They are based on similar sold properties in your area usually in the past 90 days. This will tell you for sure what other like properties have sold for to make sure they are selling for what you paid for them plus costs so you can at least break even (if that matters)As far as whats going to happen in the future in real estate it is no mystery. As an investor I look at an area and analysis it to reduce my risk (investors hate risk). Even though many areas in Canada may not do well in the coming years there are some that wil. By reviewing the economics and demographics of your area you will quickly discover where your area is headed. If you find that industry in your area is stagnated and people are moving away with nothing to lure them back you can guarantee lower house prices. If you have an area with many older retired people again not positive. There is some great spots like Calgary an Edmonton in the booming oil sector (if pipelines go through). Lots of young families moving into the area increasing rents and home prices.If you find your area is trending like this then you can look forward to higher home prices in the future.You may have to do a little more home work to get all the answers for your area.
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