My reply will surprise many on this forum who have seen 2+ years posts from me always advising, “SELL SELL SELL”
However, I think everything has really changed in the last three months. The real estate market fell off a cliff.
I advise you DO NOT SELL because now it is too late to sell. Six months ago (before the cliff) I would have advised you to sell.
Also, I’ve found (in advising friends in similar situation) this logical advice is a MOOT point anyway, because your emotions will always dominate the decision, specifically the shell shock you’ll experience if you try to sell your home into a real estate market that is going to kick your pricing expectations to shreds.
I know several families who during last couple months ignored my “too late, don’t sell” advice and then tried to sell into THIS market. They have been so emotionally / psychologically devastated by how low the market priced their house, they pulled their house off the market and ran for cover.
Let’s say you really think your home is worth $950,000. Imagine buyers laughing in your face. Imagine the few offers you get are all at least three hundred grand below what you think your home is worth. Imagine deals fall through because no financing available. This market is pure hell for a seller. Very few sellers have the emotional fortitude to complete a sale into this market.
Of course, there are still a few areas in CA where this in not the case. The high end in the Bay Area still is going strong, for example.
