If you're an owner, is this a good time to sell?

bad idea.

Why? Don't you think inventory is going to increase dramatically? I do.

What do you mean about renting? If you sell, you will rent while you wait, no?

As in rent indefinitely. We could wait out in a rental for a year or so.

NYC10023 - there are so few serious buyers in the market at this moment, but you never know. Why not shop a number and see what happens? Sure, it's a pain to have your apartment on the market, but you never know. You've been keeping a close eye on the market, you probably know how to price your place. Try a couple of fsbo open houses and see what happens. If you loathe the experience, you can take your place back off the market after a couple of weeks.

(As a broker, I would recommend protecting brokers. Surprised? Seriously, though - even if you offer just 3% to brokers, they may well bring some of the very few serious, qualified buyers who are out there.)

It's a thought. I would definitely protect brokers.

nyc10023 — What is a quiet sale?

Typo - quick

Great time to trade up.

That's the question - is it?

If you think the market is down, but you want a bigger place for family reasons, then you win. Suppose you sell a 1 bed for 750 when it was 900, and then your three-bed is 2.1 instead of 2.5. You win by 250k. Even if you "dumped" your 1 bed at 675, you would still be up 175k.

Also, all the rent vs. own comparisons on here don't take into account that most rentals are crappy. Buy a 3-bed near transportation in a good school zone. The suburbs lead to an early death due to boredom.

I don't want a bigger place. Just a better block. Nothing wrong with my block. But what if I can get the same size place on a park block for the same price, it's still a good trade, right?

Not so sure now. The best reason to move apartments is family need - school, size, etc. Aesthetics and market timing is a bad reason. What if you dump your apartment now and then don't find what you want on a "better" block? Maybe the owner of the prime classic better apartment doesn't want to dump their property and thinks, rightly, that they have a primo place and want top dollar? People on here are gonna be real surprised when they realize that prime properties are going to get prime dollars, even now.

Only trade up if you meet a family goal. Otherwise you are market timing like the other bitter shadenfreude renters on this blog.

We are very lucky in that we are happy with the size and location of our apt (good school, check; transportation, check; size, check). So far, so good - pretty "blue chip". Just not an ultra-prime block. In a down market like now, this fact hurts us the most. Are we going to be better off selling our place at whatever price we get now and waiting for that CPW apt estate sale?

Gotta ask yourself: how many other people also want that prime CPW estate? I bet it is a lot. So no bargin. Why bother to move?

I would sell now -- but not buy yet. Renting is easy -- plenty of nice places. Let the market come down and get your ideal place at a significant discount. protect your proceeds. It only takes one buyer to really like your place to make it happen. Good luck.

Who says the market is going down? Must have a lot of crystal balls here.

I am pretty bearish, but I agree your idea is risky. First of all transaction costs are a bitch, financial, time, effort, stress. etc. Second, you're trying to time the market, and have to do it close to perfectly to come out ahead.

A lot depends on your personal situation, the type of apartment, and the time horizon. If we're talking about your dream 4-bedroom for the rest of your life, I'd suggest watching the market closely to see if/when what you want on the block you want might be available for a price you'd pay, and THEN list your current apartment for sale. If we're talking a 1-bedroom you only plan to live in for the next 3-4 years, I'd say don't bother with the switch.

As a final thought, if you can afford it, may want to consider buying the one you want (if you can get it at the right price), and renting out the one you already own. Have to do the math, but might be better than trying to sell in this market.

Just be aware of all of the potential hidden costs of selling. Is there a flip tax in your building? Will you have to pay capital gains? Taxes in general often surprise people.

Then there is the emotional toll. Do you feel like cleaning your whole apt and keeping it that way for weeks? How about leaving every Sunday making sure the place is perfect? What about loading all the extra crap into your parents basement so the apt looks bigger?

If you don't mind the effort, then it might be worth it to see what happens.

1) No flip tax 2) No capital gains (because we'll have lost money - since I'm thinking to price very
aggressively) 3) We don't have much stuff because 4) Thinking of doing FSBO - place will be very clean but not tidy; in this market price seems to be everything

I would definitely not own two places at once in a declining market.

I think it's worth at least listing your apartment - put a really competitive price on it and see who bids. I think especially if you are talking about a 3 bedroom in a good school district you might still find a buyer, just because there aren't that many rental options available.

What is an FSBO?

For Sale By Owner

or should that be in the current climate....

Fire Sale by Owner !

Just to nitpick on the capital gains issue: swapping properties helps you there, oddly enough. You get 250k (500k if married) tax free if you live there 2 years. Swap properties and you get your tax free benefit twice.

However, I doubt this benefit is enough to make up for transaction fees, plus the hassle of moving twice (to a rental and back to your new home).