Do I have to sell the home if someone meets my asking price. I want to sell my home in 2009. Should I list it now for a Spring 2009 closing date?

Asked by Jack in Pennsylvania
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According to recent data, the U.S. housing inventory stands at 11.2 months, meaning that it will take that long for a typical house to sell. A healthy real estate market has an inventory rate of about 6 months. Anything more than 6 months is considered a buyer's market and, logically, an inventory rate of less than six months is considered a seller's market. Don't let the current 11.2 month inventory rate scare you all too much, as a drastic increase in foreclosures across the country has driven up the inventory rate because these homes typically take longer to sell.

Generally speaking, any home that is priced competitively compared to other homes in the market will sell. Your best bet is probably putting in on the market this Fall and doing any minor home improvement projects that might make your home more attractive to prospective buyers. If a buyer comes along a couple months before you actually wanted to sale, you can always rent a house or apartment on a short term basis. In a buyer's market it is best to sell your house ahead of schedule, so that you avoid being in a situation where you have to carry the expenses of two homes.

Hope this helps!

Eric