Many people who are thinking about selling their home are having second thoughts, due to the current housing market issues that really accelerated with the recent subprime lending crash. While now may be the best time to buy, if you are selling, it might be better to do it now, rather than later.

Over the last few years, home prices overall have increased. If you have had your home for more than six or seven years, likely it has gone up in value enough that even with the current dip in prices, you will still get more than you still owe on your home mortgage. If you wait, however, you might be lucky to break even. Most economists and financial planners estimate down cycles at five to seven years. If you were planning on selling anyway, or if you know you will have to move in the next two years, consider selling.

If you don’t have to sell, however, stay put. If you know that you will be where you are at for a few years, you can afford to give the housing market some time to recover. Selling right now requires that you carefully evaluate your position, and carefully consider your finances.

Bankrate offers these tips for selling in a housing market down cycle.

Tags: home mortgage, personal finance, financial planning, finances,
financial goals, housing market , housing market down cycle, housing market issues