Hello,

I inherited a large 5br home in the Bay Area where I live with my younger brother. The home is the bulk of our estate and at this point in time doesn't need to be sold, however the size of the house and bills that come with it are too much for me (I am currently unemployed). My question is: is it worth selling this home now in this market and buying a smaller condo? My worst fear is this home sitting on the market for a year or so which would kill me financially.

Is it just a matter of pricing the home right? Or is the market for this type of home so dry that I would be better off living here for another year or so?

Homes that are priced right, even in a down market, will move quickly. I've watched bidding wars on "hot" houses, while the place two doors down sat on the market for months on end.

If you're hoping that the market will suddenly pick up in another year, I would say don't count on it. I don't see the market being distinctly better next year anywhere in California than it is right now.

Real estate firms have in-house marketing strategists who know what buyers want to see and can package your home appropriately, producing color photos, feature sheets and other materials for both brokers and potential buyers.

If you're unemployed right now, you probably can't afford to maintain the property so that it's worth more in a couple of years anyway. I also agree with the other response, if you price it modestly, you will get an offer. Think of it this way, you could invest that money more wisely in another state where there is at least some moderate growth in the economy or even just where you can get some cash flow out of it to help pay for a nice rental for yourself. You could buy just outside Pheonix now for 100k and get $1500 in rent back for your investment. They may not be going up in value right now, but you can't even build a house for that price! Want more info then just go to my website.