Is This a Good Time to Sell My House?

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I am currently looking to downsize as my children are both in college and my wife and I don't need such a large house. Unfortunately, nothing new has come on the market that fits our criteria in months. Is this typical? Is there a shortage of inventory? When should I expect to see new homes come on the market? In the spring?

Inventory Ievels in many markets such as yours are experiencing 40 year lows. Historically, springtime will bring more listings to market, but you might want to re-examine your criteria and increase your location parameters to incorporate more options. In addition, let your local real estate specialists and friends know that you're in the market to purchase so that you can be on the inside track should they come across/hear of something.
 
My husband and I just moved into a new home as we outgrew our first home after we had our children. Unfortunately we made a poor decision and we are not happy in our current new home. Will it look bad to potential buyers if we list it two months after we moved in? There is something on the market we much prefer.

Fortunately, inventory levels are low and listing your home now may produce a buyer if your home is priced correctly. As the price you paid and when you bought it are public record, it is best to assure buyers that the house has no defects and that you now have other criteria for your particular needs.
 
I currently own a one bedroom apartment in New York City. My husband and I are expecting our first child and we can't decide if we should try to rent out our apartment and rent something larger for ourselves, or sell it and buy something larger. Any help or guidance would be appreciated.

As the real estate market in NYC is robust and inventory levels are low, properties priced correctly are selling quickly. Depending on your financial plan, and your building's rules about renting/sub-leasing, renting your current apartment may be a good option and provide additional income to support the purchase of a new home and related expenses.
 
How do I know if I am getting a good deal on a home? I am not from Long Island, however, my husband got transferred there for work and we have no frame of reference if the homes we are looking at are priced well. We clearly don't want to overpay as we don't plan to stay here for more than 5-7 years.

If you are not working with a real estate professional, you can research recent sales of comparable homes in the neighborhood and you can access listings of homes currently on the market, on-line. You can also hire a certified appraiser to provide you with a valuation of the property under consideration.

Dottie Herman is CEO of Douglas Elliman. If you have a real estate question for Dottie, please send it to: Reporters@WPCnews.com