Should he sell his house now or wait for spring?

Your friend should most definitely sell now and not wait for the spring market. Traditionally, most people believe waiting for spring increases their chances of selling faster and at a greater value since they believe the market will bounce back by spring. In contrast, the market inventory increases exponentially in the spring making the competition stiffer and forcing sellers to lower their prices in order to stay competitive with the local market. Although their may not be as many buyers during this time period, the buyers that are out there are serious about making a purchase and not just “window shopping”. As prices continue to decline, waiting until spring will only bring a lower sale price on your home than if you were to list it now with the right agent who knows the local market and keeps apprised of the continuing changes.