Yet another moving question - Mothering Forums

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#1 of 11 Old 10-29-2005, 08:49 PM - Thread Starter
 
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OK, so maybe you know our story. Creepy bad neighbor is making us want to move.
Now, I am trying to think about it from the non-emotional side and make sure we are not doing something we will regret in the long run.
We bought this house in April for $128,000. ROlled in closing costs, and I think we paid $136,000. We put $4000 down, but somehow that didnt seem to show up in the final figure.
Our payments are $1036 a month. The pmi is $150. This payment is really high for us. In our rental, we were paying $800 a month, and some months it was a stretch. Add to that, dh's commute is now 25 miles one way, and his work was really slow this summer. My realtor thinks we can sell the house for about $140,000 and not lose anything. She is willing to work with is on realtor fees. We are planning to put it on the market in MArch or APril, because right now, the market is slow. But, she thinks even if we wanted to, we could try to sell for $140,000. So, that would be $12000 gain in about 6 months. The people we bought it from had it for 18 months, and they had purchased it at $88,000. So, one part of me says it is stupid to sell. Our equite will continue to increase. Right now, we are both in school, and in two years we will need to move to continue education. We moved down here from Olympia. We LOVE Olympia. That is totally home. If we sell now, that is where we will move to. We cannot afford to buy there, though. The cheapest thing right now is a 2 br condo for $120,000. Add in assoc dues, and we are right where we are. If we rent up there, we can get an apt or a house for $650-$800, often with some utilities included. SO, that would save us several hundred a month. Plus, we wouldnt have the looming fear of something breaking, or whatever. Right now, we are actually behind on our mortgage, but the bank is working with us to get it caught up. We are on pins and needles till we get to that point. But, is it better to be really stressed out for a while now, but then have a big gain in the end when we can sell it for way more? But, the market could go down too. The monthly savings we get from an apartment are guaranteed.
So, that is the money side. Now, the rest of it. We hate it down here. Hate it. I knew I didnt like it, but I tried to paint a rosy picture of it because I wanted to buy a house. But, I am miserable. No friends, not a lot of activities. ANy of you who have been in one of those crunchy Heavens know how wonderful they are. Well, it is so close, and yet we dont get a chance to get to it, because of time and gas money.
Then there is the neighbor. He is ignoring us now, but he still hasnt done anything about the dog. But, now I am afraid to call on it, because the ugliness will start up again, so it is now actually worse than before I called the police.
If you have followed this wind little path, bless you. It is more a stream of consiciousness narrative than a thread. But, if you have followed it, please advise me. I will add more info as I get comments and have a clearer picture in my head.
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#2 of 11 Old 10-29-2005, 10:19 PM
 
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If you hate it, move. It will improve your quality of life to live somewhere that you love. I vote move


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#3 of 11 Old 10-29-2005, 10:27 PM
 
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If you want to move, don't wait just to build equity. The market could downturn as easily as stay up by Spring. If you can make money and get out now, that sounds like a good plan.

Being right is not always fair, but being fair is always right
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#4 of 11 Old 10-30-2005, 12:16 AM
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If you are struggling to make ends meet now, there is no use in waiting to build equity and losing the house altogether for failure to pay the mortgage.

If you have talked with a realtor about listing in the spring, why don't you try 'For Sale By Owner' until then? List the house at $145k to give yourself some negotiating room. The real estate market does tend to slow down over the holidays, but definitely starts picking up after the New Year. What do you have to lose by going the FSBO route other than a little sanity in trying to keep the home in order to show potential buyers?
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#5 of 11 Old 10-30-2005, 12:21 AM - Thread Starter
 
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hm, that is a good point. Then we wouldnt have to put it on the mls, bc she told me that if we list it now and try to relist in the spring, the fall time would be added into the total days that we list.
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#6 of 11 Old 10-30-2005, 01:50 AM
 
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definetly move, or at least get things started... it sounds like you'll be miserable until you do.
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#7 of 11 Old 10-30-2005, 02:12 AM
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Despite the awful neighbor do you like the neighborhood? I ask b/c one of the strongest marketing tools you have are your own neighbors. Host an Open House and invite (enlist) neighbors to help get the word out. Maybe they have friends in the market to buy?
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#8 of 11 Old 10-30-2005, 02:29 AM - Thread Starter
 
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The neighborhood is fine. I have thought about it some more, and see some definite advantages to waiting and listing with my agent. For one thing, we are both in school, and I dont think we could deal with doing a fsbo right now. Plus, we are really strapped for cash, so if anything needs fixing and whatnot. Plus, my realtor does things like Kim is saying. She actually goes door to door when she puts a house up and lets the neighbors know that the house is for sale, so they might be seeing odd cars around, and also, if they know anyone who is looking, she wants them to have first opportunity.
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#9 of 11 Old 10-30-2005, 02:44 AM
 
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I vote for "move." IMO, the only reason to stay in a place you're miserable is if you can't afford to leave.

Just looking at the economics, I'd still vote for the apt you can afford vs the house you can't afford- you never know what the housing market will be like in the future, and you might find yourself truly stuck there in a few years. The monthly savings on rent are something you can rely on.

Ruth, single mommy to Leah, 19, Hannah, 18 (commuting to college), and Jack, 13(homeschooled)
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#10 of 11 Old 10-30-2005, 02:47 AM
 
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I'd wait until February to list the house. The holidays will soon be here and really, no one wants to buy a house and move unless they really need to until after the holidays are over. I'd also have it listed a little high in February, like $145K to $150K just because it sets the pace for the new year and you really never know if you can get that unless you ask. If someone offers less and it sounds good, no problem taking it. In the mean time, yo can just focus on all the inexpensive little things you can do to make the house sell faster, your agent should be able to give you ideas. Since your are already stressing about stuff, I'd avoid FSBO - it is a lot more work for you and it sounds like you could use a break instead.
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#11 of 11 Old 10-30-2005, 12:44 PM
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Do you foresee your financial picture getting reasonably better in the next few months? Or more of the same?

I still strongly advocate trying to FSBO until listing on MLS in the spring.

Do you have a digital camera? A little time to get the house de-cluttered? Send me some pictures and room dimensions. If you have those, I'd be more than happy to put together a 'Sellers' sheet for you. (I was a graphic designer/web developer.) I can mail/e-mail you a b&w copy that you can take to Kinko's.

The cost of trying to sell your home will be under $100 -- some copies, a yard sign (which you can make or buy at Home Depot), and fresh paint and flowers. Of course a little time decluttering and painting, too.
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