Mothering Forum banner

1 - 12 of 12 Posts

·
Registered
Joined
·
162 Posts
Discussion Starter #1
Would you considering selling and buying right now?<br><br>
My long commute to my long-houred job is taking it's toll on all of us. I'm away from home 6:30am-6:30pm every Mon thru Fri.<br><br>
There are a few reasons it makes sense to live closer to my office, but we have never seen a house (in a neighborhood that we can afford, anyway) that we like even half as much. And I doubt we'd be offered the same low 6% interest rate on a new mortgage. I just don't know what to do <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/greensad.gif" style="border:0px solid;" title="greensad">
 

·
Registered
Joined
·
2,415 Posts
I don't really have any advice either. We're in the same boat. We desperately need more space and are putting our house up on the market in a month or two. I am worried about buying in before the prices really plummet.<br><br>
I did notice that the latest Money magazine is all on real estate and the current market. It might be worth checking out.
 

·
Registered
Joined
·
2,961 Posts
Definitely I would consider buying now -- if you are selling now.<br><br>
Because you are buying in the same market, so your house is depreciating/appreciating at the same rate as any house you are considering.<br><br>
It balances out when you are looking in the same area.
 

·
Registered
Joined
·
911 Posts
I'd say this really depends on WHERE you are buying and selling. Some areas have remained fairly stable while others have already dropped off and still other areas are continuing to improve or recovering from a slump sooo the big question is Is it worth it to you?<br><br>
FWIW We are listing as we speak and hopefully selling soon and buying all with the intentions of doing it again in 2-4 yrs. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol">
 

·
Registered
Joined
·
1,610 Posts
We're selling our current house and buying another right now. I'm not really concerned with the market fluctuations.<br><br>
I've owned the current house for 5 years. The neighborhood appreciated sharply and I will make a tidy profit. Will I make less than I would have if I sold a year ago? Sure. But the houses we're considering buying are also cheaper than they were a year ago. It's a wash. Ditto for the concessions we'll have to make in selling, such as help with closing costs. The people we buy from will have to do the same thing.<br><br>
We plan to be in the new house for many, many years. This is the house we're choosing with an eye toward DD's schools. Our current house is awesome, and I'm glad I bought it. It's just not for us anymore.<br><br>
The difference in the mortgage rate is negligible. I will go from having a primary mortgage at 6 percent and a secondary at 7.5, to just a primary at 6.1. Because we have so much equity in the current place, we're making a lateral move with the new house, in terms of monthly mortgage payment.<br><br>
Basically, we're looking at this primarily as our HOME not as an investment. If you do that, and you plan to stay somewhere a long time, you can pretty much ignore the short-term market noise. It also helps that we don't have any sort of weird mortgage and won't need one to afford the new place.<br><br>
In short, if your house isn't meeting your family's needs, move.
 

·
Premium Member
Joined
·
1,550 Posts
I would consider doing anything to avoid a commute. But then again for me personally I enjoy dental work more than most driving I do. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol"><br><br>
I would be willing to live in a smaller, less nice home in order to skip the commute.
 

·
Registered
Joined
·
1,059 Posts
Mental health, quality of life, and not spending time driving are, for me, all GREAT reasons to buy/sell right now. You can't assign dollar amounts to these things but yes, if I could have an extra 2 hours PER DAY with my family I would do it in a heartbeat.<br><br>
I would at least go through the online MLS listings and attend a few open houses. Your interest rate will likely change, but if you make $ on selling then you could put more down, buy down points, etc. Plus, you will be saving lots of $$ on gas, car wear and tear, etc.<br><br>
You never know what you might find if you don't try looking.
 

·
Registered
Joined
·
1,355 Posts
I would only do it if you can find a buyer first. Buying a new house is the easy part, the hard part now is finding a buyer for your old house. I would list my house, start casually looking at new houses, and once you have a sales contract then you can make the plunge to buy the new house. With the slowing housing market, you can take your time to find a new house while your house sells.
 

·
Registered
Joined
·
8,198 Posts
I agree with Jadzia. I'd take it slow and test the waters. I wouldn't rush into anything right now. It could end up being a great financial gain for you, or it could be a bust.
 

·
Registered
Joined
·
1,610 Posts
<div style="margin:20px;margin-top:5px;">
<div class="smallfont" style="margin-bottom:2px;">Quote:</div>
<table border="0" cellpadding="6" cellspacing="0" width="99%"><tr><td class="alt2" style="border:1px inset;">
<div>Originally Posted by <strong>Jadzia</strong> <a href="/community/forum/post/7941055"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">I would only do it if you can find a buyer first. Buying a new house is the easy part, the hard part now is finding a buyer for your old house. I would list my house, start casually looking at new houses, and once you have a sales contract then you can make the plunge to buy the new house. With the slowing housing market, you can take your time to find a new house while your house sells.</div>
</td>
</tr></table></div>
Yes. This is what we are doing. It's tough, because we keep seeing these great houses while we're doing our research, but I just don't want to be in a situation where I NEED to sell just to keep out of bankruptcy.
 

·
Registered
Joined
·
7,230 Posts
we are -- we are closing on both homes friday with a 5.75 percent loan on the new house.<br><br><br>
We listed our current house for sale "contingent upon seller finding suitable housing." When we made the offer on the new house we made the deal contingent "upon the successful closing" on our old house.
 
1 - 12 of 12 Posts
Top