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buying/selling a house in these times

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rh71

rh71

No Lifer
Normally I don't like to put figures down but in this case I suppose I have to...

We have 2 growing boys so we'll need to upgrade out of our starter home within a year or two. If this decline in pricing (as predicted for the next 2 years) is happening, what would be a "sweet spot" in deciding to get in on a new house at low cost while still being able to sell our current one for a decent price (at least above what we paid)? It's currently estimated at $409k and we bought at $330k. Houses we're looking at were at $650k and have probably dropped to $599k. Do we go for it as late as possible (risking our own sale price closer to $330k) and get the new place at the cheapest? Or vice versa? Middle ground?

Does it make a difference for any reason? I'm thinking for monthly mortgage payments, the lower the buying price the better no matter what.
 
Originally posted by: JMapleton
Rent your current place out and buy the new place and wait for the market to recover.
Click to expand...

My mom is a real estate agent, and that's the advice I've been hearing her tell her clients.
 
If your house decreases in value by 20% and the more expensive house you are buying decreases by the same amount, you would save more money by waiting as long as possible, no?
 
Originally posted by: ArJuN
Originally posted by: JMapleton
Rent your current place out and buy the new place and wait for the market to recover.
Click to expand...

My mom is a real estate agent, and that's the advice I've been hearing her tell her clients.
Click to expand...

Wouldn't it make sense to wait for the prices to drop more then (which is pretty much a guarantee)? I would be paying less for the new one and still make some money from rent that pretty much stays even. Or are you trying to say I'll come out on top in the long run by doing this now?

EDIT>> Nvm, we cannot be paying 2 mortgages during this.
 
Who cares what you sell your house for? What you should care about is the difference between your old house and your new house. As Cuda pointed out, if both houses decrease at the same rate, your cost to upgrade will be the least when both houses are at their lowest price.
 
Originally posted by: rh71
Originally posted by: ArJuN
Originally posted by: JMapleton
Rent your current place out and buy the new place and wait for the market to recover.
Click to expand...

My mom is a real estate agent, and that's the advice I've been hearing her tell her clients.
Click to expand...

Wouldn't it make sense to wait for the prices to drop more then (which is pretty much a guarantee)? I would be paying less for the new one and still make some money from rent that pretty much stays even. Or are you trying to say I'll come out on top in the long run by doing this now?

EDIT>> Nvm, we cannot be paying 2 mortgages during this.
Click to expand...

Who knows if they will drop more or any amount that significant enough to wait.

Maybe you should sell the bimmer if times are so tough. 😛
 
Is it going to be just impossible living in your current home for a while longer?
Just live in it until you actually sell it.
I sure as hell wouldn't get into a 2nd house while the 1st one is not sold yet.
 
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