Is it crazy to move again, only 9 months after we bought our first home?

[aphex]

Luckily sarasota has the fastest growing real estate market in the country right now (and did last year as well). Real estate prices skyrocket once each of the new construction developments finishes.

Nevertheless, we picked up our place for a little under 150k back in october, 2 bedroom, 3 bath townhouse on water. The same unit next door just sold for 275k less than 2 weeks ago.

We found another new construction one exit down, 3 bedroom 3 bath, about 300-400 extra square feet, garage for 240k (also concrete construction instead of the wood we are currenly in).

Is it crazy for me to want to move again?

 

[Aves]

Not if you can get $275K.

 

[aphex]

Originally posted by: aves2k
Not if you can get $275K.

i have no doubt we could. The unit next door was on the market for 2 weeks and had a bidding war between 3 people... They ended up taking a 3k less offer since it was cash.

 

[Kremlar]

If it were me, I would make sure I could upgrade substantially to a better house (unless you were cashing out for some other reason).

I don't know if an extra 300-400 sq ft would be enough justification for me.

I absolutely dread moving.

 

[LiQiCE]

I wish I could buy a townhouse in this area for $275K ... I bought my townhouse for $260K 3 years ago, and now it would cost about $450K+ to buy the same house. I would sell it, but I need to live somewhere ... and upgrading to a single family or a bigger townhouse would cost me a lot more money which I don't have. I guess I'm fortunate that I at least got in, a lot of people I know didn't buy and now they can't afford to buy a house at all.

In terms of moving, it sounds like a good deal ... Bigger and a garage for less money? Sounds like you can pocket some money for home improvements and / or paying off other debt like car loans.

 

[aphex]

Originally posted by: LiQiCE
I wish I could buy a townhouse in this area for $275K ... I bought my townhouse for $260K 3 years ago, and now it would cost about $450K+ to buy the same house. I would sell it, but I need to live somewhere ... and upgrading to a single family or a bigger townhouse would cost me a lot more money which I don't have. I guess I'm fortunate that I at least got in, a lot of people I know didn't buy and now they can't afford to buy a house at all.

Well they still gotta lot of room to expand here, so they keep moving a little bt further towards the east as it gets built up. The new place would add an extra 3-4 mins on my commute, no biggie.

 

[Looney]

I would!

 

[preslove]

Look for a real house inside sarasota. Living right off the interstate sucks Are you off the Univeity exit? Sarasota is quite beautiful inside the city. The interstate areas are just ugly.


<------- New College graduate.

 

[waggy]

ugh i wouldn't move. but thats because i HATE moving.

but if you not happy with your house then sure. IF you can afford it etc.

if you are not happy where you live you are miserable all the time.

 

[mercanucaribe]

Why? Because bigger is better?

 

[flot]

Concrete instead of wood sounds like a good plan.

However, do the "real" math not the fantasty world math. You will have to pay a realtor to sell your house. You will have to pay closing costs on the new house. Your property taxes will increase by 60%. You may have to pay tax on the profit from your current house.

It will likely not come out nearly as well as you think it will. There is a lot to say for only owing 150k on a 275k house.

 

[BriGy86]

sweet christ!

starter homes and basic town homes here are AT LEAST 200k

where do you live?

 

[MustISO]

Originally posted by: BriGy86
sweet christ!

starter homes and basic town homes here are AT LEAST 200k

where do you live?

sarasota (in the OP)

 

[aphex]

Originally posted by: preslove
Look for a real house inside sarasota. Living right off the interstate sucks Are you off the Univeity exit? Sarasota is quite beautiful inside the city. The interstate areas are just ugly.


<------- New College graduate.

I live right in University park (right behind Home Depot off Honore), beautiful area back in here...

 

[aphex]

Originally posted by: flot
Concrete instead of wood sounds like a good plan.

However, do the "real" math not the fantasty world math. You will have to pay a realtor to sell your house. You will have to pay closing costs on the new house. Your property taxes will increase by 60%. You may have to pay tax on the profit from your current house.

It will likely not come out nearly as well as you think it will. There is a lot to say for only owing 150k on a 275k house.

My mom is a real estate agent so part of that wont matter.

 

[alien42]

take the money and run before this insane housing market bubble bursts

 

[eelw]

Originally posted by: flotYou may have to pay tax on the profit from your current house.

Exactly. Getting taxed on $200k will not be pretty.

 

[meltdown75]

depends. we could make some money already by selling our new home, but we love the location and the spot so much. i don't think i would give it up at this point. i guess it depends on how much you're in love with it. we've been here ~2 years and i'm already feeling pretty cozy - and it was a brand new home. it's tough to get that "home" feeling.

 

[Descartes]

I would wait another 15 months so that you can avoid capital gains taxes. I believe it's 2 years, yes?

 

[aphex]

Originally posted by: Descartes
I would wait another 15 months so that you can avoid capital gains taxes. I believe it's 2 years, yes?

yea, i think the homestead exemption is like 2-3 years, i dont remember.

 

[StageLeft]

No, it's the american way to continually upgrade, even when you don't need to.

 

[rh71]

crazy ? yes. Lots of profit ? Go for it. My cousins sold a house for $400k and less than a year later, the new inhabitants sold it for $750k. Ludicrous. I probably would've done the same thing if I knew I can get in somewhere else as nice in addition to the profit.

 

[z0mb13]

oh man when will the buble burst..

 

[everman]

Figure out the financial impact it will have, taxes, capital gains, etc. Don't get caught when the bubble bursts.

 

[BD2003]

Originally posted by: everman
Figure out the financial impact it will have, taxes, capital gains, etc. Don't get caught when the bubble bursts.

The only way you can avoid the bubble is to be renting.