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mommy2Two
LIF Infant
Member since 3/07 218 total posts
Name:
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Do you agree & would you do this
Would you agree that if you sold your house now for less money, you would be able to upgrade to a bigger/better house and pay less for that one b/c it is all around a slow market.
or do you think it just wouldn't work out that way.
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Posted 10/16/07 4:53 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Do you agree & would you do this
unless I had to sell, I would not in this market.
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| Posted 10/16/07 5:00 PM |
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mommy2Two
LIF Infant
Member since 3/07 218 total posts
Name:
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Re: Do you agree & would you do this
Posted by Blu-ize
unless I had to sell, I would not in this market.
i know what your saying.
i'm not leaving my house for at least 5 years but over the weekend, i popped in on an open house NEW construction and just loved it. priced really good but wondering how selling and buying would turn out right now. if i priced right and bought a house priced right. (of course, i would sell first before buying the 2nd. )
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| Posted 10/16/07 5:03 PM |
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tourist
Member since 5/05 10425 total posts
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Re: Do you agree & would you do this
It really deepnds on when you bought you bought your current palce.
I have friends who are selling a co-op they bought in 03, and they still will most likely make money on it, but it is taking them a while to sell it.
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| Posted 10/16/07 5:19 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Do you agree & would you do this
Using pure math, now is the time to upgrade.
If your house was valued at $500k a few years ago, and now is 10% less, it's $50k off, at $450k
If a bigger house also drops 10%, an $800k will drop $80k to $720k
Since every house is different, the numbers aren't always as simple as that. In general, the concept should apply, however.
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| Posted 10/17/07 8:41 AM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: Do you agree & would you do this
I think it definitely depends on the area. In my area, prices are more stable than they were but houses are not going for drastically less.
I just bought and sold two weeks ago. I would have been sweating bullets if my buyer wasn't a friend.
I think you would need to price your current house good - get into contract on that...THEN go buy the other house. I'm seeing a lot more houses being returned to the market due to faiulures or other reasons. It's risky but you could get a deal - I know I did.
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| Posted 10/17/07 8:54 AM |
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jana
LIF Adult
Member since 3/06 1134 total posts
Name:
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Re: Do you agree & would you do this
Tough choice.
Also,most contracters want at least 25% down for new construction.
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| Posted 10/17/07 9:02 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Do you agree & would you do this
Yes, b ut it might take a lot longer to sell your current house, which then makes things very difficult.
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| Posted 10/17/07 9:27 AM |
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GraciesMom
LIF Adult
Member since 7/05 1636 total posts
Name:
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Re: Do you agree & would you do this
Its risky. We are in the process of building a house. As soon as we fell in love and put down a deposit we put our townhouse on the market. This was in April. There were 10 other units in our development on the market at the time. We priced it right and sold it in 5 weeks. The others were priced too high and most are still on the market and now listed at prices way below our selling price. We are renting in the interim and our house will be ready next month. WE WERE VERY LUCKY!!! Some of our new neighbors in the new development still haven't sold their homes and are freaking as their closing dates are approaching.
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| Posted 10/17/07 9:57 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Do you agree & would you do this
Posted by mommy2Two
Would you agree that if you sold your house now for less money, you would be able to upgrade to a bigger/better house and pay less for that one b/c it is all around a slow market.
or do you think it just wouldn't work out that way.
Unless you have a substantial amount of equity in your home it would probably be more.
If you bought your home only a few years ago, you would not only have a higher mortgage payment but you would have to pay closing costs again.
Do the math.
We decided not to do this now because our upgrade wouldn't achieve anything even though we have some equity.
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| Posted 10/17/07 10:37 AM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Do you agree & would you do this
I wouldnt want to sell in this market. But it is a good time, to buy a property.
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| Posted 10/17/07 11:06 AM |
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Re: Do you agree & would you do this
I would agree, but be nrevous......you could take less on your current home, but do not assume you can get a deal on a bigger house. I would talk to your agent first. I thihnk it would depend on how long it's been on the market and the owners situation. It could be possible but I wouldn't look at anything you couldn't afford at the listing price
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| Posted 10/17/07 3:31 PM |
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