WWYD

We are looking to buy a house, in a specific School District, I have a 13 year old who I would rather not transfer. We originally didn't have a time limit, but now our landlord just told us that his wife is pregnant due in February and they want to take over upstairs.

I am torn, I really love the SD we are in, but there aren't many houses for sale, and I am getting nervous because we have to be out by aprilish, that means we have to find a house by February.

I heard that there is sometimes a boom after the holidays and I am hoping that is true, but would you move SD? We aren't exactly adverse to it, but I really hate to do it.

WWYD

We also had to stay in our SD, for DH's son - but it is a huge SD and there were a lot of houses for sale. Have you at least looked at what houses are for sale in your SD to see if there is anything you like? We went to contract on our house on 12/23 last year and I had heard the same thing - that a lot of houses come on the market right after the holidays. I liked our house, but didn't LOVE it - it needed a lot of work and we were looking for more of a move right in house. I kept thinking, what if the "perfect" house comes on the market after the holidays and just to torture myself, kept looking on line after the contracts were signed. I recall seeing a few houses come on the market that I probably would have looked at, but nothing that I thought, "Oh wow, that's the ONE!" Its definitely a tough decision, but hopefully you'll find a house in your SD that meets your needs. Good luck!

Message edited 12/10/2012 6:32:39 PM.

Re: WWYD

I am confused. Are u looking in the district where your son goes now? Or hoping to be in a different district for next year?

If you want to stay in the district where you are could you find another rental with a short lease or month by month til you find a house?

Re: WWYD

We are looking to stay in the district he's in. That is the main thing I am looking for, I am just worried we aren't going to find anything before we have to be out.

A rental is our fall back, but I am pregnant and due in july, and I just would rather be settled in our own home knowing we are going to stay there, than to have to rent and move again. I hate moving!! lol

Re: WWYD

Dont settle, I would look for a rental if you dont find something.

Re: WWYD

Location is usually not the thing to compromise on. If the school district is the most important factor here, that should govern. The house itself can always be changed (to some extent), but the location/school district can't.

A rental may be a good option if you truly cannot find anything you want to buy in the time frame you need to move within.

But honestly, if you've been looking for awhile now, you probably have a pretty good idea of what your budget can buy in the school district you want/need. So while "don't settle" is often heard advice for home buyers, sometimes it's not a matter of settling, but of being realistic. I mean, if what you are seeing in your target area and price range are original capes on 50 by 100 lots, for example, you are not going to suddenly have an updated colonial on 2 acres come out on the market in your price range, you know?

If you were my client, now is the time I would tell you about the "Rule of 3," which applies to compromises that often need to be made when buying a home. The 3 things are - (i) location, (ii) price, and (iii) home criteria/characteristics. Most buyers can have 2 of the 3, but have to compromise on the third. So for example, a buyer may be able to find a home in their desired town and price range, but it may be smaller or less updated than they wanted. Or they may be able to afford the large and updated home if they are willing to look in other towns (say out in the middle of Suffolk instead of western Nassau). Or, if they want to stand firm on the house criteria and location, then they need to come up with a bigger budget.

The rule of 3 can be a harsh truth, but it can also help people get clarity and make a decision based on the facts of the market and their own personal situation. It's not about rushing a decision or settling, but just about understanding that if you want to buy a house, these are the options.

It sounds like it may come down to getting a rental while you figure things out (can you increase your budget? is your son open to changing schools?), or buying a home that is maybe not your ideal, but is in the school district you want to be in. And if that's the case, then it's just a matter of what will make you happiest and be best for you and your family, which only you can decide!

Re: WWYD

I am very open, we have been looking outside the district. I don't have this vision of my dream house in my head, I figure whatever house we buy will need work to be made mine anyway. As long as it's in good condition, and I can move in and fix as I go, I am fine with it!

We have definitely thought these things through, I really really really don't want to rent, I know there are not going to be any rentals in the SD anyway, with being pregnant and everything, i want to move once! We upped our budget of where we want to be, our broker said we could definitely take more than we want, but I know where I want to be.

I never thought this process would be soooo hard!!!!

Re: WWYD

Have you seen everything that is on the market right now in your desired SD?

I would steer clear of short sales since you have a ticking clock if your goal is to be in by April. Even with a traditional sale, if you find one you want to buy, I'd make sure you clearly state the time you need to close and move in by as a term of your offer. Some sellers put their home on the market but then aren't prepared to move that fast (they want their kids to finish the school year or something like that). ETA - Vacant houses would be good to see -- they are easy to get into (usually have keys or lockboxes) for showings, and you don't need to worry about when the seller can move.

There's probably not going to be much coming out on the market between now and the end of the year. There should be a good amount of new listings coming on the market after the holidays, although some people do the "wait til spring" thing. But the good thing is, if someone lists their house now, you know they are a motivated seller and not just "testing the market." You see a lot more "market testers" come spring.

I would just make sure that you and your realtor are on top of every single listing that comes out on the market so you can get in asap to see it. If you like a house, don't wait on making an offer, and make sure you have all of your ducks lined up (preapproval, attorney and inspector ready, etc.) so you can present a strong offer. And know the market values in the area, so you can be sure you make a strong offer when you find a house you like.

If you really feel strongly about not renting, you will need to be really dedicated to your house hunt! And you have to make sure your real estate agent is on the same page. Maybe you can sit down with her and come up with a plan to ensure you will be in a house within the necessary timeframe (or at least find out if she is committed to working with you the way you need someone to work with you.)

Message edited 12/12/2012 8:52:17 PM.