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Elizabeth
Mom of Three
Member since 9/05 7900 total posts
Name:
"MOMMY!!!"
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Another Q about the housing market...what about buying & selling
So house values have come down. My house is not worth what it was 2 years ago but since we are already homeowners, whether we buy and sell now or later, what's the difference? Since we have to sell and buy, yes we will get less for our house now but the house we buy will cost less as well, no? If we wait till ???? when the market bounces back a bit (whenever that is...) our house will be worth more but so will the next house we look to purchase.
What would be the downside to entering the market now?
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Posted 2/22/09 3:25 PM  |
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Erica
LIF Adult
Member since 5/05 11767 total posts
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Re: Another Q about the housing market...what about buying & selling
that's the way we are looking at it, Liz. we may not get as much selling, but we are paying a lot less buying PLUS interest rates are low - lower price and low interest will save a lot over the life of the loan.
byw - I didn't know you were selling...good luck!
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| Posted 2/22/09 3:28 PM |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: Another Q about the housing market...what about buying & selling
Really the only big problem with doing that is if you owe more than your house is worth.
If you owe less than what you can sell it for then no biggie, why wait. But if you owe more than what you can sell it for then that might be another story.
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| Posted 2/22/09 3:36 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Another Q about the housing market...what about buying & selling
Posted by Erica
that's the way we are looking at it, Liz. we may not get as much selling, but we are paying a lot less buying PLUS interest rates are low - lower price and low interest will save a lot over the life of the loan.
byw - I didn't know you were selling...good luck!
Same as us. We look at it that way also.
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| Posted 2/22/09 9:29 PM |
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Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
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Re: Another Q about the housing market...what about buying & selling
If you are looking to get a bigger house I would think now is a good time. If prices are down 15% say, you would lose 60,000 on your house that was valued at 400,000 before but would be getting a better deal on a house that used to be going for 500,000. That would now be 425,000.
Only thing is you need to be able to pay off the mortgage you have on your house with the proceeds.
If you have a great starter house it might be easier to get people that are new to the market looking for a deal who don't need to sell in order to buy.
Good Luck!!!!
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| Posted 2/23/09 4:52 PM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: Another Q about the housing market...what about buying & selling
we have thought of this- the only problem is that we bought in 2007 and while we did alot of improvements to the house we spent alot and we wouldnt get enought money out to put a down payment on a new house because of the decrease so we have to wait 
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| Posted 2/23/09 5:20 PM |
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