| Posted By |
Message |
| Pages: [1] 2 |
|
|
Housing market/ selling house
This is kind of a stupid question and I'm sure no one has any real answer. But how can you tell when the housing market will turn around? Does anyone have an estimate as to how long it will take?
The reason I ask is I want to sell and know unfortunately I can't now. We bought a home to small to start a family in. We are renovating the whole upstairs to make due for now, but this is going to become tight quick when kids start entering the picture. It bothers me so much that we took a huge hit, and to see what I could have gotten now, had I waited. I just want to move into a house I could be proud of and unfortunately right now it doesn't seem possible.
Has anyone sold in this kind of market? Is it even worth it to try?
|
Posted 6/23/10 12:26 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Housing market/ selling house
Yes I sold in this market. The key is even if you take a hit on your current house, you are getting a "deal" on the house you are buying.
|
| Posted 6/23/10 12:33 PM |
| |
|
Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
|
Re: Housing market/ selling house
i think it's really hard to say and it seems like a lot of areas were hit differently...for example my in-laws in SI bought during the bubble but 2 houses on their block sold at a price that would still leave them with a profit...my parents in FL bought during the bubble and their house is worth half of what they paid (maybe even less  )...my in-laws can get out of their house with a profit yet my parents are stuck in their house...
some people tell my in-laws to sell now before the market drops in their area (meaning NY/tri-state) and others say prices will stay the same and will eventually keep going up...i have no idea what to think or guess for NY...
i am hoping for all of our sakes that things at the very least stay where they are and don't decline more...
i know it's hard when you want to start a family and you feel trapped in a small place but babies don't know the difference anyway. i wouldn't let it stop you - it's not like you are in a 1 bedroom apartment (and even then people make it work)....don't let it get you down too much, you have to remember that even though your situation isn't ideal you are still fortunate
|
| Posted 6/23/10 12:51 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Housing market/ selling house
honestly- in my professional opinion with out knowing about the house/area/what you owe
I would not have spent more money renovating a house that you know doesn't work for you
now you are most likely going to lose that money- when you could have put that towards getting out of this house and into another one
it's better to trade up when the market is down
yes houses are selling- but ones that are priced based on what someone owes vs what the house is worth are not selling
|
| Posted 6/23/10 12:57 PM |
| |
|
maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
|
Re: Housing market/ selling house
I don't think things are going to turn around anytime soon , we have a condo to sell. we are cramped , really cramped so we have decided to rent out the place while we buy a house. In 10-15 years maybe we will sell it and make a good profit. we had to live like this in order to save the 20% and closing costs bc we knew things weren't going well (we bought in 2005)
Can you wait a bit longer and deal with the space issue? such a sucky situation
|
| Posted 6/23/10 1:58 PM |
| |
|
HillandRon
LIF Adult
Member since 5/05 2922 total posts
Name:
Hillary
|
Re: Housing market/ selling house
Posted by ave1024
Yes I sold in this market. The key is even if you take a hit on your current house, you are getting a "deal" on the house you are buying.
ITA with this... Our house is still on market, we will probably have to take a hit however the house we just closed on, we got a deal and should have been alot more $$$$ than we paid...
|
| Posted 6/23/10 3:47 PM |
| |
|
|
|
Re: Housing market/ selling house
Posted by Beth
honestly- in my professional opinion with out knowing about the house/area/what you owe
I would not have spent more money renovating a house that you know doesn't work for you
now you are most likely going to lose that money- when you could have put that towards getting out of this house and into another one
it's better to trade up when the market is down
yes houses are selling- but ones that are priced based on what someone owes vs what the house is worth are not selling
The problem is this house won't sell as is. It's a very strange layout that is not child friendly at all. I don't think we could even sell it like this.We would run into problems. I feel like renovations is the only way to make space for kids and look good to potential buyers. I just hate this feeling. We were hit hard and I hate feeling trapped.
Thanks everyone for your advice and words of encouragement!
|
| Posted 6/23/10 4:10 PM |
| |
|
KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
|
Re: Housing market/ selling house
You should have the house appraised before you start the renovations. Do you know if you have any equity? The pricing has dropped drastically. I would hate for you to invest more money and then not make any. KWIM?
|
| Posted 6/23/10 4:24 PM |
| |
|
|
|
Re: Housing market/ selling house
Posted by KimberlyScott
You should have the house appraised before you start the renovations. Do you know if you have any equity? The pricing has dropped drastically. I would hate for you to invest more money and then not make any. KWIM?
Thanks. I think we may have to. The only problem is I know we can't sell it like this, so we have no choice but to do renovations. We don't have equity. In fact our house is worth less than what we paid for it!
|
| Posted 6/23/10 4:26 PM |
| |
|
KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
|
Re: Housing market/ selling house
Another thing....why not put it up anyway? If you are so convinced it won't sell, what will you be out?
My brother bought a house similiar to yours. The entire 2nd floor is one huge master. He enclosed an outdoor patio to make a guest room. There might be someone out there who is looking for exactly what you have!
Just bc you are unhappy there doesnt mean someone else wont buy it.
Message edited 6/23/2010 4:27:54 PM.
|
| Posted 6/23/10 4:26 PM |
| |
|
|
|
Re: Housing market/ selling house
Posted by KimberlyScott
Another thing....why not put it up anyway? If you are so convinced it won't sell, what will you be out?
My brother bought a house similiar to yours. The entire 2nd floor is one huge master. He enclosed an outdoor patio to make a guest room. There might be someone out there who is looking for exactly what you have!
Just bc you are unhappy there doesnt mean someone else wont buy it.
I did think about that, but I just have so many doubts that this house won't sell. Thanks for the advice. Did your brother ever try to sell??
|
| Posted 6/23/10 4:41 PM |
| |
|
Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
|
Re: Housing market/ selling house
Kris- I know you guys have been struggling with this- so lots of hugs!
but just wanted to say- you bought the house- so you never know- it might be perfect for another couple just starting out- like you and Kevin were- with no kids and maybe no plans for kids 
maybe see if you can get an agent in to do a walk through with you- they could give you an idea of what they think it will sell for based on the local comps
|
| Posted 6/23/10 4:42 PM |
| |
|
|
|
Re: Housing market/ selling house
Posted by Pray4Baby2010
Kris- I know you guys have been struggling with this- so lots of hugs!
but just wanted to say- you bought the house- so you never know- it might be perfect for another couple just starting out- like you and Kevin were- with no kids and maybe no plans for kids
maybe see if you can get an agent in to do a walk through with you- they could give you an idea of what they think it will sell for based on the local comps
Thank you. I may try this. It's just frustrating because I know we lost a ton of money. It probably would apprise for much less than we bought it for.
|
| Posted 6/23/10 4:44 PM |
| |
|
Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
|
Re: Housing market/ selling house
Posted by KevinNKristin8-15-08
Posted by Pray4Baby2010
Kris- I know you guys have been struggling with this- so lots of hugs!
but just wanted to say- you bought the house- so you never know- it might be perfect for another couple just starting out- like you and Kevin were- with no kids and maybe no plans for kids
maybe see if you can get an agent in to do a walk through with you- they could give you an idea of what they think it will sell for based on the local comps
Thank you. I may try this. It's just frustrating because I know we lost a ton of money. It probably would apprise for much less than we bought it for.
well you know my situation- we are right there with you- stuck! hang in there!
|
| Posted 6/23/10 4:46 PM |
| |
|
|
|
Re: Housing market/ selling house
Posted by Pray4Baby2010
Posted by KevinNKristin8-15-08
Posted by Pray4Baby2010
Kris- I know you guys have been struggling with this- so lots of hugs!
but just wanted to say- you bought the house- so you never know- it might be perfect for another couple just starting out- like you and Kevin were- with no kids and maybe no plans for kids
maybe see if you can get an agent in to do a walk through with you- they could give you an idea of what they think it will sell for based on the local comps
Thank you. I may try this. It's just frustrating because I know we lost a ton of money. It probably would apprise for much less than we bought it for.
well you know my situation- we are right there with you- stuck! hang in there!
thanks! I have my ups and downs. I just constantly beat myself up. I know hindsight is 20-20, but I can't help but keep thinking what I would have gotten had I bought now.
|
| Posted 6/23/10 4:52 PM |
| |
|
Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
|
Re: Housing market/ selling house
Posted by KevinNKristin8-15-08
Posted by Pray4Baby2010
Posted by KevinNKristin8-15-08
Posted by Pray4Baby2010
Kris- I know you guys have been struggling with this- so lots of hugs!
but just wanted to say- you bought the house- so you never know- it might be perfect for another couple just starting out- like you and Kevin were- with no kids and maybe no plans for kids
maybe see if you can get an agent in to do a walk through with you- they could give you an idea of what they think it will sell for based on the local comps
Thank you. I may try this. It's just frustrating because I know we lost a ton of money. It probably would apprise for much less than we bought it for.
well you know my situation- we are right there with you- stuck! hang in there!
thanks! I have my ups and downs. I just constantly beat myself up. I know hindsight is 20-20, but I can't help but keep thinking what I would have gotten had I bought now.
mike says that to me at least once a week- I could just kick myself- I was the one that insisted we had to own when we got married
|
| Posted 6/23/10 4:58 PM |
| |
|
DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
|
Re: Housing market/ selling house
Posted by ave1024
Yes I sold in this market. The key is even if you take a hit on your current house, you are getting a "deal" on the house you are buying.
Yes!
Kristin--Eventhough you are selling for less, you are also buying something bigger for less
|
| Posted 6/23/10 6:05 PM |
| |
|
mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
|
Re: Housing market/ selling house
I sold in this market too kristin! We sold our co-op and bought our house. I agree with all the PP's that said you're taking a hit but will also be getting a great deal on your new home. Are the other homes in your neighborhood the same layout as yours? I'm still on listingbook if you want me to try and see what other houses in your neighborhood sold for
|
| Posted 6/23/10 6:21 PM |
| |
|
|
|
Re: Housing market/ selling house
See the problem is how do you sell a house when the mortgage is more than what it is worth??? I'm almost positive that our house is worth a lot less than what we bought it for, and last I checked it was close to our mortgage.
The other thing I forgot to mention is that we have connections with contractors so it would probably be very cheap to do renovations. That and wouldn't adding bedrooms raise the value of a house??? I'm very confused as to how this would hurt us?
Message edited 6/23/2010 6:43:18 PM.
|
| Posted 6/23/10 6:35 PM |
| |
|
Mrs213
????????
Member since 2/09 18986 total posts
Name:
|
Re: Housing market/ selling house
Posted by ave1024
Yes I sold in this market. The key is even if you take a hit on your current house, you are getting a "deal" on the house you are buying.
ITA with this
you may not make any profit but you can get a bigger house for the same monthly payment you are paying now, KWIM?
|
| Posted 6/23/10 6:59 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Housing market/ selling house
Posted by KevinNKristin8-15-08
See the problem is how do you sell a house when the mortgage is more than what it is worth??? I'm almost positive that our house is worth a lot less than what we bought it for, and last I checked it was close to our mortgage.
You can pay the difference in cash at the closing.
|
| Posted 6/23/10 8:51 PM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Housing market/ selling house
Posted by KevinNKristin8-15-08
The other thing I forgot to mention is that we have connections with contractors so it would probably be very cheap to do renovations. That and wouldn't adding bedrooms raise the value of a house??? I'm very confused as to how this would hurt us?
would you renovate JUST to sell it or do you love the 'hood but hate the house??
if you can get cheap renovations and can live there for 5 more years and be happy, then you should do that.
if you are going to renovate just to list it I don't think that is the best idea financially - you should just put the renovation $$ to move.
eta: and stop with the "i wish we would have waited" stuff - i know easier said than done, but no one has a crystal ball and you made the best decision for you at the time
Message edited 6/23/2010 9:00:08 PM.
|
| Posted 6/23/10 8:59 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Housing market/ selling house
Posted by Meaghan729
would you renovate JUST to sell it or do you love the 'hood but hate the house??
if you can get cheap renovations and can live there for 5 more years and be happy, then you should do that.
I agree.
And if you plan on renovating to sell right away, unless you are adding square footage I wouldn't bother.
A prospective buyer may want to do the cosmetic updates themselves, to their taste.
|
| Posted 6/23/10 9:09 PM |
| |
|
KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
|
Re: Housing market/ selling house
Posted by KevinNKristin8-15-08
Posted by KimberlyScott
Another thing....why not put it up anyway? If you are so convinced it won't sell, what will you be out?
My brother bought a house similiar to yours. The entire 2nd floor is one huge master. He enclosed an outdoor patio to make a guest room. There might be someone out there who is looking for exactly what you have!
Just bc you are unhappy there doesnt mean someone else wont buy it.
I did think about that, but I just have so many doubts that this house won't sell. Thanks for the advice. Did your brother ever try to sell??
No he hasn't tried to sell yet! He bought it just over 2 years ago. He just closed in the 2nd floor outdoor patio and made it a guest room. So now its a 2 bedroom.
Whichever route your choose, I wish you luck! And I admire your desire to make a change. I'm so stuck Im in a rut and I can't get motivated to do anything to make a change!
Message edited 6/24/2010 11:36:11 AM.
|
| Posted 6/24/10 11:34 AM |
| |
|
|
|
Re: Housing market/ selling house
Posted by Meaghan729
Posted by KevinNKristin8-15-08
The other thing I forgot to mention is that we have connections with contractors so it would probably be very cheap to do renovations. That and wouldn't adding bedrooms raise the value of a house??? I'm very confused as to how this would hurt us?
would you renovate JUST to sell it or do you love the 'hood but hate the house??
if you can get cheap renovations and can live there for 5 more years and be happy, then you should do that.
if you are going to renovate just to list it I don't think that is the best idea financially - you should just put the renovation $$ to move.
eta: and stop with the "i wish we would have waited" stuff - i know easier said than done, but no one has a crystal ball and you made the best decision for you at the time
I hate the house. I can live with it for a few years I suppose, but ultimately we would like to move. The renovations I would be doing is adding bedrooms. That's why I'm confused as to how this would hurt us. Our house would be 3 bedrooms with the renovation. Without it, I just don't see how anyone would buy it. The upstairs is just one giant large master bedroom. So I think I'm stuck renovating it. I can deal with it but unfortunately I am not happy here, so I don't think I can't last more than 2-3 years.
And I know about the "I wish we would have waited" stuff but it really bothers me, because I feel because of our decision of buying 2 years ago we got ourselves trapped, and screwed in the long run. I can't help but feel discouraged. I've been trying so hard to get over it, but I can't help but see what some of my friends are getting now. It's so unfair. I just feel we'll be stuck for a really long time and it's disheartening.
Thank you for your advice!
|
| Posted 6/24/10 4:45 PM |
| |
|
| Pages: [1] 2 |
