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Question about the economy and selling a house?
Do you think that a house could sell in this market without taking too much of a hit? We need to upgrade into a larger home and I'm curious if selling is even an option at this point.
We have some money for a down payment, but could not afford to take much of a hit. Are we screwed? I'm sick of being stuck in our starter home!!!! 
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Posted 2/3/12 3:19 PM  |
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Prudential Douglas Elliman Real Estate
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Question about the economy and selling a house?
maybe you should get an agent to come in and give you an estimate of what they would list it for and what they think they could realistically get?
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| Posted 2/3/12 4:15 PM |
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Re: Question about the economy and selling a house?
Posted by Pray4Baby2010
maybe you should get an agent to come in and give you an estimate of what they would list it for and what they think they could realistically get?
I think this is a terrific idea. The LIF ones also seem to really know their stuff (Beth I've met personally btw and is great).
We may end up going this route in a couple of years.
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| Posted 2/3/12 4:43 PM |
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Salason
♥
Member since 6/05 9878 total posts
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Re: Question about the economy and selling a house?
Totally depends on the house and the location. I'd talk to a realtor to give you a better idea.
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| Posted 2/3/12 5:18 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Question about the economy and selling a house?
houses are selling
stop listening to the news
this is a great time to buy
rates are at historic lows- I have been booked every weekend since last January
I am even booked superbowl sunday - all day with showings and listings
I am selling 50% of my listings in 30 days or less
I only had 1 buyer in the last year not get a mortgage- and it's b/c she filed bankrupcty and her current house was in foreclosure (she failed to explain this upfront)
and I closed 27 houses last year - and sold 6 so far this year :)
this is the perfect market to trade up in- the money you save on the trade up home will be greater then any gains you would see in your current home value waiting for prices to come back up (that's the biggest mistake people make)
I would be happy to help you- just shoot me an FM to chat
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| Posted 2/3/12 7:25 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Question about the economy and selling a house?
Well it depends on so many factors. Start looking to see what other comparable homes in your area are listed for, selling for.
Also you could look at it this way...if you take a loss on your current home, you will be able to buy a larger home for cheaper so it could be an even trade $$ wise, kwim?
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| Posted 2/3/12 7:50 PM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: Question about the economy and selling a house?
Im in the same boat! I feel like I am forever stuck in my tiny arse starter home!
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| Posted 2/3/12 8:04 PM |
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Re: Question about the economy and selling a house?
Posted by Beth
houses are selling
stop listening to the news
this is a great time to buy
rates are at historic lows- I have been booked every weekend since last January
I am even booked superbowl sunday - all day with showings and listings
I am selling 50% of my listings in 30 days or less
I only had 1 buyer in the last year not get a mortgage- and it's b/c she filed bankrupcty and her current house was in foreclosure (she failed to explain this upfront)
and I closed 27 houses last year - and sold 6 so far this year :)
this is the perfect market to trade up in- the money you save on the trade up home will be greater then any gains you would see in your current home value waiting for prices to come back up (that's the biggest mistake people make)
I would be happy to help you- just shoot me an FM to chat
Thanks for sharing this! Not planning on selling just yet, but it makes me hopeful.
We have friends recently who sold their starter home in an eh-ish neighborhood on LI, and broke even on what they had left on the loan. They originally looked at it as losing out on the $$$$ they invested in their home & downpayment, however, moved in with family and have no rent so they are banking all their checks and now planning to look at homes in more desirable areas in the next year that they couldn't previously afford.
I am keeping my fingers crossed that this will be the case for DH in I.
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| Posted 2/3/12 8:52 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Question about the economy and selling a house?
A low market is the best time to upgrade.
Others have mentioned it, but here it is in number format:
Your house was worth 300k
You want to buy a house that was worth 500k
The market is down 20%
You "lose" 60k on your house...
The house you are looking to upgrade to "lost" 100k
You've saved $40k by upgrading in a lower market...
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| Posted 2/4/12 3:49 PM |
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Re: Question about the economy and selling a house?
I think it's hard to speak in generalities in real estate. Yes, a lot of homes are selling (the ones that are priced right are selling fast). And with low prices and record low interest rates, it's a great time to buy.
But whether you are in a position to sell without taking a loss really depends on your particular home, how much you owe, and how much comparable homes are selling for in your area.
I agree the best thing to do is to consult with a realtor. I would actually consult with more and ask each to prepare a comparative market analysis. Valuation, while based on data, still has a subjective component, so I think it's good to consult with several local realtors who can tell you what you can expect your home to sell for in the current market (or at least give you a range). I would be careful not to tell the realtors upfront what you are looking to get out of your home/what number you need to sell, because there are some realtors who will tell a seller anything to get a listing. Make sure you talk to people who will give you an honest, professional opinion, and who can back it up with data/comps.
Let me know if you need some help or have further questions!
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| Posted 2/4/12 5:32 PM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: Question about the economy and selling a house?
I agree with the others about getting a comparative market analysis from a realtor so you can get an idea of what similar homes in your neighborhood are selling for.
When did you buy your house? Even if you sell it for exactly what you bought it for you will still have to pay certain closing costs, a realtor's commission, attorney's fee, etc.
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| Posted 2/4/12 8:23 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Question about the economy and selling a house?
Put it on the market. There are buyers out there.
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| Posted 2/4/12 11:38 PM |
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Re: Question about the economy and selling a house?
Posted by marianne13
I agree with the others about getting a comparative market analysis from a realtor so you can get an idea of what similar homes in your neighborhood are selling for.
When did you buy your house? Even if you sell it for exactly what you bought it for you will still have to pay certain closing costs, a realtor's commission, attorney's fee, etc.
2008.
Thanks everyone. We do plan on having a realtor come in to give us a general idea. I was just curious is selling was even an option. This post makes me more hopeful. I thought I may have been completely screwed but it doesn't sound that bad.
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| Posted 2/6/12 1:04 PM |
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