selling after only a few years, to buy another house in the same area?

Bought our house a few years ago. Am I crazy to sell my house to attain that dream home that I can see myself staying in for"ever", after a few years? Has anyone done this? Will people think that's a crazy move to do after only a few years?

Message edited 8/2/2014 7:34:47 PM.

Re: selling after only a few years, to buy another house in the same area?

You're not crazy. I think it's pretty common.

My SIL lived in her house for a couple years. Great house, great neighborhood but it would've cost $$$$$ to do the upgrades they wanted. Her DH is also NOT handy either.

They just bought brand new construction with everything they wanted for probably the same amount, or even less than what the upgrades would've cost.

They also ended up making $$$ on the sale because they had been doubling up on payments every month and her old neighborhood has become very desirable, especially after Sandy.

I also know at least 2 other couples who owned and then moved within 5 years to their "forever" home.

All 3 I referenced are also here on LI.

Re: selling after only a few years, to buy another house in the same area?

I don't think it's crazy, but I think you need to think practically.

How long ago did you buy? What have the values in your area done since then? Could you sell at a profit?

Will you need to sell your first home first in order to be approved on the second? What is your game plan for this? The sellers of your "dream home" may not be willing to wait for you to sell your current home. Will a bank allow you to hold two mortgages?

You will be incurring closing costs again.

It can definitely be done, if that is where your heart is.

Re: selling after only a few years, to buy another house in the same area?

The last poster did bring up some excellent points.

My SIL was lucky because she had 2 offers within the first week of showings. They also were in the position to be able to carry 2 mortgages for a bit.

My other friend bought a short sale, so got stuck living with family for a good 6 months or so because the buyers of their home were not willing to rent to them while they waited for the short sale to go through.

I remember her being stressed beyond belief.

There are a couple of excellent, knowledgeable agents on here as well that I am sure if you are serious, you could meet with for more advice. (Beth & Christine).

Re: selling after only a few years, to buy another house in the same area?

Very desirable area and we have a great home that I know would sell quickly if priced correctly. It's the dread of having to move again, pack again, etc, that make me second guess.

Message edited 8/2/2014 7:36:14 PM.

Re: selling after only a few years, to buy another house in the same area?

As far as whether or not you "should" move - I think only you can weigh the pros and cons of what is right for your family. But it is common for people to sell a house and buy another (bigger or different) house in the same town or school district that better suits their current needs. I think a lot of people find that to be an easier transition as they are staying in a familiar place and not uprooting kids from school and that type of thing.

If it's just the inconvenience of moving that is holding you back, I think you should look at the big picture. If you truly can't change the things about your house that aren't working for you, then I think the inconvenience of moving and adapting to the new home would be outweighed by gaining the things you want/need in a forever home.

If this is something you will ultimately want to do, from an economic standpoint, the time to do it is now, while mortgage rates and prices, while starting to go up, are still pretty low.

But as with any major decision, you really want to do your research ahead of time. I know you said your home would sell quickly, but I would consult with a few real estate agents to get an idea of current market value. Homes are selling pretty quickly now on many areas of the island, if they are priced to sell, but it's important to know what the estimated market value is going in, so that you are positioned to sell. And it's so hard to generalize - while the market is rebounding, that's not true in EVERY area of Long Island.

Also, you say you don't need to sell this home in order to buy the next one, but have you confirmed this with a mortgage lender (assuming you need to obtain some kind of financing on your next purchase)? Even if you are comfortable carrying two mortgages, it may put your debt-to-income ratio at a level that makes it hard to get a mortgage for your next home unless you sell the first (or you may only qualify for a much smaller amount than you need to buy the "dream home."). So I wouldn't assume anything unless you've actually taken the steps to sit down with a loan officer and go over everything.

In general, the logistics of selling one property and buying another can be difficult to sort out and usually require people to have interim plans (renting, staying with family, etc.).

Also, if it is really about the one house you mentioned that is on the market that you like, have you looked into it (actually been inside, found out more about the circumstances of the sale, etc.)?

Bottom line - I think you shouldn't be held back from making a change just because you haven't owned the house for that long. If it's financially possible for you to upgrade to a different house now, then it may well be a smart decision. But I would do some fact-gathering first, and I am always happy to answer questions or consult with you if you are interested!

selling after only a few years, to buy another house in the same area?

We lived in our home for 3 years before selling to buy our forever home. We put our home on the market after getting an accepted offer on our forever home. Our house went pretty quickly (3 months) and the sellers of our forever home agreed to wait. We had JUST settled (much like you), but we couldn't pass up the opportunity to buy the bigger, better house. Do what feels right for you. We sat around talking about what we wanted to do for a while before we made our move! GL!

Re: selling after only a few years, to buy another house in the same area?

Sounds crazier to me to not go for your dream home if it's truly attainable at this time.
Good luck if you go for it!

selling after only a few years, to buy another house in the same area?

I'm doing this right now. We bought our house (a short sale) in 2009. Got a great price on it, gutted it and made it beautiful. I love the house. But, a particular model house in an area weve always liked area close by recently came on the market for a great price (it's a foreclosure), and we made an offer which was accepted. So, here we are, with our current home that we do love, but looking to the future. the new house is a place we can realistically stay long term, have another child with enough space and live nicely.
Would we have paid top dollar for it? No. But the price was right for the house we've always wanted, in an area we've always loved, even though its close by.

Re: selling after only a few years, to buy another house in the same area?

Re: selling after only a few years, to buy another house in the same area?

My house will go on the market at the end of the month. We worked on it, gutted it to the studs, brand new everything!
I decided I cannot live here after... ready for this.. after sleeping here only 2 nights!
I miss Queens too much.
So we own it for a year & have lived in it for 2 months.. try to beat that! It is my dream home, absolutely beautiful, ppl think I'm crazy.
Anyone looking to buy in the Herricks school district? PM me.

Re: selling after only a few years, to buy another house in the same area?