Anyone want to move but holding off bc of current market?

Or do you think it will just get worse as far as prices? I'm talking about selling one property and buying another, not going from renting to buying. We are considering it but not sure if it makes sense right now. We had a very low interest rate and have put a lot of work into our house but we also bought 4 years ago when it was more of a sellers market.

Anyone in a similar situation and what are you doing?

Re: Anyone want to move but holding off bc of current market?

I'm selling a condo out of state but decided on a number and if we don't get it we will rent it.

Not selling anything in this market but there are tons of great buys now as long as your credit is good and you get a conforming loan. that's the only way I would do it.

Re: Anyone want to move but holding off bc of current market?

I am worried since we're in a starter and will grow out of it within the next 2 yrs the most.....

but I figure, even if the market still isn't so great, won't it just even out for us? You won't get as much for your home to sell but unless you're relocating, you will probably get the new house for a better deal anyway, right?

I do see homes still staying on the market for longer now though. So I guess everyone has to be more patient.

Re: Anyone want to move but holding off bc of current market?

It depends when you bought your house. If you get a house for more money than you sell yours you will have to pay more and then add closing a moving costs. Also, you will probably have other start up costs included when you get into your new home. It may need painting and whatever else..

If you can make enough on your current home and can break even that would be good.

Re: Anyone want to move but holding off bc of current market?

We sold in May - put the house on the market in January. We were very lucky to get what we got (still less that we would have liked BUT we made a profit).

We also bought and considering, the prices are not that low in our range as we thought. We had to up our prices range to get something decent. The interest rates are higher now, we got 6.5% but that's considered good.

Also, you would have to have great credit. We were required to pay off $13000 in debt just to get our loan. The requirements are way more strict than they were because of the forclosures.

It's a hard call. It's a rough market and be prepared to be low balled by buyers. And, who knows if they will qualify for their loans.

Message edited 8/10/2007 11:14:15 AM.

Re: Anyone want to move but holding off bc of current market?

Re: Anyone want to move but holding off bc of current market?

Re: Anyone want to move but holding off bc of current market?

We are looking now and aren't going to hold off.

We have a condo, we hopefully have a friend who will buy it. We are realistic on the purchase price.

As another poster said, I'm looking at it as I am getting a house that would have been much more a year ago, for a steal today.

Re: Anyone want to move but holding off bc of current market?

I think that in this market it won't make much of a difference if you are moving from one home to another. In one case you are the seller in a buyers market, but you then reap the rewards as a buyer in a buyyers market.

Re: Anyone want to move but holding off bc of current market?

We are in the same position and continue debating and debating and debating...

Re: Anyone want to move but holding off bc of current market?

We are putting our house on the market soon. "Soon" is relative at this point, it hopefully can be next spring or summer. What's holding us back is the ton of unfinished projects in my house that we can't put on the market until its finished.... My lower level is literally down to studs because we are redoing it - ever so slowly.

We always said this house was just a first step, and there really wasn't anything pushing us to get our azzes in gear to move (we have room, its 4 bedroom and 3 full bathrooms). We agreed to send our kids to private/parochial schools based on our religious beliefs, so we are happy in our town and love it up here.

Until a car speeding up our road, lost control and ended up inches from being IN our house (not to mention totalling our parked car in our own driveway). I hate the feeling of not being safe.

We will be looking in the same town or Syosset, CSH or Jericho. ETA: Be bought back in 2000 and paid half of what we could sell for at this time.

Message edited 8/10/2007 4:34:48 PM.

Re: Anyone want to move but holding off bc of current market?

We bought in '05 in Putnam county and decided, now that our baby is here, that we're better off closer to family, so we are going to move back to LI.

I am glad I had the experience of living here, but I am anxious about selling our current house. Because LI is slightly more expensive, we really do have to make something on this house. I am crossing my fingers- we have made a lot of improvements and we did get a decent deal when we bought. I just hope we can get the price we want when we do decide to sell.

Re: Anyone want to move but holding off bc of current market?

Re: Anyone want to move but holding off bc of current market?

I just talked a customer out of selling their house in this market. They want to move OOS and have an appraisal from early 2006. I had to explain that they are not going to get what they would have a year ago despite the appraisal. I also had to show them that their former neighbors totally LIED about what they got from their sales.

They wanted to list high based on inflated numbers from former neighbors who sold. I had to explain that they will get no offers and then have to slash the price by at least $30K (based on the comps) which would then have Buyers offering them low ball prices since Buyers assume a $30K price cut means the Seller's are desperate.

These customers have put a tremendous amount of work into the house (took out equity to do it) and there is no way they would see a return on that money if they sell now.

The husband retires in 2 years and then they can really think about leaving NY - but with his pension

Re: Anyone want to move but holding off bc of current market?

Re: Anyone want to move but holding off bc of current market?

It really puts you in a bit of a quandry:
1. You buy now and get an interest rate of 6.5% on 500,000.00

2. You wait for the price to drop and purchase at 460,00.00 with an interest rate of 7.5%

here is the difference in final cash.

Loan 1. Total payment, life of the loan 910,000.00

Loan 2 Total payment, life of the loan 946,000.00

Re: Anyone want to move but holding off bc of current market?

I was talking to my neighbor who has been an agent for 10 years now and he says the market is so bad now, and most houses are just sitting. He said it will be a really bad time to sell now and in the next few months but a really great time to buy. He said that the prices are probably going to get really low for homes.....

Re: Anyone want to move but holding off bc of current market?

Re: Anyone want to move but holding off bc of current market?

very good market for first time buyers with nothing to sell.

Re: Anyone want to move but holding off bc of current market?

My FIL works with a realtor that said in her 40yrs as a real estate agent, she has never see the market this bad. I think it is a bad time to sell right now.
People think they have gold, and try to sell their houses at ridicilous prices. What they really have is a 30 yr old fixer upper that they are trying to sell for 450-500k or more.
A big problem is that people are dropping the prices on their houses, but still not enough. They are getting offers, but low offers. No one is willing to budge.

Re: Anyone want to move but holding off bc of current market?

Yes! We need a bigger place but the interest rates went up and we are so afraid of not getting back our investment...

Re: Anyone want to move but holding off bc of current market?

Yes. We will def watch the market but we have heard this is not even close to the worse yet. Thank goodness we underpaid for our house but we will wait at least 2 yrs before buying a new house.

Re: Anyone want to move but holding off bc of current market?

I know a couple that bought in 05 & would like to move OOS but the houses in their neighborhood(some much nicer/bigger than theirs) are selling for at least 50k less than what they paid & nothing is selling fast. There are two houses in their close area that have been for sale for almost a year, the prices have dropped but still no takers. They live in a desirable area too.
In my neighborhood the houses are sitting a little longer, but they are selling for around the asking price, and prices haven't changed much in the last year or so. However homes in my area are much less expensive than other places.

All of the analysts I've heard & read say everyone including the best borrowers will need to take a bit of this $hit pie in lending, so as that trickles down & people with 750-800 scores are getting rates at 7%+ everything will slow down even more.

Re: Anyone want to move but holding off bc of current market?

If you are staying in the same general area, I don't think it makes much difference. You are buying a selling a house, so you are getting $crewed on one side or the other, no matter what the market does. In a buyers market, your current house will be hard to sell. If you wait until a sellers market, you won't be able to find a new house.

Also, if house prices drop, it's really in your advantage to move. If houses drop 10%, and you move to a bigger house:

Your house goes from $250k - $225k (-$25k)
New house goes from $500k - $450k (-$50k)

Re: Anyone want to move but holding off bc of current market?

The big advantage that we see in waiting is that if we wait and the houses go back up, we can make a good enough profit to use as a downpayment on the next house.