That is the question.

Any regrets when selling a home?

The Charlotte market is pretty strong. I know this means we would buy in a strong market but we can wipe out debt, have a little cushion and have a nice down payment.

and paying off debt, then riding out in an apt until the next downturn so do another down payment.

If it works out, then yeah it might be good. It seems like a pure luck sometimes.

you'll get enough to move in the area/house you actually want. otherwise, it may be wise to wait and let your home get more equity.

its all timing. wiping out the debt is huge though. be sure to see how much equity you'll actually be getting. there are fees and shit tied to selling and of course more costs when buying.

another thing is will you be able to move right into a new spot or have to get an apt? that could eat into whatever money you get and jack up your down payment.

with all that, now is a good time to purchase or refi. rates just got lowered.

yes
if not no

The ideal would be to:
Sell
Wipeout(or significantly reduce) debt
Buy w/ a 15 year mortgage & the payments working out to be in the same dollar range as your current mortgage

Amazon is REALLY driving up home values in Arlington and we'd seriously consider selling if we could walk away with enough to put 20% down on something else in Arlington

This is our first home. Our mortgage is under 1K. Hose is over double what we paid for it.

We will prolly change to a 15 year tho since rates are low.

Could y'all swing a $2k mortgage if you had zero debt and cash in hand from sell of your current house?

I'm just trying to figure out the math...
If your house is worth double, i'm assuming similar homes in the market would mean you'd have to pay double to buy...so you'd take your profit from sale of house 1 & put that into new house resulting in a net zero change in debt on a 30 year mortgage...but...ahhh...ok...lol..I had to type that shit out....

>This is our first home. Our mortgage is under 1K. Hose is
>over double what we paid for it.
>
>We will prolly change to a 15 year tho since rates are low.
>
>


"Get ready....for your blessing....."
"Bury me by my Grand-Grand and when you can come follow me"

I’m fine with only having a mortgage and no other debt tho.

We could swing 2K once the kids are out of daycare but we only need a payment of 1.5K to have all the house we need in Charlotte.

I would prefer the flexibility of a 30 just in case things get funky.

You can always pay extra towards the principal but I don’t want to be up against it if an emergency pops up.

Would be lovely tho if we could swing it but it won’t stop me from making a move.

I was already paying like it was a 15, so it'll be an easy transition. it'll actually be a lil cheaper than what I'm already paying.

was also told that if I do bi-weekly payments, it'll take another 3 years off the loan.

We could stay in this house, make some minor upgrades and still be up.

Have to sit down with someone and see which option maker the most cents.

We prolly can’t get into our dream home with a 15 year until they are both out of daycare.

>We prolly can’t get into our dream home with a 15 year until
>they are both out of daycare.
>
>

this is why the subprime shit popped off
people thinking their second home should be their "dream home"
That should be your 3rd home
i dont know any wealthy person outside of lottery situations (lottery winners/athletes/celebs/tech) who bought their dream home second

the first home should be your biggest investment and biggest return
second home should be slighty lower investment and bigger return
third home should be no investment and no return and be stable

my mom is going through this right now

first home had a return of 120K
second home has a potential return of 460K
she is currently looking at here third home with a new husband...they can dream because of their returns before

Our dream home is move on ready... lol. Prolly what most would consider their first home these days.

Our first home is 1300 sq ft and we are up about 150K (knock on wood)

Our dream home has a bit more room and is in a good school district but it’s not huge but it won’t need any major upgrades and will have 2 floors.. lol.

As long as we don’t get divorced our 3rd home will be her parents house on the coast that was built by her great grandparents.

...

But thanks for the formula.

>Our dream home has a bit more room and is in a good school
>district but it’s not huge but it won’t need any major
>upgrades and will have 2 floors.. lol.
>

You should easily net over 100k after fees (and no taxes) if you’ve got that much equity. That’s at least 20% down on a 500k house, or 33% on a 300k house if you want to keep your mortgage in check. And you’d still have some money leftover to put towards other debts.

I’d vote with selling your house, taking your equity and moving into a nicer neighborhood. Buying another fixer upper would give you the best bang for your buck (plus you could have the capital to fix it up before you move in) but the biggest driver of appreciation would still be location.

The size of the house is also important. We want enough room to have some space between us and the kids as they grow..

but we also don’t want a house so large we are spending a grip on utilities.

I think we are going to start the process of selling.

>Any regrets when selling a home?
>
>The Charlotte market is pretty strong. I know this means we
>would buy in a strong market but we can wipe out debt, have a
>little cushion and have a nice down payment.

I've never sold my condo (first home) but I've though of it several times.

What it came down for me is this: Selling my condo and using that money to get a house I want would involve my risk increasing - meaning I pay more each month out of pocket - and it wasn't for me.

If I had a big house and wanted to move into a condo the equation would be different - but any house you want to buy now has appreciated the same or more as your own property.

That's the question: How much risk are you willing to take right now?
Because selling NOW and hoping for a downturn seems very logical - but there's no guarantee it'll work out how you plan.

Maybe wiping out your debts is worth it for you?

We lucked up and moved to NYC right before the crash instead of buying a house.

We ended up moving to NC after the crash and picked Charlotte on a whim and lucked up. Had no idea this city would grow so fast.

Thing is, it’s still growing and you can get a 3,000 sq ft house in a good area for under 300K.

We don’t need that much room but with 2 little ones we need a little more space.

We could also stay in this house, add on and cake up but we have options. It’s a good problem to have.

I want to invest and stack aggressively after the kids leave daycare so it really comes down to finding the right fit.

I know housing is unpredictable but Charlotte has a lot of room to grow... I mean a whole lot of room.

and the house was in an area we concluded wasn't one conducive to raising kids without pathologically fatalistic mentalities (or, at worst, could easily turn physically fatal)

we got REALLY bad advice from a friend in real estate

ended up losing the house in foreclosure

now (eight years later) the house is worth double what we paid due to market upturn and gentrification

all that said, owning a house was a LOT of work (from a maintenance standpoint) that I do't miss at all

After she died the bank quickly sold the place for next to nothing, before any of us (except maybe a particular scheming Aunt) knew it was for sale. A developer did some basic renovations the next month, and in three more months it sold for more than 10 times what it was worth the year before she died.

Thankfully nothing major has happened. It can add up quick tho.

I have some fixes but they are all minor.

Garage door opener broke
We need a new deck
Prolly need a new roof even though insurance said it’s in good shape.

This is all new to me.

My wife’s family built homes in Southport from the ground up.

If my wife didn’t run my credit and look for houses while I was at work we might’ve still been renting... lol.

But if I was in your situation, we'd probably sell and move to another emerging market in the region.

but I guess it’s fear of the unknown and having to make minor upgrades to get the most bang for our buck.

We’ve been discussing it recently but we probably need a professional opinion. My MIL is great with RE so I’m going to pick her brain this weekend. She smelled the crash coming in 08 and sold the house next to hers for 8X what it was worth.

at disappearing historic Black community, 500 miles away.
instead of not being a renter where I live now, since purchasing here is so unaffordable.

this historic registered place - https://www.blackpast.org/african-american-history/fox-lake-angola-indiana-1927/

this parcel of property - https://www.zillow.com/homedetails/1945-W-Fox-Lake-Rd-Angola-IN-46703/124620422_zpid/

a design like this, but larger to meet the purchase guideline of "no less than 1,500 sq ft" - https://www.airbnb.com/rooms/22319039?source_impression_id=p3_1565128266_d4%2BoSiHVE251n3f5

I love modern design

My wife’s fam is from Southport. It was a Black port town but its turned into a white paradise recently. When we met it was black as hell but slowly they moved in and now it’s unrecognizable.

As long as I'm moving from a blue state to red state I'm good