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Subject: "To sell or not to sell" Previous topic | Next topic
legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 10:33 AM

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"To sell or not to sell"


          

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.



shut up already, damn

  

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Topic Outline
Subject Author Message Date ID
I dream of selling
Aug 07th 2019
1
I say sell if you can make sure that
Aug 07th 2019
2
if you can afford a 15 year mortgage on the next house
Aug 07th 2019
3
^^^best answer IMO....
Aug 07th 2019
4
There is no way we can buy a new house and have the same payment
Aug 07th 2019
7
      damn...that's wild...smh. I really need to find us jobs back in NC....
Aug 07th 2019
8
           Yeah. That’s the rub.
Aug 07th 2019
10
           I’m on the fence with the 15 year for our next spot
Aug 08th 2019
23
I'm working on a 15 yr for my current.
Aug 07th 2019
5
Yeah. A 15 year refi is also an option
Aug 07th 2019
6
      then its too late
Aug 07th 2019
9
           Nah. I just have a different definition for our dream home
Aug 07th 2019
11
                the right dream then lol
Aug 07th 2019
13
                How much would your “dream” house cost?
Aug 09th 2019
24
                     We want to stay in the 250k to 350k range
Aug 09th 2019
25
This involves risk - and maybe you don't like risk?
Aug 07th 2019
12
Not hoping for a downturn
Aug 07th 2019
14
we were upside down
Aug 07th 2019
15
My grandmother did a reverse mortgage.
Aug 07th 2019
19
Yeah. It’s definitely more work than you think when you buy
Aug 07th 2019
20
One other thing. My fam hasn’t ever owned ANYTHING.
Aug 07th 2019
16
Nothing wrong with that.
Aug 07th 2019
18
      I know that’s the right thing to do
Aug 07th 2019
22
i'm contemplating a vacation place
Aug 07th 2019
17
That last place is dope af
Aug 07th 2019
21
RE: To sell or not to sell
Aug 12th 2019
26

walihorse
Member since Aug 03rd 2006
15710 posts
Wed Aug-07-19 10:38 AM

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1. "I dream of selling"
In response to Reply # 0


  

          

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.

If a fat guy falls in the woods and there is no one around to see it, do the trees laugh?

  

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tariqhu
Charter member
14554 posts
Wed Aug-07-19 10:44 AM

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2. "I say sell if you can make sure that"
In response to Reply # 0


          

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.

you probably think you're cooler than me

  

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tomjohn29
Member since Oct 18th 2004
16361 posts
Wed Aug-07-19 10:45 AM

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3. "if you can afford a 15 year mortgage on the next house "
In response to Reply # 0


  

          

yes
if not no

______________________________________

Navem nu, cuando sol
Tutu nu, vondo nos nu
Vita em, no continous non
Nos nu ekta nos sepe ta, amen

When the sun shades the ship
We sweat and life is not safe
To swim or to touch not
When we unite we hedge amen

  

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FLUIDJ
Member since Sep 18th 2002
41318 posts
Wed Aug-07-19 10:49 AM

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4. "^^^best answer IMO...."
In response to Reply # 3


  

          

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

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 10:56 AM

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7. "There is no way we can buy a new house and have the same payment"
In response to Reply # 4


          

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.

shut up already, damn

  

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FLUIDJ
Member since Sep 18th 2002
41318 posts
Wed Aug-07-19 11:00 AM

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8. "damn...that's wild...smh. I really need to find us jobs back in NC...."
In response to Reply # 7


  

          

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"

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 11:19 AM

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10. "Yeah. That’s the rub. "
In response to Reply # 8


          

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.

shut up already, damn

  

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legsdiamond
Member since May 05th 2011
62026 posts
Thu Aug-08-19 09:04 AM

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23. "I’m on the fence with the 15 year for our next spot"
In response to Reply # 8


          

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.



shut up already, damn

  

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tariqhu
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14554 posts
Wed Aug-07-19 10:51 AM

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5. "I'm working on a 15 yr for my current."
In response to Reply # 3


          

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.

you probably think you're cooler than me

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 10:52 AM

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6. "Yeah. A 15 year refi is also an option"
In response to Reply # 3


          

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.

shut up already, damn

  

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tomjohn29
Member since Oct 18th 2004
16361 posts
Wed Aug-07-19 11:15 AM

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9. "then its too late"
In response to Reply # 6


  

          

>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

______________________________________

Navem nu, cuando sol
Tutu nu, vondo nos nu
Vita em, no continous non
Nos nu ekta nos sepe ta, amen

When the sun shades the ship
We sweat and life is not safe
To swim or to touch not
When we unite we hedge amen

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 11:25 AM

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11. "Nah. I just have a different definition for our dream home"
In response to Reply # 9
Wed Aug-07-19 11:35 AM by legsdiamond

          

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.

shut up already, damn

  

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tomjohn29
Member since Oct 18th 2004
16361 posts
Wed Aug-07-19 11:40 AM

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13. "the right dream then lol"
In response to Reply # 11


  

          

______________________________________

Navem nu, cuando sol
Tutu nu, vondo nos nu
Vita em, no continous non
Nos nu ekta nos sepe ta, amen

When the sun shades the ship
We sweat and life is not safe
To swim or to touch not
When we unite we hedge amen

  

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Cocobrotha2
Charter member
10558 posts
Fri Aug-09-19 04:49 AM

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24. "How much would your “dream” house cost?"
In response to Reply # 11


          


>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.

<-><-><-><-><-><-><-><-><->
<-><-><-><-><-><-><-><-><->

  

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legsdiamond
Member since May 05th 2011
62026 posts
Fri Aug-09-19 08:23 AM

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25. "We want to stay in the 250k to 350k range"
In response to Reply # 24


          

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.

shut up already, damn

  

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handle
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15827 posts
Wed Aug-07-19 11:40 AM

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12. "This involves risk - and maybe you don't like risk?"
In response to Reply # 0
Wed Aug-07-19 11:40 AM by handle

          

>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?

------------
My prayers have been answered!

Gone
My Discogs collection for The Roots:
http://www.discogs.com/user/tomhayes-roots/collection

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 11:47 AM

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14. "Not hoping for a downturn"
In response to Reply # 12


          

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.

shut up already, damn

  

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Selah
Member since Jun 05th 2002
16368 posts
Wed Aug-07-19 11:48 AM

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15. "we were upside down"
In response to Reply # 0


          

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

  

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Cam
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13065 posts
Wed Aug-07-19 12:37 PM

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19. "My grandmother did a reverse mortgage."
In response to Reply # 15


  

          

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.

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 01:13 PM

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20. "Yeah. It’s definitely more work than you think when you buy "
In response to Reply # 15


          

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.

shut up already, damn

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 11:52 AM

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16. "One other thing. My fam hasn’t ever owned ANYTHING. "
In response to Reply # 0


          

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.

shut up already, damn

  

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Cam
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Wed Aug-07-19 12:32 PM

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18. "Nothing wrong with that."
In response to Reply # 16


  

          

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

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 01:20 PM

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22. "I know that’s the right thing to do"
In response to Reply # 18


          

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.

shut up already, damn

  

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Cam
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13065 posts
Wed Aug-07-19 12:26 PM

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17. "i'm contemplating a vacation place "
In response to Reply # 0
Wed Aug-07-19 12:27 PM by Cam

  

          

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

  

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legsdiamond
Member since May 05th 2011
62026 posts
Wed Aug-07-19 01:17 PM

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21. "That last place is dope af"
In response to Reply # 17


          

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.

shut up already, damn

  

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dafuneral
Member since Jul 06th 2005
512 posts
Mon Aug-12-19 02:16 AM

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26. "RE: To sell or not to sell"
In response to Reply # 0


  

          

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

  

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