March 13, 2008
It's interesting how a person rationalizes things after making a decision to ensure it was the right one. I had a dream last night that I found a house to buy that had this wonderful, big backyard with lots of sunlight for a garden. And today I reviewed the comps for the area where I live and I feel very optimistic. If I can sell the house for $X, representing a reasonable but slightly optimistic price, then I would be freeing up enough equity to buy another house with a 15 year mortgage AND have a lower monthly payment than I do now. Assuming current rates, though. If they go up, it will be more difficult to sell. The more I think about it, despite that the real estate market is depressed, the best time to change houses is when rates are very low. It is a very good time to buy and sell especially for those who are not trying to bite off more than they can chew - I don't care what the pundits are saying. In this city, at least, where employment is stable and that does not experience the wild upswings and downswings like other cities.
Or I'm just rationalizing my silly decision.
Posted by megabeth at March 13, 2008 03:38 PM
That is how I see it. There are lots of people buying, it is a good time. This area doesn't have a housing price bubble to burst. You should have a good bit of equity. There are always some houses that sit on the market a long time. They are either overpriced or they have cleanliness or maintenance issues. A fair price and exposure is all you need.
Posted by: A at March 13, 2008 04:36 PM
i think when it comes to selling it depends on where you live. it's a paradox. while now is the perfect time to buy, no one really seems to be buying. i've seen houses in my neighborhood on the market for over a year now. and this is in a well sought out neighborhood.
Posted by: pretty helmet at March 13, 2008 08:53 PM
It may depend on where you live on a micro level (certain streets are highly desirable) but in all areas of town including over-the-mountain suburbs, there are houses sitting on the market for months at a time. Updated houses still sell fast - the difference is that people can be picky and if a house hasn't been updated or maintained, then it isn't going to sell. There should be more movement this spring since interest rates hit very low levels in January.
Posted by: megabeth at March 13, 2008 09:04 PM
It took us almost 3 years to sell our house (in Grayson Valley). My sister's neighbor (in Irondale) sold theirs in less than a week. It all depends... We tried selling it ourselves for a long time, but were not successful.
Part of our problem was that there were so many others for sale in our neighborhood. What we finally did that worked was to offer to pay $3000 of the closing costs, plus we gave a $500 bonus to the selling agent. I think it sold within a couple of weeks after we did that.
Posted by: Karen at March 14, 2008 11:51 AM
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