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Message
Selling/Buying a house in this market
Posted on 5/25/21 at 8:55 am
Posted on 5/25/21 at 8:55 am
Wife and I have been our current home about four years. We did not put much down when we bought it. The house across the street from us which is not nearly as nice as ours just sold for over 5ok over what we owe. We like our house and really don't want to move but I feel like we should take advantage of this seller's market. I was thinking of selling and just renting a place until the market returns to normal before buying again. The question is how long will that be. When are people predicting lumber prices to come down and house price to stabilize? I would hate to be stuck renting for an extended period and throwing my money down the drain.
11
Posted on 5/25/21 at 8:57 am to mouton
quote:Already starting to come down and should continue.
When are people predicting lumber prices to come down
quote:No one knows and will be different for different markets and different locations within different markets
house price to stabilize
ETA: rent prices usually go up with high housing demand as well
This post was edited on 5/25/21 at 8:58 am
Posted on 5/25/21 at 9:00 am to WDE24
quote:
No one knows and will be different for different markets and different locations within different markets
This.
I am one of these people who just sold and am temporarily renting. I am fine with my decision no matter what happens. There is no way I would have paid what the buyer did for my home. Just going to relax and enjoy the summer and see what the market brings later this year/early next year. I have the money ready to buy whenever I am comfortable doing such. Its a good feeling honestly.
Posted on 5/25/21 at 9:08 am to mouton
Have you factored in at all the costs associated to sell a house and then repurchase another house?
Plus moving expenses?
Plus moving expenses?
Posted on 5/25/21 at 9:21 am to mouton
If you like your house, stay in it. Especially if you have kids or are planning them. Trying to time the real estate market is no better than trying to time the stock market.
Posted on 5/25/21 at 9:24 am to mouton
quote:
We like our house and really don't want to move but I feel like we should take advantage of this seller's market
If you like it then don't sell it. A LOT of people are overpaying right now and will sit on those homes because no one will give them what they paid for it once the market goes down.
I think foreclosures are going to open up soon. If you find one you like and can still make a really goof profit from selling I'd do that. That way you'll have a good rental property once you find something you want to live in.
Posted on 5/25/21 at 10:03 am to mouton
quote:
The question is how long will that be
2-3yrs
Posted on 5/25/21 at 10:19 am to mouton
I really liked my house but was able to make a bundle on selling and rolling that money to in a house we could stay in forever. Selling your house will be the easy part. It's having the next move lined up. If you're making a contingency offer you'll need to move quick and you'll likely have less negotiating leverage but you don't have much of that in this market anyway. If you can swing a move that benefits your family and makes sense, do it.
Posted on 5/25/21 at 10:20 am to mouton
This sounds like a bad idea
Posted on 5/25/21 at 10:23 am to castorinho
quote:
This sounds like a bad idea
How so? I am looking for advice here.
Posted on 5/25/21 at 10:37 am to mouton
Do you have any kids living with you right now? Seems like a huge inconvenience for what may end up being a very minimal gain.
Put a spreadsheet together and compare both scenarios. Include rent vs mortgage (incl equity). Assume prices return "back to normal" in two years in your area. I'd be surprised if it's worth your while.
And that doesn't even account for the fact that it may not return where you think or may run up even more before it slows back down.
Put a spreadsheet together and compare both scenarios. Include rent vs mortgage (incl equity). Assume prices return "back to normal" in two years in your area. I'd be surprised if it's worth your while.
And that doesn't even account for the fact that it may not return where you think or may run up even more before it slows back down.
Posted on 5/25/21 at 10:40 am to castorinho
We do not have kids. I am weighing the amount of rent I would be paying that could go towards equity.
Posted on 5/25/21 at 10:42 am to mouton
You aren't taking into all of the other expenses that come along with selling and buying a home. You aren't coming away with $50K in profit and you'll likely end up behind with the added rent expense.
Posted on 5/25/21 at 10:43 am to iAmBatman
I was wondering about that . I have never sold a house before.
Posted on 5/25/21 at 10:44 am to mouton
I have nothing to add other than this:
Hope that helps
quote:
Selling a house in this market
quote:
Buying a house in this market
Hope that helps
Posted on 5/25/21 at 10:45 am to mouton
quote:
just renting a place until the market returns to normal before buying again.
with inflation being factored in, i wouldn't bet on being able to "re-buy" a house at a number you think you're going to be able to any time soon. Risking a lot imo, reward is very limited. Be happy you have equity in the house now.
Posted on 5/25/21 at 10:46 am to thunderbird1100
you forgot
quote:
renting a house in this market
Posted on 5/25/21 at 10:48 am to mouton
Moving is an absolute motherfricker, even if it’s across the street. No way is this a good decision unless you hate the current house.
Posted on 5/25/21 at 10:56 am to Chad504boy
quote:
with inflation being factored in
Housing inflation rate of change turned negative the past several months. Residential construction has picked up and Canadian lumber production is at a higher level than post GFC1. We will see a reversion on housing pricing pressure throughout the next 2 years. I think these narratives are overblown.
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