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re: Selling your home for profit in this market... would you?
Posted on 5/6/21 at 11:40 am to i am dan
Posted on 5/6/21 at 11:40 am to i am dan
quote:
We have talked about moving, but we wouldn't upsize much, just upscale. Looking for a house maybe with 200-300 more sqft (would like a laundry/mud room and larger kitchen). Just a nicer made house with more craftmanship.
IMO it's all about finding something that maximizes it's space. A couple houses we looked at just looked like they had a ton of wasted space and naturally was asking quite a bit more for it just so they could name X square footage.
Ours needs some work, but nothing immediate. We got really lucky that the first offer passed because they had younger kids and we sit on a busier road.
0
Posted on 5/6/21 at 11:41 am to concrete_tiger
We seriously considered it, and at minimum would have profited $45k. Big deterrent was that we couldn't find/afford the next house, and the rental market is terrible. Ran some numbers, and as long as the market doesn't crash by over 20% in the next 2 years, come out about the same selling then.
Posted on 5/6/21 at 11:43 am to IAmNERD
quote:
Which is where, exactly?
TBD. South Georgia or South Alabama, if possible. Have lived away from family for too many years. Would be amazing to have the kids near the grandparents and cousins. Problem is, there are no jobs down there. Would really need to have remote work plausible.
Posted on 5/6/21 at 11:49 am to concrete_tiger
quote:
finding a new place is the hard part
This.
Posted on 5/6/21 at 12:02 pm to concrete_tiger
Your house would very likely not appraise for the offer. If not all cash, than I would require them to cover in cash for delta between offer and appraisal value.
Posted on 5/6/21 at 12:13 pm to concrete_tiger
Don't look at how much over value you can get for your house. Look at how much over value you have to pay to live in a specific area. Keep in mind if a house appraisal is at 400k, and you have to offer 440k, then you have to pay closing, fees, plus 40k. So consider all of that when wanting to sell. Plenty of threads on reddit ATM of people trying to buy a home and they are not happy.
Posted on 5/6/21 at 12:15 pm to concrete_tiger
Sold our higher end rental for this very reason. Made a killing.
Posted on 5/6/21 at 12:17 pm to concrete_tiger
I may be nutty but we are putting on the market this weekend. Staying at either my parents or in-laws for 2-3 months while a possible work relocation plays out.
If we don't move for work we will probably rent for a year to let prices cool. Timber will come down, rates will come up so may be a wash. I don't expect rates to jump crazy high in 12 months.
If we don't move for work we will probably rent for a year to let prices cool. Timber will come down, rates will come up so may be a wash. I don't expect rates to jump crazy high in 12 months.
Posted on 5/6/21 at 12:39 pm to concrete_tiger
I am about to list my house in Katy for about 80% more than I paid for it 5 years ago. I don't know why everyone wants to live in Northlake Village of Cinco, but I plan to capitalize on it. However, I already have a contract on almost 100 acres a little farther west with a small home that will be sufficient until construction costs drop and I can build what I want.
If I wasn't doing that I would probably still sell and just rent until the foreclosures start hitting the market in a few months when the moratorium is lifted.
If I wasn't doing that I would probably still sell and just rent until the foreclosures start hitting the market in a few months when the moratorium is lifted.
Posted on 5/6/21 at 1:02 pm to Mingo Was His NameO
I'm not saying it was a great deal. I know he had a fair chunk down on the 750 and he didn't have to put anything into the house. So he has more than the 15% in his pocket. But the selling in this market then figuring out the longer term housing isn't for me. How long do you plan for til the bubble burst again.
Posted on 5/6/21 at 1:11 pm to holmesbr
Have you ever met people that just were lucky in life?
I have a friend that lived in "average" GA city... was transferred to Charleston, SC. Just so happened, the area where her house was in GA city had just become super-popular, and she made enough money to buy a brand new house for cash on Daniel Island in SC.
A couple years passed, and she is transferred back to "Georgia" city. Daniel Island had exploded in popularity, and she sold that house at a HUUUUGE profit.
She moved back to town, and bought a house in the fanciest neighborhood in town, cash, and treated herself to a BMW just because.
THEN, she gets married and moves to Charlotte. Housing market had once again lost it's mind, and she was able to sell her Georgia house at a huge profit.
Then, there's me...
We bought a house, I was transferred, and the house wouldn't sell for 2 years. We tried renters, but they disappeared. We ended up losing money on the house, and a fortune on paying rent, mortgage, and mileage... only to have the market recover a year later, and houses were selling at $100k over what we had paid initially. Thanks, Obama.
I have a friend that lived in "average" GA city... was transferred to Charleston, SC. Just so happened, the area where her house was in GA city had just become super-popular, and she made enough money to buy a brand new house for cash on Daniel Island in SC.
A couple years passed, and she is transferred back to "Georgia" city. Daniel Island had exploded in popularity, and she sold that house at a HUUUUGE profit.
She moved back to town, and bought a house in the fanciest neighborhood in town, cash, and treated herself to a BMW just because.
THEN, she gets married and moves to Charlotte. Housing market had once again lost it's mind, and she was able to sell her Georgia house at a huge profit.
Then, there's me...
We bought a house, I was transferred, and the house wouldn't sell for 2 years. We tried renters, but they disappeared. We ended up losing money on the house, and a fortune on paying rent, mortgage, and mileage... only to have the market recover a year later, and houses were selling at $100k over what we had paid initially. Thanks, Obama.
Posted on 5/6/21 at 1:14 pm to concrete_tiger
quote:
Have you ever met people that just were lucky in life?
Yep, one of my wife's best friends is like that. Similar story of events happening in her life at the most financially opportune moment.
Wife and I are the complete opposite in most regards, though we did luck into our current house at a great price because it was a foreclosure. With a modest down payment, we closed with almost $100k in equity and that was 18 years ago.
I really need to cash out some equity and do some improvements.
Posted on 5/6/21 at 1:16 pm to Weekend Warrior79
The tempting thing is that I basically got a year of use for free and now I have grand visions of driving a 15 year old shitbox thats paid for 
Posted on 5/6/21 at 3:28 pm to concrete_tiger
We just bought near Boise Idaho. I was out there looking for a month and had just about given up because i wasn't going to pay 100K over list. Then a house came up on a Sunday afternoon and they accepted the first offer (mine).
Most houses would come on the market Thursday or Friday and take offers until Monday afternoon. They would get > 10 offers and go for 100K over list. Some would say that they were taking offers until Monday and then someone from California would drop a bag of cash right away and take it.
CSB i know...
Most houses would come on the market Thursday or Friday and take offers until Monday afternoon. They would get > 10 offers and go for 100K over list. Some would say that they were taking offers until Monday and then someone from California would drop a bag of cash right away and take it.
CSB i know...
Posted on 5/6/21 at 3:39 pm to concrete_tiger
quote:
Housing prices are nuts, as we all know. We have an unsolicited offer that could net us a considerable amount over what we owe on our house, and we wouldn't have to prep the house for sale. We'd just need to move out.
Of course, finding a new place is the hard part, but is sure is tempting to consider. If my company would just say they are going permanently remote, it would be a no-brainer. I'd pack up and head to where property is cheap.
Anyone ever done this before?
They aren't giving you a good deal.
If you want to sell, put it on the market and deal with the feeding frenzy of offers. Anyone offering you money right now would probably be 15-20% under what you could get for it on the open market.
Posted on 5/6/21 at 3:40 pm to concrete_tiger
only way it makes sense is to sell for a profit and move to an area that's not seeing the spike (which seems like everywhere). Otherwise you'll pay twice as much for less.
Posted on 5/6/21 at 7:04 pm to ithad2bme
How much further west? 100 acres an hr west of Katy is still going to run you a mil.
Posted on 5/6/21 at 8:09 pm to jbgleason
quote:
I will just rent a condo until the market drops out and then use the money to buy something nice. I don't see the downside of the plan.
Many of the factors behind the high cost of lumber/new home construction could take decades to resolve, if ever leaving today’s market the new normal. Having lived through housing market crashes in the past the decline in price is never as great as the rise was. And for the same reasons that timing the stock market is never a good idea, you may not be selling at the top, and how will you know the market has reached a bottom?
Posted on 5/6/21 at 8:18 pm to concrete_tiger
quote:
Selling your home for profit in this market... would you?
No, I'd sell it for a loss.
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