selling house--would you wait if you could?

16 years ago

We recently had to move out of our house due to a job change. We now rent an hour away. We bought our house 10 years ago so the payments are not too bad, and so we can afford to pay both rent and the mortgage. We can probably do this for a year or two without too much stress. On the flip side, we are 75% sure that we will never move back to this house again (wrong school district for our kid). The market is really slow here. I'm interested in the board's opinion of whether we should wait it out to sell our house next year instead. The realtors tell us that prices in our area have dropped 10% year over year. I would love to be rid of the mortgage payment but I feel like no one really knows how to price houses these days. It's all gut reactions from the realtors.

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Comments (9)

vhehn
16 years ago
there is no indication things will be any better in a year. there is too much inventory overhang to clear up in one year.
if the house is just sitting there you might as well get it on the market for the spring selling season. add up what it will cost to wait a year and reduce your price by that amount now.
xamsx
16 years ago
You say slow... your profile shows MA, Boston? Boston 'burbs? Springfield? The Cape? And if you sold and had to price aggressively, would you cover your mortgage and possibly make a profit? Is the rent covering the mortgage, taxes and insurance?

The 10% price drop may turn into 20% next year or your market may start to rebound. The crystal ball is a bit fuzzy.
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lovelilies
Original Author
16 years ago
Hi, this is in the Boston 'burbs. Even if we priced aggressively, we would cover what we owe. Rents here DON'T cover mortgage, taxes, and insurance. That's the primary reason we prefer selling to renting it out. The second reason being that we don't look forward to having to rehab the house after rentors move out.
xamsx
16 years ago
Ok, so if you would make money even priced aggressively, you really don't want to rent, and your costs are not covered...

Get it listed ASAP!
talley_sue_nyc
16 years ago
Can you count on your market going up?

Can you count on your home being insured, w/ no one living in it? On it being safe?

If you could count on it going up $50,000 in value in a year, and your mortgage was $500, then that's 100 months until you aren't breaking even.

But in the meantime, the house is empty, and getting worn, and maybe getting broken into, and pipes freezing, and nobody being there to see, and neighborhood kids knowing th eplace is unattended...

I think I'd sell, just for the headache.

And if you sold now, could you so something ELSE w/ that money that you're paying in mortgage & taxes? Like, invest it somewhere? Or have it at the ready in order to buy a new place wherever you settle?

That would be the big thing to me--how soon after you sell will you need to buy new in order to avoid capital-gains taxes? If I was going to be in danger if I sold too soon, then might wait. But it's my understanding that few people need to pay capital gains taxes.
triciae
16 years ago
Hi,

I'm in SE CT & my son is in MA.

There's no good news anywhere in New England that I've heard recently other than very upper-end stuff in the Back Bay & that was back in December. I don't know how even that is now? I'd say sell now & price aggressively.

I've got friends in Worcester that have been chasing the market down, down, down for 14 months & no offers in sight.

/tricia
qdognj
16 years ago
owning a vacant home from any distance is a miserable experience...Not too mention that most Homeowners insurance RAISE your rates when they know it is vacant, and even if they don't know,and you had an unfortunate situation where you need to make a claim, you might have problems..So 1st thing is too notify your insurance co, then get it listed ASAP, and as others said, price it aggressively..best of luck
harriethomeowner
16 years ago
talley_sue: they have to have used it as primary residence for 2 years out of the preceding 5 to avoid capital gains tax (on up to $250k profit per owner -- so $500k for a couple). This is true even if it was an income-producing rental for 3 of those 5 years. The years do not have to be consecutive, AFAIK. So for example, if they moved out in January of 2008, they need to sell it before January 2011.

They do not need to buy another property to avoid the tax unless they have used it as a rental and are doing a Starker exchange.

I think the PO was saying the house is vacant and they are renting their current residence -- right?
lovelilies
Original Author
16 years ago
Hi everyone, thanks for the advice. Yes the house is vacant and we are renting. It looks like your advice is pretty unanimous.

selling house--would you wait if you could?

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vhehn

xamsx

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lovelilies
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selling house--would you wait if you could?

Comments (9)

vhehn

xamsx

Related Discussions

loveliliesOriginal Author

xamsx

talley_sue_nyc

triciae

qdognj

harriethomeowner

loveliliesOriginal Author

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BUSINESS SERVICES

GET HELP

CONNECT WITH US

lovelilies
Original Author

lovelilies
Original Author