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Old Yesterday, 02:28 PM
 
27 posts, read 8,966 times
Reputation: 40

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I own a home in Cedar Park but haven't lived in it for the past few years. I live in Austin and rented out my Cedar Park house to an aquaintance up until a few months ago. Now that it's empty I'm planning to sell it. The property values have increased so much since I bought it that I'll make a nice profit off the sale. I also hate having to worry about the property and I wouldn't look forward to managing another renter. The house is over 30 years old, so maintenance is an issue, as well.

But Apple moving to north Austin is making me reconsider. Would it be foolish to sell now when values might rise sharply in a few years? Of course, I know they might not really rise for my house, as there are other possible housing trends that could occur.

Opinions?
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Old Yesterday, 04:35 PM
 
Location: Avery Ranch, Austin, TX
7,933 posts, read 13,089,465 times
Reputation: 3321
I wouldn't lean to heavily on the Apple influence in the area(depending on WHERE in Cedar Park the house is). Many realtor-types seem to be offering cautious optimism regarding the effect of the announcement.

The area has seen steady growth(with minor exceptions) for the past 5 years; BUT, you have a list of reasons not to hold on. With spring approaching, I would be prepping the home for resale UNless you have another renter lined up.


Do you have some specs you would be willing to PM my way? We are looking for a SFH even though we are enjoying our condo here in Avery Ranch. This general area is our chosen base of operations, so depending on the actual locations and specifics...you never know.
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Old Yesterday, 10:18 PM
 
6,097 posts, read 11,145,310 times
Reputation: 2792
Quote:
Originally Posted by Pretzeltwist View Post
I own a home in Cedar Park but haven't lived in it for the past few years. I live in Austin and rented out my Cedar Park house to an aquaintance up until a few months ago. Now that it's empty I'm planning to sell it. The property values have increased so much since I bought it that I'll make a nice profit off the sale. I also hate having to worry about the property and I wouldn't look forward to managing another renter. The house is over 30 years old, so maintenance is an issue, as well.

But Apple moving to north Austin is making me reconsider. Would it be foolish to sell now when values might rise sharply in a few years? Of course, I know they might not really rise for my house, as there are other possible housing trends that could occur.

Opinions?
it all depends on what other investments you have. I used to love real estate but have almost liquidated everything. It generally does not perform as well as the stock market, even in austin.
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Old Today, 08:14 AM
 
Location: North Austin
46 posts, read 13,880 times
Reputation: 45
Quote:
Originally Posted by Austin97 View Post
it all depends on what other investments you have. I used to love real estate but have almost liquidated everything. It generally does not perform as well as the stock market, even in austin.
Sage advice. Buy as cheap of a house as possible, and max your 401k, and invest the rest. If you make 200K a year, there is no shame in buying a 300k house.
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Old Today, 02:33 PM
 
323 posts, read 72,469 times
Reputation: 447
I look at from this perspective. How long would it take the rent money to match the gains from the sale? I know there are many factors like taxes on the gain from the sale, if any. The property taxes, repair costs and dealing with renters.

When I did the math on my home I calculated that it would take about 10 years of rent money to match what the last home in my area sold for. That was calculating some months of no rent, taxes etc. And the dreaded dealing with people factor.
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