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I think you should have listed it already and time spent considering it is eating into the sale. The perfect time would have been in April. The market is already slowing though it's not showing up in the numbers yet. I think it may wake up again (this fall?) when interest rates rise or if there is instability due to bernanke possibly stepping down soon.
If the market is still strong in your area and you think you can get that price then I would do it. Otherwise you might be stuck waiting around for the next right time to sell. So why not just sell now when the time is perfectly right. Also I get the feeling from what you've written that this is what you really want to do.
Edit: Prices haven't necessarily gone up since May. Competition was greater and prices were bid up. Things are slowing a little. You can probably still get what your neighbor got but I wouldn't say prices have gone up since May. Trust me the crazy housing madness is starting to cool. You can probably still get that price but I would just get that and be glad. Sell soon!
Listed my home for sale at 247k, opened escrow today at 250k. Nearly all the offers were for 250k. The agent thinks thats really the most I could get based off comps and the apprisal. I was hoping for a little more, maybe 255kish but thats me being greedy.
Conventional loan, no % back on closing costs etc. Hopefully goes through smoothly.
Theres a home across the street, exactly like mine.
Closing cost - I think it was like 7k
Basic stuff - About 5k. I needed to put some work into the home when I got it but not much since.
I have 158 on the loan and I think I can sell it for at least 240.
Listed my home for sale at 247k, opened escrow today at 250k.
Good job on getting the $250 offer.
Have you done any work in order to prep for sale?
Has the buyers (or FHA) inspection report come back yet?
No major work really needed that I know off. Need to fix a small spot on the termite report, about $450. The offical inspection will be done within the next 10 days. I'm sure he'll find some little stuff to pick on.
Its a conventional loan so I don't need to worry about FHA.
July 18:
...I need to make some repairs.
The roof will need work...possibly need to be replaced and the water heater will need to be replaced.
So theres about 15k in repairs.
Listed my home for sale at 247k, opened escrow today at 250k. Nearly all the offers were for 250k. The agent thinks thats really the most I could get based off comps and the apprisal. I was hoping for a little more, maybe 255kish but thats me being greedy.
Conventional loan, no % back on closing costs etc. Hopefully goes through smoothly.
Congrats on the sale or being in escrow .
I'm thinking of selling as well I'm seeing homes go pending quickly like 1 week or so seems to be common and these aren't always perfect , pretty homes.
You might want to invest money in lower priced markets that haven't risen as much as SoCal have yet and where there are still reos on the market .
So I bought my home in 2009 at near the bottom of the market for 170k. It was at 360k in 2006 so yea, the market crashed helped me alot. Now I'm seriously considering selling my home. I think I could sell it for 240k right now. So after everything, that'll be about 70k in my pocket.
I'm 28, single, and really don't need a home so I won't be buying another home anytime soon. I want to cut back on my expenses and just get an apartment with a roommate and such.
I'm torn if the market will continue to pick up next year. Everything I'm reading says it will but I believe the interest rates will increase which will make things stagnant.
If I do keep it for past two more years, I need to make some repairs. The roof will need work...possibly need to be replaced and the water heater will need to be replaced. So theres about 15k in repairs.
Sell it, invest the money and find something reasonable in a place you like with roommates. Enjoy the years now while you're young.
Sell it, invest the money and find something reasonable in a place you like with roommates. Enjoy the years now while you're young.
Yea, thats the plan! I'm getting my parents a home, real cheap home and they'll be able to pay the rent...whooping 480 a month. So I'll still get some tax benefits from owning a home. Its gonna be great not working half a month just to pay bills.
Yea. I have enough savings minus the sale of my home to get then one. It was actually considered a 2nd home instead of an investment property, got a slightly less interest rate and had to put less down payment.
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