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Old 11-21-2006, 08:20 PM
 
Location: Scottsdale, AZ
4,486 posts, read 15,277,384 times
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For those of us whose homes have appreciated greatly, have you ever thought of selling and buying something less expensive and pocket the extra cash?

Not that I'm thinking of selling, I absolutely adore my townhome. Just wondering...
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Old 11-21-2006, 08:27 PM
 
Location: Springfield, Missouri
2,814 posts, read 12,071,578 times
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Quote:
Originally Posted by SpeedyAZ View Post
For those of us whose homes have appreciated greatly, have you ever thought of selling and buying something less expensive and pocket the extra cash?

Not that I'm thinking of selling, I absolutely adore my townhome. Just wondering...
That's exactly what I did SpeedyAZ. I don't regret it a bit, just glad that when I made up my mind to do so, the market was quick and I sold just at the peak last June of 2005. That conversion of the appreciation in five years of my Las Vegas home gave me the cash to buy my Missouri fantasy home for cash as well as enough resources to comfortably take a year and a half off of work and do whatever I want! It's not for everyone, but it was the right decision for me.
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Old 11-22-2006, 12:59 AM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,987,139 times
Reputation: 991
I told my parents to sell in fall of 2005 at the end of the peak. They could have sold quickly and for a good price and bought a smaller house for less, pocket the profits. They refused stating they arent in the business of investing in house(s) and dont care about the price(well for a million its a deal lol) Their house and everyone elses dropped many thousands. My parents dont care, they arent selling anytime soon if ever.

If that was my house, it would have already sold and I could have gotten like $750k. I would then relocate out of Florida, buy two very nice big houses for less than $100k each and invest the $550k profits into mutual funds for an early retirement.
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Old 11-22-2006, 07:24 AM
 
Location: Springfield, Missouri
2,814 posts, read 12,071,578 times
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Quote:
Originally Posted by Need_affordable_home View Post
I told my parents to sell in fall of 2005 at the end of the peak. They could have sold quickly and for a good price and bought a smaller house for less, pocket the profits. They refused stating they arent in the business of investing in house(s) and dont care about the price(well for a million its a deal lol) Their house and everyone elses dropped many thousands. My parents dont care, they arent selling anytime soon if ever.

If that was my house, it would have already sold and I could have gotten like $750k. I would then relocate out of Florida, buy two very nice big houses for less than $100k each and invest the $550k profits into mutual funds for an early retirement.
Same for my parents in Northern California. Their house is on a 1.5 acre estate and directly on the Stanislaus River outside Oakdale, CA. in a golf community with $1-$2,000,000 homes all around them. It's a spectacular house in a dramatic river view setting. Their's is one of the only properties with river frontage (the high side...never floods!) and land, and they have decks in the back that overlook the kayackers etc. They bought it back in the early 90's when there were few houses around them, and then the golf community surrounded them on three sides with massive fancy homes built on small lots. My parents own it free and clear and could have sold out last year before the fall began...we talked about it...they were all in favor of me doing so in Las Vegas, but they like where they live, aren't motivated by money, and my mom says as long as dad is kicking, he'll never leave as he gets in his golf cart every day and drives himself to his "job"...golf.. (My mother calls herself a "golf widow" and hates the game.). My mom says if she outlives my dad, she'll sell and move to Missouri and build a house near me. Both of my parents love Missouri, but dad hates cold weather and refuses to live anywhere a snowflake has been spotted within recorded history, while my mom gets giddy like a child if it snows and enjoys every moment of it. He even flees Northern California in their Motorhome for southern Arizona when it gets too foggy and cold for his tastes there! My sister and brother-in-law put their house in Pasadena, CA. up for sale last November and had it on the market for $600,000 ( a little house with only 2 bedrooms, 1 bath, built in 1926). They didn't have one offer and only one looky-lou in four months, even though by outrageous Pasadena standards, their home was priced "better" than their neighbors and they had redone the kitchen. They had intended to cash out, pay off a $145,000 mortgage and pocket the rest using the married couple capital gains exemption and had visions of a half-million in their pockets so they could move to Sante Fe, NM where they found what they wanted. But, they couldn't sell and got really frustrated. I had told them to put the house up back in June of 05 and they said no...they weren't ready..( I had explained to my sister what was happening in the real estate market and that a crash was coming and if she wanted to get out, she had to act quickly. She didn't believe a word and said that that could never happen in Pasadena and that prices always go UP, never down...and that they could sell in days when they decided to...even my parents backed me up with her then, but she knew better....uh huh ) well the market changed while they hemmed and hawed and stopped and they finally took the house off the market in frustration and put their dreams on hold. Timing is everything in a sellers or buyers market, but the problem is we never know until we have hindsight when the best times were.

Last edited by MoMark; 11-22-2006 at 07:40 AM..
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Old 11-22-2006, 04:48 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,987,139 times
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Great post! Some people arent interested in selling unless they get way too much money. My parents arent selling but if somehow someone offered them a cool million, even that would be too much to resist. They would sell that one and buy a house as nice as the one they live in for half million and pocket the other half million free profits. Their property taxes would double(a big reason they refused to sell)

Others believed house prices couldnt drop and missed the peak. Now they are trying to sell, lowering prices and not a single bite. Those who want out bad enough keep lowering the price, others rent it out. Still others are just "stuck" in that location till things turn around, could be 2 years or 10+ years.
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Old 11-22-2006, 11:22 PM
 
Location: Colorado
1,394 posts, read 3,925,883 times
Reputation: 927
We plan on selling ours in the spring, we don't know how the market is in our area yet, but we will have to check into it.
We will buy what we can afford and if there is any left, we will use it for moving expences, and put the rest in savings. If anyone want's to move to Minnesota let me know. LOL
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Old 11-23-2006, 12:35 AM
 
421 posts, read 258,498 times
Reputation: 66
Quote:
Originally Posted by MoMark View Post
That's exactly what I did SpeedyAZ. I don't regret it a bit, just glad that when I made up my mind to do so, the market was quick and I sold just at the peak last June of 2005. That conversion of the appreciation in five years of my Las Vegas home gave me the cash to buy my Missouri fantasy home for cash as well as enough resources to comfortably take a year and a half off of work and do whatever I want! It's not for everyone, but it was the right decision for me.

That's great MoMark I love hearing those stories. I wish you the best it sounds like you did the right thing for sure.
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Old 11-23-2006, 07:21 AM
 
Location: Springfield, Missouri
2,814 posts, read 12,071,578 times
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Originally Posted by sweattea View Post
That's great MoMark I love hearing those stories. I wish you the best it sounds like you did the right thing for sure.
Thank you! Unfortunately I have to get back to reality soon ...
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Old 11-23-2006, 08:38 AM
 
Location: Central Jersey - Florida
3,336 posts, read 12,639,194 times
Reputation: 2135
Quote:
Originally Posted by SpeedyAZ View Post
For those of us whose homes have appreciated greatly, have you ever thought of selling and buying something less expensive and pocket the extra cash?

Not that I'm thinking of selling, I absolutely adore my townhome. Just wondering...
If my wife would go with the program I would be sitting on a real nice pile of cash in the bank. I've been able to retire for some time now. When I do retire I want to leave NJ, (I'm just ready for a change) my wife is having none of that (leaving NJ). I owe basically nothing on my home and would do extremely well if I were to sell even in todays market. Either way I'll have to retire within the next two years, combination of age, time of service and maximized pension percentage. When that happens I plan to do some traveling. Maybe then her eyes will be opened!
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Old 11-23-2006, 12:40 PM
 
Location: Marion, IN
8,191 posts, read 28,102,251 times
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I sold last summer, before the Florida market went down the drain. I now own my house, and have no debt. This is not my dream house, but it is paid for. I started a business, and am happy as a clam.
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