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Old 03-19-2011, 12:20 PM
 
2 posts, read 2,777 times
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I'm from VA and relocating to Winston-Salem this summer to work at the WF medical center. I'm wondering whether it is worth it to buy since I will only be at W-S for 3-6 years; I like the water and will be moving back closer to the beach. It will be just me and my gf, no kids. I'm thinking of getting a place ~ $150K. I have $50K for down payment but I'm worried that I won't be able to sell it back once I leave. How is the housing market in Winston Salem? Is this a good time to buy and what neighborhood should I be looking at? Thanks and I'm looking forward to become your neighbors.
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Old 03-19-2011, 07:35 PM
 
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Good time to buy, bad time to sell. Who knows how it will be in 3-6 years? We bought in 2006 and totally regret it! I wished I would have rented first and now we will probably have a hard time selling. It really is your personal decision. I know many come here in your situation for a few years completing their residency, etc. and some end up buying while others prefer renting. The Ardmore is a popular neighborhood for people working at the hospitals. 150K in today's market will get you more, but in that price range it is harder to get a garage or 2 bathrooms in the Ardmore neighborhood. 150K will get you much more if you don't mind subdivision living. Good luck.
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Old 03-20-2011, 08:04 AM
 
Location: Chapel Hill, NC
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Quote:
Originally Posted by enlightenme View Post
Good time to buy, bad time to sell. Who knows how it will be in 3-6 years? We bought in 2006 and totally regret it! I wished I would have rented first and now we will probably have a hard time selling. It really is your personal decision. I know many come here in your situation for a few years completing their residency, etc. and some end up buying while others prefer renting. The Ardmore is a popular neighborhood for people working at the hospitals. 150K in today's market will get you more, but in that price range it is harder to get a garage or 2 bathrooms in the Ardmore neighborhood. 150K will get you much more if you don't mind subdivision living. Good luck.

2nd - I bought in 2005, I had to sell in 2009. Pretty much everyone I know is having trouble selling and most of them have houses around $130K-$175K. I sold my house more for what I paid for it but when you factor in the closing costs I paid when I bought then commission to the Realtor when I sold at the end of the day I lost money. IMO I would not buy esp. if you think it's only going to be 3 years, 6 years you might do better but but just barely.
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Old 03-21-2011, 06:28 PM
 
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Originally Posted by ncsualum2004 View Post
2nd - I bought in 2005, I had to sell in 2009. Pretty much everyone I know is having trouble selling and most of them have houses around $130K-$175K. I sold my house more for what I paid for it but when you factor in the closing costs I paid when I bought then commission to the Realtor when I sold at the end of the day I lost money. IMO I would not buy esp. if you think it's only going to be 3 years, 6 years you might do better but but just barely.
What you described is what I predict happening to us. Selling our house for a bit more than we paid, but then after closing costs and realtor fees losing about 5K. Not to mention the money we put into making our house better. It is kind of depressing to think about, but losing 5K almost seems like best case scenario at this point! How long did it take to sell? I am wondering how long it will take for us and I am a bit nervous about it. I would highly recommend renting first!!
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Old 03-25-2011, 03:28 PM
 
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Thank you. I appreciated your advices. You mentioned that you lost money when you sold your house back, but did your mortgage payment put a dent in the principal that you borrowed? The reason why I considered buying is because I didn't want the monthly rent to go to waste although selling could be a big headache.
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Old 03-26-2011, 11:06 AM
 
Location: Winston-Salem
273 posts, read 850,724 times
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I agree with previous posters in regards to renting vs buying. 3 years is really too short of a period to recoup any money from a home. Even in a 15 year mortgage, the monthly payments are front loaded with interest vs principle. You can always pre-pay the mortgage, but in reality, you're just pre-paying the cost(loss) of selling if you sell in 3 yrs. You'd be better off even if you were thinking of buying to rent for the first 6 months just so you could figure out where you wanted to be and get a feel for everything. Your rent isn't going to waste, there are many times I would like to find myself renting again, mainly when it comes to doing any number of yearly maintenance items on my home.
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Old 03-30-2011, 04:09 PM
 
Location: Winston-Salem
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I would rent for at least a year. You will find homes in the Ardmore area. For rent. This is close to the hospitals and everything else. Have client with two bedroom cottage come open in June.
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