Selling my house (for sale, rental, mortgage)

[redhighlander]

Would anyone have any recent experience selling their house in this market? I am not in a hurry. I want to find just the right house to move to. When we moved to this house, I felt like we were under pressure to find something quickly. I had a toddler and an infant and houses were selling like hotcakes. Now my kids are young adults and I have a dog. I know just which neighborhoods I'm interested in and what type of house I'm interested in as well. Do people sell and rent while they're looking? I have seen several houses listed with "no contingencies". I assume that means they don't want a buyer whose offer is "contingent" on the sale of their home. Also, trying to time selling your house with finding the right house seems completely impossible in this market. Another thing I'm finding is that there aren't a whole lot of houses on the market to choose from. What to do?

[MrRational]

Originally Posted by redhighlander

What to do?

If you don't *need* to sell (however you may define that)...
you hunker down and ride it out.

hth

[redhighlander]

I guess my question was, if I see something I like for sale, should I just put my house on the market then? Or the other way around? Or should I sell first and move into rental accomodations while I look? When I look on Zillow, it seems that many houses have been on the market for a really long time. I know the banks are not lending freely. The economy/job market is not that strong. Are both of those things affecting home sales, and would a seller be reluctant to deal with a buyer who has to sell their own house (since things don't seem to be moving too quickly).

[Beachcomber4]

That's a tough call. Are houses selling in your area and is the area you want to buy in, in high demand?

Agents I have spoken to recently have confirmed what I have seen in my own neighborhood: starter homes and Million$+ homes are selling.

Personally, in this market, I would get your house show ready, put it on the market and see what happens. I would think there would be nothing worse than to lose out on a house you love only because yours did not sell. When you get an offer you could decide if you wanted to have a contingency in regard to you finding a home prior to closing or you may decide the offer is worth the inconvenience of going into a rental.

Personal experience: 3 years ago we found the perfect house, sold our house quickly and ended up in the house we really wanted in more importantly, the location we had made our first choice. A family member recently sold their house quickly and is now living in a rental because they could not find a house they wanted to buy. It has been stressful for them and is not ideal but they agree that it was better than settling on something that they did not love. It sounds like you did that once and may want to avoid it this time.

Good luck!

[JustinRollo]

Its completely relative to the area your current house is in. Some areas are seeing pretty quick turnarounds on properties, some aren't. It really frustrates me to see people make blanket statements about the market being good or bad, its not the case at all. Its both good and bad in different areas. If you want to move you might not get top dollar, but you also might make some of that up with a great interest rate on the buy side.
~Justin

[tickybox]

When I look on Zillow, it seems that many houses have been on the market for a really long time.

In my area, the houses that are gems come on the market rarely at this point, and when they do, they are gone again almost instantly. The ones that are not so great -- they sit and sit and sit. I just watched one near me come on the market, and it was beautiful, so I started the countdown. It took only 5 days from when the sign first appeared (possibly less, it's hard to tell).

I would say that people are not selling unless they really have to these days (moving for a job, a death in the family, etc). Fewer houses means fewer really nice houses, and so if it's a lovely house, it will be grabbed up immediately, and if it's not, well.... no one is willing to pay as much for a house that doesn't stand out, these days.

[nzone]

You will need to sell first unless you have: Enough cash (15-20%) for down payment plus your income need to be able to support two mortgages and other bills. Also, if your current mortgage is government backed (Fannie Mae / Freddie Mac), you cannot qualify for another FHA loan.

If you have 20% down, 700+ FICO Score, income to support the purchase, verifiable documents ( 2 years tax returns, 2 months bank(s) statement, 1 month paystubs), getting mortgage loan is not hard even in this economy.

[unit731]

Any home will sell at the right price.

You don't state what is wrong with your current house, neighborhood, or town.

If moving sell current home first. Then go looking.

Go and watch HGTV and learn how to stage a home. Is your current home clean for showing? And get the dog away when showing.

[kmann-sherborn]

You can put your home on the market & include a clause that it's contingent on you finding suitable housing, or could just sell & move to a rental if you don't find the right home right away. Either option seems better than carrying two mortgages. Best of luck.

[insertname]

As someone who is looking to buy, i would not recommend you do the contingent on you finding suitable housing route. The moment i see that, i move on, no matter how nice the house looks, i'm not waiting around for you to find your dream home!

As others have said, the market depends on your area, how marketable your home etc. I have seen houses in the areas i want to live go in days, i spot them, call and they are under agreement! So your location can give you a good idea of how quickly yours might sell. Like you are seeing, the inventory is slim in some places so if you are in a desirable area, you may get snapped up.

Good Luck!