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Old 09-14-2010, 12:47 PM
 
Location: Brambleton, VA
2,187 posts, read 6,835,996 times
Reputation: 2161

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Still trying to plan things out...and any advice or experiences would be greatly appreciated. The real estate market has been challenging but we don't have a McMansion so we count ourselves lucky! Looking at the following strategies:

We are weighing the options of either waiting to move until we sell our house (so renting an apartment or staying in an extended stay property for my other half) - which means I would probably stay behind with our two dogs until closing.

OR

Moving, trusting our realtor to sell the place and buying a house in Ashburn/Reston and carrying two mortgages. The advantage being the house would be empty or staged so no rushing to clean the house when a realtor all of a sudden wants to take their clients to the house. Disadvantages would be that we would have two mortgages and no idea if our realtor is doing his/her job.

OR

Renting out our house, and buying a new house in Ashburn/Reston, waiting for the market to improve and then sell the house eventually.

Any thoughts or experiences with any of these scenarios?
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Old 09-14-2010, 01:02 PM
 
Location: Northern Virginia
4,489 posts, read 9,584,186 times
Reputation: 3656
Personally, I wouldn't be comfortable moving to a new area and buying right away. I think renting for a while to get a feel for things, figure out exactly where you want to be, getting an idea of what neighborhoods are really like, etc is really smart.

I've never been in your situation, but I think if I ever were I would leave the house and let the realtor take care of it, then move out and live in a rental in the new area while it sells. It will give you a chance to get a job easier, stay with your spouse, and keep your house in pristine shape. Put a "must sell by date" for the realtor, and if it doesn't sell then put it up for rent and wait out the market (though I think it's going to be a while before it comes back significantly in most parts of the country).
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Old 09-14-2010, 01:30 PM
 
1,261 posts, read 5,617,210 times
Reputation: 553
This time around, we put our home in WA for sale and lived in temporary quarters in NOVA until our home sold. The time spent in temporary quarters was helpful in deciding where we wanted to buy. We also wanted to sell our home before buying one here. Not only was it better for us financially, but it benefitted us when making offers on a home (no contingencies).

When we relocated to WA, we looked for homes during 3 househunting trips so that we wouldn't need to "move twice" with pets and children. Never again. It is better to take your time to decide where to live and try the commute. GL
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Old 09-14-2010, 04:09 PM
 
106 posts, read 84,202 times
Reputation: 27
Quote:
Originally Posted by Alley01 View Post
Still trying to plan things out...and any advice or experiences would be greatly appreciated. The real estate market has been challenging but we don't have a McMansion so we count ourselves lucky! Looking at the following strategies:

We are weighing the options of either waiting to move until we sell our house (so renting an apartment or staying in an extended stay property for my other half) - which means I would probably stay behind with our two dogs until closing.

OR

Moving, trusting our realtor to sell the place and buying a house in Ashburn/Reston and carrying two mortgages. The advantage being the house would be empty or staged so no rushing to clean the house when a realtor all of a sudden wants to take their clients to the house. Disadvantages would be that we would have two mortgages and no idea if our realtor is doing his/her job.

OR

Renting out our house, and buying a new house in Ashburn/Reston, waiting for the market to improve and then sell the house eventually.

Any thoughts or experiences with any of these scenarios?
Sell before you buy.

a) you lose leverage when you have to sell an empty house.
b) you have more financial flexibility with your house sold
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Old 09-15-2010, 03:11 AM
 
10 posts, read 21,412 times
Reputation: 12
I relocated to VA from OH in December 2005. I moved into a rental while waiting for my house to sell- it did 11 months later. I am really glad I rented before deciding to buy here. Depending on where you work, the commute can be a nightmare. If I would've bought where I lived when I first moved to VA, I would not be a happy camper-didn't really care for the area and the daily commute was tough.

After my lease was up, I moved to another location in NOVA and found it much more to my liking and the commuter is much better as well (further in terms of distance, but much shorter thanks to the ability to slug into DC).
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Old 09-15-2010, 05:11 AM
 
1,330 posts, read 2,700,497 times
Reputation: 1018
We rented out our house in FL when we left in 2008 - at the height of the downslide. Put it on the market when the first tenents left, not even a nibble - and this is a great house, but NOTHING was selling there. Too many foreclosures. Took it off the market and rented it right away. Will keep it that way till we either move back or the market goes up.

We had lived in NOVA before so we knew exactly where we would live and the commute etc, so that wasn't a factor. And we don't really want to buy here (military) so that wasn't a factor either.
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Old 09-15-2010, 07:45 AM
 
639 posts, read 1,151,809 times
Reputation: 207
I kept my house in CA. Because nothing is for certain, if NoVa for some reason doesn't work out for me, I still have a house to go back to.

But, my situation is unique in that I don't have a family to worry about; I can rent a room from someone. But I still like that fact that I have a house to go back to whenever I want.
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