Hypothetical Situation- in response to NOVA housing decline (real estate, foreclosures)

[arabellava]

Hi everyone, thanks for all the feedback.. let me elaborate.. we basically gutted the house and added double the space (from a shack to 2700 sq ft)- very nice hardware and flooring- pro kitchen (not the details like a super mansion- but high end materials)- BUT the floor space is just off- the kids rooms are tiny- like in one room there is no space for anything but a bed (so not even a desk for one of our kids). We have a 5 bdr/4.5 with a basement-.. the floor design is a huge mistake for our family (LONG STORY but lousy architect and we didn't have kids then and could never imagine how our house would be invaded and our values of home must haves changed).. We already spent quite a lot on this-we had 3 contractors back in and the cost to make the rooms doable or add on top (which might mean make the lower level all liviing and not bedrooms) ranges from 25K to move walls (the problem is the walls that need to be moved are bathroom walls- and that's paying for a new bathroom) just to get *one* foot more in a bedroom to 200K at least for another level or expand out the back..(Fairfax mom- it wouldn't hurt to get a contractor in just to see what ranges you'd be facing)..

I like the house but given the floor layout it reminds me of apartment living in a way- the lot is nice but you'd have to plunk down significant money to make it private -- money we don't have..

We bought at a great time with a panicked seller- really, the market took off a few months after we bought- ironically had we done nothing to this house- we would have been 350K ahead- which is where we are still (350k ahead). My thinking is that the kids are not in school- not in love with the house- at this point- it IS a new house.. completely "move in condition"- not sure how attractive it will be with more wear and tear- it's a great selling point.

I guess my thinking in no matter what market- let's say we sell- to buy relatively quickly is scary/hard given how I do not want to make a quick decision since that house should really be the one (we are open to various nova suburbs- not just staying where we are now).. so selling first gives us the cash and time- I know it is a HUGE pain and with little ones as PP said- it will be very hard to show.. But maybe a "bonus" of going this route is we can buy (when we find the house) at a lower price point than when we are selling..

This final point of the potential added bonus is what I was wondering what the thoughts were- we were thinking of listing the house in early Spring since it's too late now.. if it doesn't sell- who cares.. we just wait..

thoughts? and thanks again!

[Fairfax Mom]

I just read an article that says dont wait until Spring - that homes sell at all times of the year - Spring is the best time but they say dont wait anyway. We bought our home in November - so there you go - a lot of people move here for jobs and a lot of jobs are offered before the beginnning of the year
Why dont you just list it and see what happens? If nothing happens you can just take it off the market.

[5stones]

2700sqft 5 bedrooms with 4.5 baths. sound very choppy with small rooms as you said...very tough re-sell.
I am guessing the baths are tiny too.
Sounds like you had poor planning when you added on. A potential buyer will see that as an adhoc renovation and will shy away from it. Also if you added a "gourmet high end" elements to the kitchen with out adding onto the space, that too is a mistake.

the cheapest thing to do would be to make it a 4 bedroom 4bath. (even 3.5ba) any chance you can knock out a wall between two bedrooms and expand the 1/2 bath and one full bath into a bigger bath?

I think you really need a good arch.

if you really want to put it on hte market then get A good market anaylsis of your neighborhood to see where your house will fall in pricing.

But from your description...I would say that a 3 bedroom with 2.5 baths at 2000 sqft with a better room sizes and flow and unfinished basement will sell faster than yours.

Also is yours a spilt level? sounds like it with 5 bedrooms (2 on the lower level? addition?) we saw LOTS of those and they ALWAYS are a tough sell.

Good luck.

[arabellava]

Hi- actually most people really like our house- it shows very well- i just don't with two kids.. we've had couples joke that they'd be happy to buy it.. a family of 5 may not consider this house of course.. The bathrooms are good size- just one bedroom is small- the kitchen is large- open floor plan with living room. It's a ranch- not a split level and only one bedroom in the basement. The add on was done to the side(not on top or in basement)..

I think it's hard to assess a house from writing any post- I was wondering more of the market of selling now before it goes down in value more and then hopefully buying when low too (since it appears the market trend is that we will continue to have a housing slump for a few more years.. not forecasting a recovery anytime soon)..

[tamitrail]

I would rather have multiple small bathrooms than fewer large ones. 2700 square feet is not that small. It doesn't sound to me like you made any mistakes. I would never even consider buying a 3 bedroom, 2.5 bath at any size.

I don't know what you should do though. You could try it if you are willing to go through the torture of the showings. The market could be worse next year or not.

[5stones]

depends on layout and personal pref.
We had a 2400sqft 3bed 2.5 bath with a huge finished basement. BIG bedrooms 11x15, 15x18(mstr) and the smallest was 10x10. Big country kitchen. We were a family of 5 and fit fine.
our friends had a 5 bedroom 3.5 bath multi level with lots of small rooms bedroom were 9x9 etc... a den was 10x7 roughly... about 2600sqft

Anyway even they though our house was bigger...it just flowed better etc...

BUT the floor space is just off- the kids rooms are tiny- like in one room there is no space for anything but a bed (so not even a desk for one of our kids). We have a 5 bdr/4.5 with a basement-.. the floor design is a huge mistake for our family (LONG STORY but lousy architect and we didn't have kids then and could never imagine how our house would be invaded and our values of home must haves changed)..

I was using your post to comment on what others not emotional invested in your house might see as negatives. Sorry I guess you only wanted postive feedback.

and MOST people LOOKING at a 5 bedroom house WILL have children.

[arabellava]

Originally Posted by 5stones

Sorry I guess you only wanted postive feedback.

and MOST people LOOKING at a 5 bedroom house WILL have children.

That comment wasn't necessary and that's not true- I actually wanted feedback on the idea of selling/renting and then buying in a year or so- help with the logic that we could potentially be better off since we'd take our time buying and we might even buy for less if the housing market goes down more (that is the question).. I was explaining why my house doesn't fit *my* preferences and why I am determined to sell at one point. I actually grew up in big cities and apartments.. we had super tiny rooms- this house is larger than any we've ever had.

Thank you for all the insights and opinions everyone!

[alphaforcex]

post some pictures. I'd love to see how it looks.

If you don't like your house, sell it. Nothing worse than sitting in the house and thinking about getting rid of it all day.

Do you value a home better than money? If so, you should just sell yours and buy another one. You can't really time the market. I have a feeling that you will feel really bad if the market just takes off or plummet. Relax and enjoy life.

[arabellava]

I'm really not trying to get an assessment- plus I'd rather not post pictures when it's not on the market yet..

I do think I'd feel bad if the market took off- but then I hope I can just appreciate that if we sold and bought later we could take our time finding a new house and that no matter what we're still a couple hundred K ahead.. so why be upset.. I know friends who bought at the peak and then their houses took huge dives (one with a HS redistricting) .. but in their case they are staying put so it's just a temporary set back on paper..

[joshjungalo]

you mentioned that you purchased from a panicked seller and that the house went up in value shortly after... why do you want to reverse roles now? a big reason for houses going down in price is that panicked sellers all follow the herd and sell at the same time, driving down prices. Now is a time to look at places to buy and not sell yours.

have you thought of renting your house out for a few years and wait for the market to hopefully pick up to sell it? Your rooms may be small to a buyer but it could present a perfect scenario for someone looking to rent. Maybe if you can show a lease, you will be able to get a loan for the place you really need, that way you will be buying at a good time and if you wait, you could sell at the right time as well. and if not, maybe you can just rent a bigger house for 1-2 years.... This market has also brought alot of rentals available and you may be able to find one for less than the price of your mortgage payment.