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I just purchased a new home in April [MOD] no ads [/MOD]
My problem is that I have just been offered a promotion to a position in another state. It's a good promotion, and one that I would be crazy to turn down. What are the chances of me selling my home for what I paid for it?
I haven't made any changes or upgrades to the home since I moved in except pay $1000 for window blinds and Hyrdo-seed the lawn with Bermuda grass.
Thank you in advance for the input.
P.S. My company will pay all of the fees for me as well as moving expenses. However, there is no home buyout program. So, I'm just hoping to sell it for the price I paid 4 months ago.
Last edited by autumngal; 08-20-2008 at 08:04 AM..
I just purchased a new home in April Moderator cut: no ads
My problem is that I have just been offered a promotion to a position in another state. It's a good promotion, and one that I would be crazy to turn down. What are the chances of me selling my home for what I paid for it?
I haven't made any changes or upgrades to the home since I moved in except pay $1000 for window blinds and Hyrdo-seed the lawn with Bermuda grass.
Thank you in advance for the input.
The chances are probably very slim but not impossible. Does your company offer any relocation benefits? It sounds like you are in a decent area but in FV and HSP, 2300 at $280 seems a little high (I understand the upgrades but FV has a much lower median home level), especially with all of the developments closer to Raleigh/Apex for less (I am in HSP myself). Good luck though and try FSBO to start.
Last edited by autumngal; 08-20-2008 at 08:04 AM..
If I were in this situation, I'd do the math. I assume your promotion comes with a salary bump? How long do you think you'll have to stick around to be able to break even on the house? Don't forget to factor in realtors' fees of ~5%, which you'd have to pay if you sold it down the road, but your company will pay for now. I'd say that number is ~2 years, maybe 3 factoring in the flat market right now. Both those numbers might be generous, but let's just average them and say 2.5 years. How much more will you make in the next 2.5 years if you take the promotion? Is it worth it to take a loss on the house? How big of a loss could you stand? It may make sense to list it a little lower than you paid if it will move the house and get it off you hands, and free you up to make a bigger salary in another area.
That is a tough one, however I did gaze into my Crystal real estate ball this morning and after wiping off the haze that seems to have covered it this past year and a half I can without hesitation and a lot of certainty proclaim the answer to your question is 'MAYBE'.
There are many many factors to your question that would need to be explored and thought through before one can render an fact based answer. So without the luxury of data gathering or knowing anything about your house and its location as a reference I will leave the answer up to my Crystal ball and pose a few questions to hopefully help you ponder your question.
Question 1. Is there still new homes for sale and being built in your subdivision? If the answer is yes than you have selling pressure by the new homes and their builders. You throw in 'free' blinds and they throw in free upgraded counter tops, appliances, irrigation, and you name it.
Question 2. Did you get a market analysis by a selling agent? This will give you some indication what your neighbors have been getting for their resales. This will allow you to compare your home against theirs and will give you some insight in whether you have a shot or not. BUT, and its a BIG BUT it is NOT always accurate and you may or may not get what others have. So much depends on the person buying and what they are willing to pay for what you offer.
Question 3. If the new job is exactly what you want and offers more pay WHY do you have to get what you paid for your house? If the opportunity is to good to pass up, get the best price for your home and move on.
Question 4. Is the move what you really want? Sounds like you have second thoughts about moving again to a new area and maybe are looking for ways to keep you here in your current house and job. Just my opinion.....
Good luck in your decision and as a home owner myself I hope you get MORE than you ask!
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