Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Our house has been on the market now for about 6 months, we have had 40 showings and no offers. I know it's price as some responded here. Another issue is we went a flat fee broker that overpromised and has underdelivered.
Here's my question. Is there a formula, excel spreadsheet, or online calculator that will help determine if I still want to sell because we were very close to getting an offer and I checked the rental market in Denver metro and its so hot that I think I am only going to save a couple hundred a month to a do a major downsize going from 2500 sf house 2/3 paid off to a 2 bedroom 1 bath apt with outrageous background check fees ($230-260 I kid you not). By the time I added up all the "junk" fees apts. are charging it almost doesn't make sense to sell at all, but I can't really tell until I can see the numbers.
A poster about a week said that the vacancy rate for Denver Metro is only 4% and rental rates are going up 10% a year.
How does one find this information? How do you determine if owning vs renting makes sense when look at financial aspects first?
We can afford our house we just want a smaller place more centrally located if it makes sense. I am thinking of either pulling our house off the market or selling and buying for cash a smaller place and would appreciate your input.
If you can afford it, hang onto it. Prices are only going up and yes, you'll be paying a lot in "junk fees" (great term, btw! That's exactly what they are!). (How much will your HOA fees be per month at a condo?)
I don't know of any formula out there but if you're only going to save a couple hundred or less, pull it off the market for a while, build more equity, and sell it when you can sell it for more.
If you can afford it, hang onto it. Prices are only going up and yes, you'll be paying a lot in "junk fees" (great term, btw! That's exactly what they are!). (How much will your HOA fees be per month at a condo?)
I don't know of any formula out there but if you're only going to save a couple hundred or less, pull it off the market for a while, build more equity, and sell it when you can sell it for more.
I don't know how much the HOA fees will be but my friend bought a distressed condo for about 95k, 2 bedroom 2 bath with 1 garage that should have sold for closer to 110-120k, and his HOA fees I believe about $100 a month. That's about what my HOA's are, but his cover everything mine cover much less, I am still responsible for roof, pain, and landscape as I live in a big HOA subdivision. The good/bad is we were hit with a major hail storm and insurance covered roof and paint so we are set for a while.
I can't help you with the financial aspect. I don't know of any pre-made calculator or spreadsheet. I'd make my own.
But the problem, as I see it, is that your calculations will include both the known and the unknown. In other words, you know, or can estimate, your expenses in your current house. You will have to "assume" things in a rental or new purchase property.
I think this is a quality of life decision. You can run the numbers to kingdom come and end up with paralysis analysis (takes one to know one; my husband says that's what I do ) Where will you enjoy living more?
I do have to put this out there: You refer to "we," so I assume you're not a single person.
Do you really think you can go from two bathrooms to one? My husband and I will be downsizing next year. He mentioned a 2BR/1BA to me and I burst out laughing. NO WAY can I live with someone and only have one bathroom! I don't think I can even be a single person - if I anticipate house guests - with only one bathroom, having lived with 2 or more over the past 20-something years!
One bathroom was fine when we started out, renting a cheap apartment while we saved for a house. One bathroom will be fine when we're old-old - and probably be in adult diapers by then.
I can't help you with the financial aspect. I don't know of any pre-made calculator or spreadsheet. I'd make my own.
But the problem, as I see it, is that your calculations will include both the known and the unknown. In other words, you know, or can estimate, your expenses in your current house. You will have to "assume" things in a rental or new purchase property.
I think this is a quality of life decision. You can run the numbers to kingdom come and end up with paralysis analysis (takes one to know one; my husband says that's what I do ) Where will you enjoy living more?
I do have to put this out there: You refer to "we," so I assume you're not a single person.
Do you really think you can go from two bathrooms to one? My husband and I will be downsizing next year. He mentioned a 2BR/1BA to me and I burst out laughing. NO WAY can I live with someone and only have one bathroom! I don't think I can even be a single person - if I anticipate house guests - with only one bathroom, having lived with 2 or more over the past 20-something years!
One bathroom was fine when we started out, renting a cheap apartment while we saved for a house. One bathroom will be fine when we're old-old - and probably be in adult diapers by then.
Thanks yes my wife and I am both of us are simple people with no house guests so 1 bath is fine, in fact we would prefer one. It's more important that she has covered parking for the winter, and a well built unit because I am very sensitive to sound or have the ability to go to HOA rip out drywall and put in spray foam for soundproofing. Every apt I have seen lately I can tell sound is going to be an issue so that leaves me top floor end unit, which of course they charge a premium for.
Thanks for the helpful replies everyone and would appreciate more. I will check google for calculator.
I am very sensitive to sound or have the ability to go to HOA rip out drywall and put in spray foam for soundproofing. Every apt I have seen lately I can tell sound is going to be an issue so that leaves me top floor end unit, which of course they charge a premium for.
.
Go to the "renting" subforum here and read some of the threads about noise. You'll rethink the whole renting idea pronto.
Go to the "renting" subforum here and read some of the threads about noise. You'll rethink the whole renting idea pronto.
Yeah I did already and that's why I posted this. I am just glad I really starting think long and hard about before doing a price reduction and having our house sold. I guess that would leave me with renter's regret, bad pun I know.
Our house has been on the market now for about 6 months, we have had 40 showings and no offers. I know it's price as some responded here. Another issue is we went a flat fee broker that overpromised and has underdelivered.
I am thinking of either pulling our house off the market or...
1) Yes, do that and if you can afford to wait until next spring do that as well.
2) Cancel or let the agent contract you have now expire and then find a real (good) listing agent.
3) Re-list at the CORRECT price level in the spring (or sooner if you must).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
) Where will you enjoy living more?
