Selling lower to buy lower (commissions, mortgage, sales, percent) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

beckycat · 03-05-2009, 07:15 PM

I wouldn't mind selling my house lower if I can buy a house lower where I wanted to move. Problem is that Raleigh never went through a bubble and houses there have slowly crept up. Therfore, I can't sell for less. I think I'll be stuck here at least a couple more years. Even then, I think houses there will be out of my price range.

BrokenCredit · 03-05-2009, 07:48 PM

Raleigh Home Values, House Prices, and Property Values - Zillow Local Info

KCfromNC · 03-06-2009, 06:15 AM

And selling for a loss to buy at a loss doesn't work well if you have a mortgage. Say you put 20% down on the house you're in, and prices drop 20% by the time you want to sell. Prices also drop 20% on the house you're going to buy, so everything's OK, right?

No, because after the 20% drop in value you now have no equity in your current house to use as a down payment on the new place. And that's without realtor commissions, moving expenses, closing costs, and so on to consider - adding those in means that you have to pay out of pocket to move out of your current home.

One way to make this work is to move from somewhere that prices haven't dropped too much to a place where prices have already dropped quite a bit. Moving from Florida to Raleigh is kind of the opposite of that approach, though.

le roi · 03-06-2009, 08:15 AM

brokencredit, that's a misleading graph if you don't explain what the lines represent. Green is national, orange is Raleigh.

The Triangle MLS says Wake County's median was $161k in 2002, and it looks like it peaked at $190k in 2007. That looks steady to me.

middle-aged mom · 03-06-2009, 08:26 AM

The MLS shows that my area continues to appreciate. The reality is that a heck of a lot of $1MM+ homes sold in the past year compared to 2007.

What it misses is that a home sold for $1.1 million may have been purchased during the peak years at $1.4-5 MM.

One really needs to get under the hood to determine the relevency of any average.

BrokenCredit · 03-07-2009, 08:53 PM

Quote:

Originally Posted by rubber_factory

brokencredit, that's a misleading graph if you don't explain what the lines represent. Green is national, orange is Raleigh.

The Triangle MLS says Wake County's median was $161k in 2002, and it looks like it peaked at $190k in 2007. That looks steady to me.

Sorry, how about this...