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I have posted many times on this forum and have always enjoyed reading the many posts, most for information, others for the entertainment factor. I really need some opinions/guidance. Here is my situation, I recently had a Centex home built in Knightdale, I love the house and now have grown to love the neighborhood, however the commutting to and from work and to places has really worn me out already and its only be nearly 3 months...I am not sure why this is, so soon too. I moved to NC to gain more quality of life and not go back to what I was doing previous with driving/commutting. At the time, I really didn't think the driving to and from would be a bother, but it is. That was the only drawback to buying a home where I did. I don't want to sound like a baby or be a downer, I just feel its weighing on my mind and would like to do something about it.
Here are my questions:
Do you think it's too early to sell the house?
Will I take a loss on the house since new construction is still going in?
Is it possible to find a reasonably priced home closer to RTP in my price range of up to 160k?
I was thinking of contacting a realtor and have an market analysis done and list the house and see what happens? Good idea?
I would probably wait until you've been in it for two years. By then, most of the new construction will hopefully be completed, and it will give you time to build a little equity. I think you could get a townhome in your price range closer to RTP but a single family home may be tough to find. Good luck.
I would probably wait until you've been in it for two years. By then, most of the new construction will hopefully be completed, and it will give you time to build a little equity. I think you could get a townhome in your price range closer to RTP but a single family home may be tough to find. Good luck.
I agree that waiting two years or so might be your best bet. Also, it's not really a seller's market most anywhere in the US right now, so maybe the market will improve by then, though a realtor might be able to weigh on this with more knowledge than I have. And who knows- your financial situation might be different. Maybe a promotion or a good salary increase will come and you might be able to spend a little more by then.
There may be some neighborhoods in Durham that might have something to offer, if you are able by then to push up to 180-200K. Villages at Cornwallis or Penrith come to mind, and there's always Parkwood on the South side of 54 near Fayetteville Rd. and 751. Or, mattsmom05's idea of a townhome might work for you. You'd be within 10 minutes of work and be able to zip over to Southpoint whenever you felt like it.
The two-year thing has another aspect (the realtor's on here can chime in too): not owning the house and living in the house for 2 years exposes you to capital gains. Meaning - you will get shelacked should you be able to squeek out a profit.
Like Ida pointed out though - your bigger problem is that you are now going to be competing with new home builders (some of whom are *desparate* to unload their inventory and are throwing big incentives at new buyers). Between that and the percentage you will need to put towards paying for the real estate transaction - it's hard to see how you will walk away without taking a fairly substantial "hit". Of course - if your area is still hopping, and people like the options you pick - you may still be able to walk away with what you put into it.
On the other hand - have you looked into possibly changing your schedule a little bit? Some employers seem fairly flexible, and finding a way to avoid rush hour could be an easy way to cut an hour commute to 40 minutes.
All of these are only factors - if this is really killing you, then perhaps taking the hit is something worth it for you. I've had truly miserable commutes before so I do understand how nasty that can make things. Only you can make that call.
You will never know unless you try so why not try and sell it? Get your realtor to put it out there and see what you get. It can't hurt. If it sells with a six month period great, if it doesn't you will know that you will have to suffer it out for another couple of years.
You will never know unless you try so why not try and sell it? Get your realtor to put it out there and see what you get. It can't hurt. If it sells with a six month period great, if it doesn't you will know that you will have to suffer it out for another couple of years.
Good luck with you decision.
Char
I would have to agree with Char. I would just put it on the market and see what happens. It could not hurt (although it is a pain in the --- to have people in and out of your house).
you will get hit with extra taxes if you have not lived there two years and make a profit. I would consult your accountant for a better answer, but if you think you can get enought out of it and want out bad enough...sell it. Are the homes finished being built in your neighborhood..if not, at least wait so you won't be competing DIRECTLY with the builders.
You will have to pay capital gains tax on any proceeds you make if you sell before 2 years. Also, economically this is not recommended because depending on what your closing/moving costs, etc were, moving this soon may cause you to lose money on those things.
Quote:
Originally Posted by nynraleigh
Will I take a loss on the house since new construction is still going in?
It's hard to say but most likely, yes. Why would someone pay more for your house when they can buy from the builder at the same or less and get brand new and a home built to their specifications. It seems that the builder would be feirce competition and I was under the impression people who sell before the neighborhodd is done either break even or lose money. It also may depend on what phase you bought in and how much the builder has increased prices. If you bought in phase 1 and the builder has raised base prices some large amount like 20-50K in later phases, then yes you could certianly sell and make a profit.
Quote:
Originally Posted by nynraleigh
Is it possible to find a reasonably priced home closer to RTP in my price range of up to 160k?
Yes it is although you may have to give up some things like square footage, a bedroom, and "new". If the commute is more important to you than those things, then it certainly can be done. It might be a challenge in many areas closer to RTP but it can be done. If you can do a townhome, then that would open up more possibilities for better locations.
Quote:
Originally Posted by nynraleigh
I was thinking of contacting a realtor and have an market analysis done and list the house and see what happens? Good idea?
This is always a good idea. Getting an objective professional opinion can only benefit you and help you make this decision with more knowledge.
On a more personal note, I'm in the exact same boat as you! We moved out to Fuquay and bought new in that same price range (150K). I like the house (and Fuquay is even growing on me a little now) and we got a lot of house for the money but the drive to get to anything I like to do in other parts of the triangle is exhausting. I have thought about selling and moving closer to Cary/RTP since right after we moved as well. I have to say, on our current budget I am more than discouraged at what is out there in our price range (<200K). We'd be giving up lots of space (have 1850 sq ft, would have to go down to 1400-1500) , a bedroom (have 4, would go down to 3), and a garage, and lot size (have a .19 acre lot). We decided to wait out the 2 years to get our money's worth out of the moving costs and for the capital gains tax but in that time our circumstances have changed. I no longer commute to work and work for myself from home and the affordability of this house allows me to do that. If we move, I'd have to get another full time job in addition to that and I'm not 100% sure I want that commitment. Is it possible that you won't be at your job forever? Perhaps in a year you can look for work closer to where you live? Let's say you sell and move and downsize and then you get laid off from work you'd be kicking yourself for giving up a home you love for a job you don't have anymore. I'm not one that would normally encourage people to buy a home just to be closer to work in all cases because most jobs are not forever. However, I know the commute is a killer and your happiness is priceless.
Also, you have made a very wise investment decision IMO. You bought a new house for a good price in a small town that will only grow and increase in size over the years. In a few years, you won't need to leave Knightdale for anything. You got in on the ground floor of a growing town and your home will appreciate more and more as the town grows up around you. That's more of a long term vision but if you wait it out, it will have been so worth it.
I do feel your pain but this is just some food for thought. good luck!
You are going to be better off waiting till the builder is finished, depending on the age of the neighborhood. I fthey are still building your floorplan, look at what they are selling them for now. I'll warn you though. A lot of the big builders like Centex are relying on the market here to make up for what they are losing elsewhere. We have a great market here, but when you have shareholders to answer to, sometimes they just need to sell in numbers. It will be hard to compete with that.
Also, other than work, what are you having to commute to? It seems like there is every store imaginable in Knightdale now.
Never hurts to try as long as you set your price to insure that you don't need to bring cash to the closing table.
First, be sure you can find what you want in your price range. No sense selling and winding up with nothing gained.
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