U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 05-21-2009, 12:31 PM
158 posts, read 447,370 times
Reputation: 159


Long story short, my wife and I have both received out of state job opportunities which are proving to be tough to pass up. Nothing has been accepted yet as we both love our home and NC. We recently purchased our home last July. Due to the fact that we have lived in the house less than a year, we don't have much equity. Our house is in the upper 300's region, so Realtor fees (buyer/seller agent) would be a good amount of money. We have sold previous homes FSBO in the past in two different states, but are reluctant to do so in this market under our time constraints. We are able to take the financial hit but would rather perform updates in an attempt to alleviate potential losses.

Our ideas have been to refinish the kitchen with new stainless appliances and granite counter tops to raise our equity. We've also thrown around the idea of renting the home out for a year, but threw that out quickly as both of us would not be here to play 'landlord'.

What suggestions if any would you give to a person in my situation
Rate this post positively Reply With Quote Quick reply to this message

Old 05-21-2009, 01:10 PM
Location: Raleigh
47 posts, read 97,936 times
Reputation: 20
It's hard to recommend what you should do to your home without knowing what your competition is like. While a granite top and stainless appliances can really make a kitchen shine, it may not help you against your competition. The best thing you can do is try and do a search of competitive properties in the area. You can attempt to use one of the local realtor sites (fmrealty.com, hpw.com), but you will have to spend a fair amount of time and filtering to get what you need. Any realtor will also provide you with a CMA (Comparative Market Analysis) if you even begin to discuss listing your home with them. While paying realtor fees is definitely a hard pill to swallow, the reason for the compensation is typically for their experience, information and marketing. Unless you are well connected with what is going on in your particular corner of the market, I would hesitate to invest a whole lot of money. What's worse, 5-6% realtor commission, or spending $15k on improvements only to have to take $30k less off your asking price due to market conditions?

P.S. - You might also explore hiring a management company to handle leasing your home for you. They can help by marketing your home, screening the applicants, and helping insure the property is properly maintained. In a down market, it's one way to protect your equity and avoid a steep hit to the pocketbook. Then, once the market picks back up you'll be able to recover the equity. My guess is that in 3 years you'll recapture more than enough equity to compensate for the fees you will have paid a 3rd party management company in the meantime.
Rate this post positively Reply With Quote Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Loading data...
Based on 2000-2020 data
Loading data...

Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Similar Threads

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top