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WWYD?
As some of you know from my previous post, DH and I are trying to get our finances in check. As part of this whole deal, we have our house on the market, but I'm trying to think if this is as good idea as DH thinks it is?
Well, here is the situation: We bought the house at the end of '07 and new it would only be a starter house (it's a 2 bedroom townhouse with no basement, no yard and no dining room...so, basically there is a living room and kitchen as the social gathering spots...see pics in bio). The neighborhood is very crowded and parking is sparse. We do have an assigned spot...2 blocks over, but that's a whole other story. Anyway, we spent @ $15,000 in closing costs, $15,000 in renovations and would most likely be spending another $10,000 or more for closing costs when we sell. We're hoping to sell if for what we paid (with the market being so crappy, we're not going to get more than what we paid). The reason we are selling is 'cause we think by renting for a year or 2 we will be able to save more to buy a bigger house. So, the savings, plus the principal we already have in this house would be enough to do that. But my question is: Would you sell after only living here a little over 2 years? ooh, we also bought the house when the interest rates were much higher and we are paying 6.5%, so we're thinking we can get something bigger at a smaller rate. Would you wait and stay at least 5 with the possibility that the house can depreciate in value? Would you stay and refinance? We really don't want to stay 'cause we're afraid we're gonna get "trapped" here and never be able to sell, but I don't know if the pro's outweigh the cons and all of this will be the $45,000 loss. =/ TIA...
Re: WWYD?
this is a really tough call for me - I'm not a homeowner, but I'm not sure if trying to sell after only owning for 2 years is 'considered' the best move. That being said, my co-worker had her condo on the market (in brooklyn) for about 9 months before it was sold. So maybe its worth it to keep it on the market and wait and see? or take it off the market, try to refinance for a lower rate for a couple years.
I really don't think you'd end up 'trapped' there - you will be able to sell it at some point! either in a year or 5 years. good luck - sorry I couldn't offer better advice!
Pretty good advice, Liza! I would sit tight for a few more years if I could, Bonnie but definitely post this question on MM - the ladies there can crunch numbers like nobody's business!
Our New Home! Renovation Underway! The Law Nest
TTC Journey
7/2008 - begin TTC
7/2009 - began charting
9/2009 - Dx Endometriosis
10/2009 - HSG/SA (Normal)
12/2009 -6/2010 - Lupron #1 & 2
Sep-Nov 2010- Clomid Cycles #1&2 = BFN
Dec 2010 - Clomid Cycle #3 = BFP (1/11/11);no h/b (2/10/11); D&C (2/23/11)
5/11-6/11 - herbal tea regime = BFN
7/24/2011- herbal tea regime = surprise BFP
Can you rent out your townhouse or would that be too much of a headache? Otherwise, I would just wait it out. It?s so tricky. How long have you had it on the market?