As I look back at different jobs I've had, I sure wish I had stayed with the people who thought the world of me and that I could do no wrong, even for initially less pay or prestige, and dumped those who thought I could do no right faster.
Your short term pain, may contribute to your long term gain.
I know a lot of photographers travel, so can you do that?
Is there any reason you bought the house in Ft. Worth to start?
What's changed since then?
Susie Kay, RealtorÂ®
GRI, CHMS, SFR
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
Servicing your real estate need is my priority!
I am not sure if you still own your home in Fort Worth but if you are still considering selling your property now would be a great time. The market turned around in January and we have had low inventory which has allowed sellers to get top dollar for their home. I would love to discuss your options. Please email firstname.lastname@example.org for more details.
Lucky for me I read it when in high school and it changed my life.
Like most great literature, place yourself into the poem and muse on "What Might Have Been" or Could Be. Which do you want to be thinking about when sitting in your rocking chair talking to your grandkids.
Call me if you want some feedback of how it changed my life and could change yours.
Would love to talk to you about you future.
There are a couple variables. Can you qualify for a second home with your income assuming you have to make two mortgage payments? Lenders will not count the rental as an asset until you have proof it's been rented for at lease two years and proof of a current lease, otherwise it is considered a liability. Do you have additional income to repair the home, replace carpet and let the home sit vacant for a month at a time?
Depending on your available cash, ability to borrow and equity in the home, I would sell if it makes sense.
On break even scenarios I usually encourage my clients to go with our $99 listing plan to get the home in the MLS, get web exposure through trulia.com, realtor.com, zillow.com and MLS searches and let you sell it as a FSBO (For Sale by Owner) transaction). My clients have great success, and if you find a buyer without and agent you would only be out $99 with $0 in buyer's Agent commissions and only the $99 for the Seller's Agent (included in the listing plan). If you want to a few more options, lockbox and sign it's only a little more.
If you want me to get it listed, market and sell it with our traditional plan it's only 4%. 1% to the Seller's Agent and 3% to the buyer's agent.
We miss the mountains and the beach so we live in between here in Fort Worth.
Once your mind is made up it's only a matter of time until you convince yourself to get off the fence and make the move to where you feel called to be...
I'll help you any way I can, feel free to contact me 24/7.
Nathan Beckey, Fort Worth Area Realtor
(m) 817.691.3602 (e) email@example.com
More Options. More Results.
visit us online at http://www.exclusivepropertiestexas.com
Most of my clients are able to sell quick because they are able to sell for less commissions starting as low as $99 if you go with a FSBO style listing to a maximum of 1% with full realtor services, 4% overall if you offer the buyer's agent 3%.
Bottom line is homes are moving super fast now while interest rates are low, no telling what they will do over the next 6 months, more than likely remain super low. I sold a home in 21 days and it closed last week.
I'll help any way I can.
Nathan Beckey, Northwest Fort Worth Realtor
(m) 817.691.3602 (e) firstname.lastname@example.org
More Options. More Results.
check us out online http://www.exclusivepropertiestexas.com
You are beating yourself up here. Are you sure that you can not get out cleanly? the market changes day to day and week to week, Even if you spoke with a REALTOR previously you owe it to yourself to check things out today!
Give me a call for a no obligation evaluation
Keller Williams Realty
2. Rent it out and buy a new place in the mountains
3. Wait for the equity rise enough to do 1.
As pointed out, you don't really 'know' your house would sell for a loss or just break even. I know it's not Preston Hollow, but some places around D/FW have actually risen in price. Some places have fallen 10%, some have risen 8% and the average has slipped only 2% - but you need the specifics for your property.
Also, if you choose to rent it out to others, you may make enough to pay your note each month, allowing you to hang on to the property until the equity is actually there (that's like 3. above but with less pain). You'll need to know rental value in the area and decide if you want to be landlord or an absentee landlord.
It seems 3. is what you're doing right now. You've been waiting and hoping, and the economy hasn't helped you see what to do. Personally, with huge deficits continuing and the Fed pumping up the money supply to counter lackluster economic news, I think we're faced with inflation. Your $280k home may become worth substantially more the longer you hold out for people to get back to work.
We do have a continuous influx of people from other areas of the country and they need to live somewhere, but have problems just buying. Would you buy in the mountain area as soon as you go there? Probably not, unless you already knew the housing market. Those arriving here, similarly, rent for a while before deciding. So, the rental market is pretty active.
Your problem will be the rent amount. Your current note will probably put the rent high and you'll be hard pressed to find a renter. But ask about the market for your property. You might be surprised.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
It is a tough place to be in for sure and many thousands are in your exact situation. Based on your profession as a photographer I would think the mountains would definitely be a better place for you if that is your specialty. If you can somehow buy a house now elsewhere you can take advantage of these low rates and depressed pricing. Sure you can hold onto the house to recoup but you need to look at what you may actually walk away with in the future. Also as interest rates eventually rise that may depress home values so it could be a long time before they increase to where you could sell and pull out a profit. You should look at the possibilities good and bad and see if they are worth it. Is it worth $10,000 of your life being in Fort Worth away from your Mountains for the next 5 years? Because nobody knows what will really happen in the housing market you can only speculate as to what may happen. Things we can't even imagine will end up effecting the market.
Renting may make sense if you want to hold onto the property for appreciation purposes. From what you said you would also need to rent and that could be a good thing. There are often options for buying a home and depending on the area you would like to be I would speak with a lender or two to see what programs are available to you. You may be able to buy something sooner than you think if they have programs like USDA where you can buy with 100% financing in certain areas if you qualify income wise.
So you have a lot of thinking to do. Best of luck to you!
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
Please also read my Blog about HARP - if you qualified for a refinance at a lower interest rate, maybe
leasing the home would become more attractive for renters.
There are Lenders you can speak with and I have one that knows all about refinancing:
Senior Loan Officer
NMLS ID# 210678
Toll Free 877.575.2929
1205 S White Chapel Boulevard, Suite 235
Southlake, TX 76092
The question we all face at some point in our lives is to follow or pursue what we love or to endure to the end where we find ourselves. The most repeated outcome by those who make the decision is "Regret is a bitter travel companion." Life is too short to fret about 'breaking even.'
Explore with a real estate pro the many programs available for 'distressed' homeowners. Distressed, in today's environment has a very liberal interpretation. The financial burden may be lightened with the new refinance options that are currently in place or will be by April. Low interest refinancing, not restricted by appraised value, may provide relief.
Chase bank, and here in Florida, Bank of America are offering 5 to 20 thousand dollars to those who agree to short sale their homes. Don't overlook secondary positive cash issues related to the short sale process.
You have a number of options that merit the effort to explore.
Best of success to you and hopefully we will all see mountain landscapes by Josh as a mainstay of American lifestyles.
ReMax Realtec Group
Palm Harbor, FL
727. 420. 4041
I can empathize with the decision you're wrestling with. It's a decision that many Sellers have to make. Perhaps not the moving to the mountains part but the do I sell now for a loss and move on with my life or do I stay put?
Personally Having bought and sold many homes over the years and not always at a profit, I believe you should do what makes you happiest. Money comes and goes and at least for myself has never been a major factor in my overall happiness quotient. Allowing the house to hold you hostage in a situation that you don't like will only end up causing you to get more aggravated over time. If you can afford to rent it out and carry the property until the market turns around in the next 2-5 years by all means I think this makes the most sense. (Bear in mind being a long distance landlord can be problematic.) Not sure where you're thinking of relocating to, but if it's more than a 4 hour drive away, I'd suggest finding a reputable property manager. If when you look into it renting doesn't make a whole lot of sense, then by all means I'd say sell and move on with your life.
Best of luck to you.
This is the million dollar question and one that a LOT of home owners are asking today.
Your first step should be to get as much information about selling your home as possible. Start with a market analysis from a licensed real estate agent. That will give you a range of prices for your particular neighborhood and let you make an informed decision rather than "thinking" what you would net. There are some neighborhoods that have actually improved over the past year or two and you could be surprised.
As far as renting it out... that is a real possibility. The rental market in the DFW area has really taken off. Unfortunately, there are some costs associated with renting out your home if you are not living in the area. You would need to find a licensed property manager who could handle renting out your property, maintaining it, and ensuring that the tenants take care of your property.
The Dallas Fort Worth area is projected to improve in 2012, but only by about 2%. Depending on what type of equity growth you are looking for, it could be a while before it improves enough to get all of your money back.
If you would like a professional market analysis of your property, please feel free to contact me. I don't cover the Fort Worth area myself so I can give you an impartial analysis of your property. Please let me know if this is something that you would be interested in.
It's more than real estate. It's RAYL-Estate!
Wow - what a decision to make! There are many options and of course as many have stated, have a Realtor do a market analysis for you just to see what price you would need to sell in order to break even. The market may not accommodate this price but you won't know until this piece of the puzzle is answered.
There are companies that allow you to list your home for a flat fee (like$300) and they put your home on the MLS - which is the listing service all Realtors use when searching for a home. You would need to open the door for a Buyer and be available to show your home. You would also need to take pictures and supply all legal documents to the Title company. You would need to work directly with a Title company to advise you how much money you need to bring to the Closing table. Doing this on your own is obviously not recommended by any Realtor as our job is to help you in establishing your sales price at fair market value and market your home on social media as well as on our websites. 97% of For Sale By Owners (FSBO) end up calling a Realtor to market the home as the legal responsibilities, your availability to receive inquiries, schedule appointments and negotiate a sale are time consuming and a heavy burden. Not to mention when a home remains on the market for over 60 days, home buyers start to wonder, what's wrong with this home? Why has it not sold? And of course the offers you receive are well below your consideration.
I am constantly in touch with market watch and right now it is a Buyer's market. However, FHA guidelines have changed since you purchased your home in 2006. PMI rates have increased as well as the cost of FHA financing. "Stated income" such as independent contractors cannot receive an FHA loan so that narrows the pool of ready,willing and ABLE buyers. This is what is driving the rental market. You would want a Property Management company (which you pay an upfront fee plus a percentage of the lease amount) to market your home and by the price and location you have disclosed, I would suggest it be marketed to Corporate relocation firms. Remember though, during the time the home sits empty, you are still paying the mortgage.
This is where folks are coming from when they ask, do you live your dream and pay for it up front or always wonder what could have been? Photographers are creative folks, by your explanation, it just feels like you need to live your dream. One way or another, it is going to cost you something. Money (which can be replenished while you rent, OR your dream which can never be replaced.)
We wish we had a crystal ball every time a (potential) Seller has mixed feelings about putting a home on the market. Since you have asked for advice, let's start with a market analysis. Let's see what the market says your home is worth. The first step is always the hardest.
Feel free to email me: email@example.com or give me a call (214) 783-6416 and let's discuss your options from a financial perspective. There are many great Property Management companies and many great Realtors available to work for you. You must trust the person you work with and know that this person puts your needs and desires first and foremost. In the end, after gathering information (performing your due diligence) you will be the person to make the final decision.
Think it over Josh, I wish you the very best!
Lucy A. Puniwai
If you are willing to sell and bring money to closing that might be your best answer to living your dream. The key word is willing. Good Luck and please let me know if I can assist you!
As an agent in the area you are in I can tell you the rental market is good. I did a lot in December and I don't even go out of my way to do them. I know the area well and would be happy to do a CMA on your house and let you know what it would sell for and/or rent for. Lots of folks bought in 76244 in 2006/2007 and have had life changes to where they have had to make the same decision. Many are letting rentors solve the problem for them. There is lot of Relocation to the area which means a lot of people want to rent first since they don't know the area. Take care Bill Woodruff Coldwell Banker Keller TX
IMO - There are several reasonable options.
Renting the house out, is certainly one of them.
Could you rent the house and at least break even, or would you be in the red every month?
Clearly, that's an important part of the "rental" puzzle.
If you could at least break even each month, then that's a viable option - IF you want to be a landlord, that is... dealing with a tenant and the end of the lease and finding a new tenant, or trying to sell down the road.
From what I have read - your heart is in the mountains - so that's where you should be!............and if you have the ablity to sell, even if it means bringing money to the closing table (and if it's not a hardship for you to do so), it's not a bad option under the circumstances, either.
A year from now, the house could be worth less, who knows - so selling now might stop the bleeding.......you'll take the loss and move forward with your life, unencumbered by a mortgage.
Play with the numers - especially factoring in the rental numbers.........see what's more appealing.
Fortunately, for you - you have options!
The outlook by the real estate experts is the market will pick up. In fact is already has. I know we are busy with buyers and renters.
We also property manage several properties. We would Iove the opportunity to meet with you and go over your options.
I work with a team of experts that can help through a smooth transaction.