Crossroads Realty, Inc.
IF you make the move and it isn't correct, you will be in a debit free home. Not the worst situation.
Get the info as to what is sold in your area: http://www.RealEstateInOceanCounty.info It shows the homes for sale too.
My company, Crossroads Realty, has agents in your area if you need one on one help.
Ask the questions, they are good ones. Keep knowing we will get through this worst recession since the last worst one.
I am a life long resident of Jackson & know your market well. I've been selling homes here for over 20 years.
If you are in over your head so to speak & the taxes, utilities and maintenance of a larger home is not for you then scaling down would be a good decision. I also attended the Otteau Appraisal market forcast seminar recently & as mentioned earlier ,you are not going to see any appreciation for quite some time, so making a decision to live in a smaller home with less overhead now rather than later sounds reasonable. There are plenty of homes to choose from if you are looking to downsize & prices are very affordable . If you'd like to chat further about your move & get an accurate home evaluation of your present home & also see what is out there for you, feel free to contact me.
Joan Congilose CRS,GRI, e-Pro
(732) 972-1000 x 364
since you still have equity. You at least have the option to sell and downsize.
You need to ask yourself what is your long range plans. Will lowering your" real" costs( taxes, heating, maintenance,etc) increase your family's ability to achieve those goals? My guess is yes.
The loss of equity is terrible .But is is a loss on paper. The market will most likely not come up to recover the loss of that equity . Since it is generally agreed that the prices of homes at the top of the market were a aberration not the norm. If you considered your home a financial investment for the future . You must do what good investors do. Mitigate your losses sell the investment costing you money. Then take that money and buy a house now when it is at the bottom. Then you will take the loss now on paper. But the equity growth in a home bought at the bottom of the market should counter that initial loss.Plus the drop in your monthly expenses should further balance the loss.
It's a tough decision to make, I am not sure what development you are in to determine where values might go over the next few years. If you think your home will go down another 30-40k in value but then it will raise 100k in value when the market returns then you will be looking at a 60-70k difference. Depending on where you buy, what your mortgage payments presently are, what your taxes presently are all depends on whether it is a smart move. If you want to send me a quick email I will be more than happy to review the situation, based on what you have and what you are looking for to show you some actual numbers to help make a decision. Thanks and good luck!
William F. Troy
Pre-foreclosure Specialist Mastery Certification
RDC PRO, SRES, e-PRO, CDPE, Luxury Home Team
Veltri & Associates Realtors
1012 Cox Cro Rd.
Toms River, NJ 08755
Office-(732)557-4600 ext. 422
Even though we took a "loss" on the equity we though we should have earned over 7 years, it was also a great time to move on in our lives (not to mention, we found a beautiful setting for our next home). Twelve years later, we don't think we made a mistake. I hope that helps. If you need some assistance in sorting it all out (market values, etc.), don't hesitate to give me a call -- that's what I do.
The best way to determine the best move is to start out with a full proper Market Analysis. I am an agent specializing in Jackson Township. Please feel free to call me at 732-915-4847 or e-mail Lsoubasis@weichert.com to discuss.
NJAR CIRCLE OF EXCELLENCE SALES AWARD 2006 BRONZE, 2007-2010 SILVER
TOP PRODUCER 2006-2010
TOP SALES AGENT 2006-2010
TOP LISTING AGENT 2006, 2008-2010
WEICHERT REALTORS AMBASSADORS CLUB 2007-2010
My husband and I recently downsized and bought our new home outright. It was the best decision we ever made even though we took a hit of about $65,000 when selling. Now we are enjoying mortgage free months, smaller utility bills and a much more relaxing lifestyle! Best of luck to you and your family. If I can answer any other questions, please don't hesitate to contact me.
I was at a seminar for Jeffrey Otteau, Fortune 500 appraiser today. For you to make up the approximately $100K you state you lost, you would be looking at close to 10 years to get back to the height of the market sales price. There will be minimal increases in the market, much closer to normal market appreciation in the coming years, but it will be a slow process.
So can you hang out where you are for those years?
An accountant is probably the best to answer the first 2 questions questions, based on your financial position.