Home Selling in 75088>Question Details

Seller75088, Home Seller in 75088

Should I sell now?

Asked by Seller75088, 75088 Tue Jul 21, 2009

We bought our house in Nov. 2007. We paid $125,900, and rolled in closing costs. Our loan is $132,000. Should we sell now (Realtor says we could get maybe $124,000, and after closing costs and realtor fees we'd be out close to $18,000.) Do you think the market will improve, as this realtor does? Or will our home further decrease in value over the next year, and put us further in debt?

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I am doing alot of owner finance for my clients if they are upside down or you can do a shortsale you dont have to be late on your payments to qualify i would be happy to explain allof your options so you can make a decision on what is a good fit for you http://www.lisarichardson.net
Lisa Richardson
469-233-3241
0 votes Thank Flag Link Wed Jul 22, 2009
Are you planning to purchase if you do sell? If you sell low you will likely buy low as well and make up for any loss on your current property. If a 100k home is down 5% you would loose 5,000. but if you were buying a 200k house that is down 5% you would save 10k. Just remember, its the same regardless of how the market is, if you are selling and making a lot you are also buying and that home seller is maiing a lot. Generally you aren't loosing if you are buying AND selling.
0 votes Thank Flag Link Wed Jul 22, 2009
If you don't have to sell, I would say hang on to the home for now. The market is good in Rowlett but it seems that you would be upside down too much money.

The only neighborhood in Rowlett that has seen some price decrease is the Woodlake area. Do you feel confident with the price your Realtor gave you? Have you made any improvements to the home in 2 years?

Have you considered refinancing to lower your monthly payments?

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Tue Jul 21, 2009
As said we cannot give direct advice about this ultimately you will have to decide for yourself. The market is definitely down for sellers at this time, however trying to speculate the future is something we cannot do.

Ultimately I would stay put if I was happy with the house and the neighborhood and the current payment. Brining 18k to the table is never a good thing. I have had a few buyers that took hits on the sale of their homes because they were buying a larger home and the deal they could get there made them feel better about losing on the sale of their home.
Web Reference: http://www.findapadfast.com
0 votes Thank Flag Link Tue Jul 21, 2009
Few issues a Realtor can't respond to against code of ethics your question would be a violation for agent make any response.

I own investment properties currently I can't sale any property based on balance owed and backing out fees.

HOWEVER I have done so in past DUE where I could move forward make money in other areas make up for loss.

Till home is comp'd difficult render an opinion of value and etc.

Have you considered leasing home ? Lease Purchase ? Would not recommend unless you had an agent representing you.

What is your intent to sale home short / long term goals

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0 votes Thank Flag Link Tue Jul 21, 2009
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