Home Selling in Jacksonville>Question Details

Cd777, Home Buyer in Jacksonville, FL

Should I sell now and take a loss on my townhouse to move to an area of jacksonville that my wife and I would be happier living. We live in oak leaf.

Asked by Cd777, Jacksonville, FL Tue Mar 12, 2013

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This is a really hard question for us here to answer without having enough information. We do not know your current property, i.e. size of townhouse, location, upgrades, and market value at this time, we also
do not know how much the actual loss would be for you, and do you have enough saved money to pay the loss, the closing costs, and do you intend to rent or to buy, then you need a down payment for that
as well.... You need to sit down with an experienced Realtor in the Jacksonville area, to discuss everything with you, why you want to move, how much the move will cost you, what the actual most likely sale price for your condo would or could be, and then how much you owe, plus closing costs,
and then what will be next for you buying (down payment, closing costs again and the move from one
place to the other)
Be very careful, discuss all the plus and minus points with the professionals before making a decision,
you want to make an educated decision....
LetGood Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

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0 votes Thank Flag Link Wed Mar 13, 2013
Ultimately that's a question that can only be answered by you. However, there are many things to consider when making that decision. Do you know what your home is worth? Are you upside down in your mortgage? Do you have the cash available to make up the difference between the amount owed and the current market value of your home? Can you carry two mortgages for a while? Why are you unhappy in your present home? Where would you be happier living? I would suggest having a discussion with a Real Estate professional to assist you in deciding which course of action would be best for you. Feel free to contact me and I will provide you with some information that you will find helpful. Fell free to call me at (904) 994-0493 for a no obligation consultation.
0 votes Thank Flag Link Tue Mar 12, 2013
Have you considered turning your townhouse into a rental property?

You may be able to cover your current monthly mortgage payment from the rental income which would not require you to take a loss, specially now that the market is getting better.

Let me know if you'd like me to prepare a comparative market analysis so as to give you an idea of what the current rental value of your property may be. My cell # is 904-652-3315.
0 votes Thank Flag Link Tue Mar 12, 2013
Hi Cd, That's a tricky question. It's always a good idea to keep the wife happy. That said,,,,if the loss isn't brutal and you can absorb then yes,,,sell now. Prices are going up quickly. Most likely another 6-10% over the next year. This way you can get into something in an area you'd be happier living before prices get crazy again. Let me know if I can help with the sale of your Townhouse.

Have a Great Day

John
0 votes Thank Flag Link Tue Mar 12, 2013
Well, it all depends on how great your financial loss would be if you would sell the townhome vs. possibly renting it instead. Another factor to consider us the current interest rates might be lower than the one you currently hold on your mortgage. Ultimately happiness doesn't have a price tag therefore I hope you are able to decide based on what makes you and your wife happiest. If you currently don't work with a realtor I 'll be happy to assist with your new home search. Thank you! Nicole Alvarez, Realtor 904-899-3974
0 votes Thank Flag Link Tue Mar 12, 2013
Do what your heart tells you to do. Sounds like moving would ultimately make you happier. Best of luck.
0 votes Thank Flag Link Tue Mar 12, 2013
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