Home Selling in Upper Darby>Question Details

craigwysocki, Home Owner in Upper Darby, PA

Should I sell or wait???

Asked by craigwysocki, Upper Darby, PA Wed May 30, 2012

I am itching to sell my house in upper darby cause i dont want to live there anymore and can hardly afford the taxes. I bought my house for 110k 8 years ago and currently owe 98k . should i try and sell now or wait till the values go up again (if they go up).

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Hello Craig,

If you wait for values to go up ( and they will ) in my opinion you will be waiting at least 5 years.
Remember that this is just an opinion, but I did foresee this housing slump and am on the front line being that I am in the mortgage business. When I stop getting calls from people in foreclosure or looking to do loan modifications then we have turned the corner.

I foresee 3 to 5 years of a bounce along the bottom with maybe one quick drop in values caused by some sort of legislation that facilitates the foreclosure process. Then about two years later I see growth.

Again this is just my opinion.

If you are buying and selling then it doesn't really matter when you sell ( a weak selling market means a strong buyers market and things should even out)

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Wed May 30, 2012

Food for thought. My client just locked a 30-year fixed purchase mortgage at 3.625%. That's correct 3.625%. You have to approach this problem from either a cash flow or absolute dollar perspective, i.e. is the unknown appreciation enough to offset locking in your monthly payment on a new home for the next 30 years? Obviously, there are other considerations, but reportedly housing prices are at an all-time low (adjusted for inflation). Good Hunting!
0 votes Thank Flag Link Wed May 30, 2012
hmmmm, i was planning on moving into an apartment and not buy another house for a while. This question is solely from a selling standpoint. values continue to decline? or values headed north anytime soon . I am being "upper darby" specific with my question. Thanks
Flag Wed May 30, 2012
Terry is correct; both will increase:

Something else to consider; If your house goes up 10% it will increase $10,000
If the house you want to buy is $150,000 now, and it goes up 10%, it will increase $15,000.

Mathematically, you should be in the more expensive house when the properties increase.

But the determining factor should be; where do you want to live?
0 votes Thank Flag Link Wed May 30, 2012
If values increase where you currently live they will most likely increase where you want to buy.
0 votes Thank Flag Link Wed May 30, 2012
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