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)



Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes Thank Flag Link Wed May 30, 2012
Craig,

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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