Daniela,

Samantha is correct about renting but you need to secure another mortgage.

I've talked to some loan officers and they confirmed that point with some caveats.

If you think about mortgage companies as investors it might help. Some want to see a 1 year lease and others want to see a 1 year history. In either case you can lease the property and reduce your DTI. The difference is what you might be able to secure on the purchase side.

As a REALTOR(R) I often review the "GOOD FAITH ESTIMATES" for my clients and often recommend a different approach.

I'd like to stress one point: if you can rent and maintain the property, in the long run your Real Estate portfolio will benefit you as long as you can keep good renters!

Good Luck.
Phil
teamfavorite.com

Wed Jun 4 2008, 11:57

Daniela,

You may want to talk to your loan officer. If you rent your home, so long as you have a signed lease, I think you may qualify for a second loan as if you did not own your current property. I may be wrong on this because I know that loans have changed a lot especially recently.

By the way, I am a local agent and can give you the names of a few loan officers to contact if you would like.

Good luck to you!
Samantha Sedlak-Moren
Abbitt Realty
(757) 810-6153

Wed Jun 4 2008, 11:23

I did a search on the solds in Southern Chesapeake in the last 6 months. Most homes sell in 45 days or less. This is based on $250K - $265K without the short sales and bank owned properties.

This is good for you. You're in a good area and price range.

I can email the statistical report. I tried to post the info but it's in a PDF file.
Here's a link to the solds and pending properties. Not all of these will compare to yours but it should help in pricing your property.

http://rein.mlxchange.com/Pub/EmailView.asp?r=985031052&s=VA…

I'd be willing to prepare a detailed Comparative Market Analysis (CMA) if you'd like. It's FREE!

phil@teamfavorite.com

Thu May 29 2008, 07:10

I always remind my sellers....
sell high, buy high
sell low, buy low

When the market was crazy and sellers made an extra 100k on a sale, they instantly had to put it back in because homes were priced so high.
Now that the market is back to normal, they sell lower but also buy lower.

I have a few clients that live in the Long Island area of NY and a good friend in Buffalo. The NY market is COMPLETELY different from ours. The negotiations are different, prices are different, and overall they way transactions are handled.

I recommend contacing a n experienced NY Realtor and discussing home prices in the areas you want. The next step is to interview THREE Realtors locally on your home. Internet is fine, but you really want to see them face to face. Look at their website, ask them about marketing, ask for proof of marketing, and get thier marketing IN WRITING.

If you decide to list, you want the most service and exposure you can get. There is a lot of competition out there. Your home needs maximum exposure, accurate pricing, and an aggressive professional Realtor.

Best of luck !

Angie
Realtor, CSP
William E Wood & Associates
757-773-5456
angie@nishnickhomes.com

Wed May 28 2008, 20:28

On the surface it looks like you have room for a Full-Service Realtor. You cal call my office and ask for Theresa (456-5490).

Thu May 15 2008, 06:41

A good question! One thing to know is that a "Market" is a place where goods can be bought and sold. Supply and demand establishes the market value of a product. The same is true in a "real estate market". When supply increases and demand remains stable, prices go down. When demand increases and supply remains stable, prices go up. Market value of your home, is an opinion of value based on an analysis of data. Market price is the actual selling price. In theory, market price should be the same as market value. Again, supply and demand will dictate the market value of your property. Basically, it states, "What is a buyer willing and able to pay for your property at this time." There are other options that you can choose as far as if you need to move to NY, and sell your place here. You can e-mail me, and I would be more than happy to go over those options.

Thu May 8 2008, 10:12

Short Sale, Short Sale, Short Sale. It saves your credit and you can purchase another property right away.

Tue May 6 2008, 09:02

Daniela,

I'm not a real estate agent so I can't really tell you what your market is doing as far as selling. But I am a mortgage specialist and the gurus are calling for rates to climb and for them to stay up there. Hope this helps. Good luck

Tue May 6 2008, 06:45

It might be impossible to sell for a higher price in today's market, but I can provide you with full service MLS marketing for a fee lower than most companies. If you'd like to contact me for a consultation, I’ll be happy to discuss my marketing strategies with you.

Frank Biganski, Realtor ABR

Fri May 2 2008, 18:14

Daniela

Is your home listed on Trulia already? Can you please send me some info about your home? My husband and I maybe interested.

Meandmy2blsn@yahoo.com is my email address.

Fri Apr 25 2008, 07:23

Daniela,

If renting is not an option for you, then I would recommend selling now rather than later. The current real estate market will probably not increase significantly for quite a while. If you really want to go to NY then go. In the big picture of things, your "loss" is a mere 3-4%. If you can afford the loss, go live your life how you wish rather than be trapped in a home you don't want.

Fri Apr 18 2008, 12:09

Daniela,

We are currently carrying a 9.3 month supply of inventory (attached/detached units) on the southside of hampton roads, and that's if no other homes go on the market. Last month 3235 new listings went on the market on the Southside. Based on these figures, it will take some time to absorb the inventory currently on the market. Right now Buyer's are able to buy more home based on low interest rates and have a large selection from which to choose. It's just not clear where the bottom of our market will be. I can't in good faith tell you to sell in a year and guarantee you will be in a better position. We don't knowing what the market conditions will be in a year (i.e. inventory, interest rates, economy, lending laws, etc.)

What happens if in a year, the value is lower than it is now? Would you still consider the move to NY, and would you be in a position to sell with more out of pocket?

Best wishes to you!

Fri Apr 18 2008, 11:57

the problem with renting our house is that we would have the mortgage in our credit report and would not be able to obtain a new mortgage. I know that renting will allow us to use part of the rental amount as income, however it would not be enough to be able to qualify us for another mortgage to buy a house in NY

Fri Apr 18 2008, 11:55

Daniela,

That's a good question that a lot of folks are facing right now. Have you thought about renting your present home? That would still allow you to move to NY. In my opinion, I would rather rent my home out for a monthly loss of a few hundred dollars then sell my house and have to front $10,000.

Tina in Virginia

Fri Apr 18 2008, 11:03