Market Conditions in 78610>Question Details

Rob, Both Buyer and Seller in Buda, TX

Newly purchased house in desirable neighborhood, being laid off in January now I need to sell. What options?

Asked by Rob, Buda, TX Sun Dec 21, 2008

I will laid off here in Austin at the end of January job will be moved to Dallas. I just purchased a house DEC 2007 in Buda. It is in a fantastic neighborhood Cimmaron Park 1626/Leisurewood (78610) area. The planned toll road is set to built within 1 mile of my property. I know that this is a highly desirable area and in light of the Real Estate bust it may not be the best time to sell. I am in a position to commute back and forth with relative ease (work for an airline) but the question is this: Should I sell now and purchase in Dallas being that both markets are in a modest slump (even proposition), Commute and sell when the toll road is complete, or sell in a year or so when the fall out is complete. All of that being said; if I purchase in Dallas do I put the house under contract with contingency of the sale of this house? This proposition makes me nervous being the market is a bit soft. (That and I don't want to settle for less than the value). Thanks for your time.

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6
Hi Rob,
There are many factors that you have to consider when weighing your options. You need to first find out what your house is worth right now. (As an agent in the Buda area, I can do a CMA for you to determine this figure). How much do you owe? Will you have to come to the table with cash if you do try to sell today? The toll road is not so much of a factor as the market in Buda is. We are a very desirable community and home prices have stayed stable for the most part. We have excellent schools and families want to be here. That in it self is a pro. The cons are homes are staying on the market longer and this is not the best time of year to sell. Typically spring is better. Renting is a good option for this area. There are many families moving in from out of town and even out of state who want to rent to try to get a feel for the area before they commit to buying.
We have a shortage of rental property in Buda, so I feel you would have an application relatively soon.
Let me know if I can help in anyother way.
0 votes Thank Flag Link Thu Dec 16, 2010
Hi Rob,

Not sure if you've found your answer yet. But if you've not sold and do not want to rent, you could consider working with a professional house buyer like myself. We can discuss some options, and you can also visit my blog as I list several options that including, selling with or without a realtor, renting, short sales, loan modificiations, wrap around mortgages, etc. I've been professionally buying and selling houses for almost 8 years (and I'm not a realtor) so my default won't be "list house/rent house". If I can help bring some other solutions to the table, please let me know.

Jessica
0 votes Thank Flag Link Tue Oct 6, 2009
Being able to sell you home in the short term all depends on how you price it...

The Hays market area is more in a flat market as it is neither a sellers nor buyers market...
The following is a reflection of the previous 6 Month Of Inventory, sometimes referred to as "MOI" in that area...

4.67 5.04 4.77 4.9 5.05 5.2 4.66
Jan Feb Mar Apr May Jun AVG
(this information based on report from alamottitle-austin)

Usually when the MOI goes past 6 months it is considered a buyers market.

I truth you should consult with an agent/broker familiar with your area. As far as the 45SW, it is still up in the air as to when and if it will be built as a tollway, not a tollway or combination thereof.

If you'd like an homes opinion give me a call, I'd be glad to run the numbers...

512-426-2689
0 votes Thank Flag Link Wed Aug 5, 2009
Hey Rob,
I wanted to further explain what I meant in the earlier post. A seller will actually see value in today's market in accepting a contingency contract. The reason is this. It is a strong buyers market right now (more than 6 months of inventory, low interest rates, low prices on home, LOTS of homes to choose from). Sellers are excited to even see traffic in their homes right now. So when you put any sort of offer right now, it will be of some interest to a seller. Furthermore, a contigency offer is not necessarily a bad thing to a seller. It actually gives them the power. If another buyer were to come along and make an offer on their home, they could still accept that buyers offer. So there is no reason why they would not be inclined to accept a contigency (a bird in the hand is worth 2 in the bush). For you, it does carry some downsides, mainly that you would probably put up some money for an option period, and if your offer was terminated, you would lose that money, but all in all, in this market, there is more of the possibility of your offer running its course(as I said in the earlier post), as we are seeing some homes on the market for years instead of months. You will continue to be confused as to what to do, until you speak with a REALTOR about what your home could possibly sell for, and what the timeframe could be, and what you would clear. That is why I mentioned you do that first.

Get all of your ducks in a row, see the actual potential(what you could do here, and in Dallas) then make up your mind. After all, to do all that, takes no more than a few minutes and its free.

I can do all this for you, just let me know how I can help.

Rodney Monk
512.524.6565
0 votes Thank Flag Link Sat Mar 7, 2009
Hi Rob,
Most sellers these days are not accepting a contingency. It could be costly for you between inspection fees, option fee and then end up not buying the house because it had a kick out and your house didn't sell. You would probably have to offer close if not full price for the seller to consider the contingency.

I would recommend that you consider just put your house for sale, do the commute thing (gas prices are still not that cheap) or rent something cheap and purchase after your house has closed. That would put you in a much stronger position as a buyer.

That would be my advice since we just don't know how long before the current "slump" ends. Have you considered renting out your house?

I'll be very happy to assist you with your relocation in Dallas.

Naima
214-289-8555
Naima@Sumner-Realty.com
0 votes Thank Flag Link Fri Mar 6, 2009
Well, bottom line Rob is this. Many people are still doing well with selling in this market. Quite honestly each situation is different. It is an excellent time to move up(understanding that is not your intent), but what I mean is it could actually benefit you. Without knowing all of the details of your home, I can say that it is possible in that timeframe of your ownership to maybe come out on top. Even if you broke even on the sell now, and it alleviated you of your monthly obligation, the fact is that your purchase in Dallas would more than make up for it(differred monthly payment, lower interest rate, more home for the dollar).

As far a buying with a contingency, that is not a bad idea. The truth is there are so many houses available right now, some sellers would be more apt to accept that offer, and the possibility of your offer on that home could actually come to term without another interested party. Either way, it is always best to try and sell first if you can. It's like I tell anyone wondering, you won't know unless we look into it.

I would be glad to speak with you via email, phone, or in person about your home, and give you a better understanding of where you are on the prospect of selling. Feel free to contact me.

Rodney Monk
0 votes Thank Flag Link Fri Mar 6, 2009
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