If I was in your shoes, I would want to keep the rental, but we have a few things to think of. First, do you need to purchase a home now? If not, I would wait til late summer to try to figure out if there's anything out there to consider purchasing. I would then start looking, if you qualify, and consider purchasing then. Main reason, if you are able to have 2 properties appreciating, that you'll be "earning" more money towards retirement.
Once your wife gets her position, you can start paying down her student loans, and once that's paid off, maybe you can pull some money off your rental to purchase other rental homes, which you can also afford the payment for, since you no longer have the student loans to pay off.
It depends upon your credit. Go to your local nonprofit housing group for credit counseling. The counselor will go over your credit report with you and tell you what you need to do. When your score is 640+ you can think of buying.... more
There is no standard formula. You must first know the current market conditions. Is 90 days on the market a long time for the area, or is it a fairly standard duration? You should also be looking at the list price history to see if there have been any adjustments/reductions made along the way. For instance, if the seller just reduced the price by $50,000 a week ago, I would surmise that an offer would need to be pretty darn close to the current list price to make a deal happen. Another variable is the length of time the seller has been in the home. If they purchased just a couple of years ago, they probably don't have the same equity as someone who has been in a property for 20 years. That might hamstring their ability to negotiate as loosely. Further, without comparing the list price to the recent comps and current competition, there is no way for an agent on these boards to know how close the list price of the property in question comes to reflecting true market value. Every property, seller and list price is unique, so you can't really follow any formula which says offer "x" off of list price after "y" days on the market. This is where a good buyer's agent will really earn his/her keep in helping you to secure the best value. Best of luck, and please come back to let us know how it goes.... more
The current average days on market for Morrison, Colorado according to data from the Denver MLS system, MetroList, Inc. is 104 days, but the average from the past three months is 109 days.
But if this sound like it takes a long time these days to sell a home, look at it in a different way. The MEDIAN days on market year-to-date in Morrison is 52 days and for the past three months, it's just 32 days. The average just gets kicked up due to some listings that sit on the market for a really long time. And keep in mind that these stats include homes of all price ranges. There are 147 Morrison homes sold YTD and 59 of those sold for between $200k-$300k. In that price range the average DOM is 82 days and the mean is 52 days. I could slice up the data just about any way you want to see it if you were interested. just give me a call/email and I will. -Mike... more