Gogota, Home Seller in Tucson, AZ

I just bought a house and I am having a big remorse because the price was too high. I would like to resell it in a year. Is that possible?

Asked by Gogota, Tucson, AZ Tue Mar 15, 2011

I closed my house this december 2010. I did get a great interest rate but I think I bought a house based on its aesthestics. I am planning on having a family. It is too small. When I thought about buying a house, that was my initial priority. It slightly changed given that I was underpressure to move out of my old house and find a new place. I think the place is nice but it is too small and I am not happy about the area. High crime.
Is it worth selling it next year?

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Answers

80
Mack McCoy, Agent, Seattle, WA
Tue Mar 15, 2011
Do you want to know if we think the value of your home will go up enough to cover your closing costs next year? In a too-small house in a high-crime neighborhood?
2 votes
Ana Vicente, , West Hartford, CT
Wed Mar 30, 2011
You can sell it next year but you may or may not get what you paid for. How do you know you overpaid? Did your agent do a CMA before the offer? How small is the home? How much home do you really need? In 1950 the average home was 983 sq. ft.; in 1970 1500 sq. ft; in 1990 2050 sq.ft . Families can live and thrive in any size home because it is not the structure but the family life that matters. Actually homes are trending downward for the first time in 3 decades because smaller homes are more affordable to maintain and have less impact on the enviroment. You may have to hold on tight (unless is really unsafe) and have a competent agent do a CMA in a year and see where you stand. For now, enjoy it, you are among the lucky 1% in the world who own a home!
1 vote
Ron Courtney, Agent, Tucson, AZ
Wed Mar 30, 2011
Based on the amount of closing costs that a seller has to pay, it usually takes about 3 years in a normal market to break even. That could change if you got a great deal and the home has improved in value. PLEASE talk to a Realtor before you do anything, and have a cost analysis done. In some cases the dislike of the neighborhood or dissatisfaction with the home can outweigh any financial losses on a resale, but check and check again before making a final decision.

Ron Courtney Associate Broker 520-312-3106 realtyexecutives.com/roncourtney
1 vote
Marilyn Stark, Agent, Tucson, AZ
Thu Mar 24, 2011
Hi Gogota

In addition to getting a great interest rate, I imagine you also bought your house at a great price. Because most houses in Tucson are currently at 10-year lows, it is likely that your house will appreciate in value over the coming years.

There are reasons why you selected that particular house over all others you looked at. That house attracted you, and it will attract other buyers when you are ready to sell it. No house is perfect, and no house fits everyone for his lifetime. The average individual in Tucson moves every 7 to 8 years.

Only you can decide when it is the right time for you to make your next move. If you plan to have a family immediately, perhaps you do need to begin the process of selling right away. On the other hand, it often takes a number of years to begin a family. You can weigh the pros and cons--as well as costs and benefits--of staying in your house.

Best of luck in your decision,
Marilyn
1 vote
Laura Coffey, Agent, Santa Clarita, CA
Tue Mar 22, 2011
I have no idea regarding the market in Arizona but as a mother of three I can offer you this. Babies are small and the last thing they need is a big house. Heck they don't even walk for the first year so they will have no idea if you have a yard to run around in.
I can understand you wanting more space because you want to start a family but babies cost a lot of money and they care less about the size of the house if for some reason you are unable to sell just smother them warmth and love and they"ll never know the difference.
Good Luck.
1 vote
Spirit Messi…, Agent, Tucson, AZ
Wed Mar 16, 2011
Of course you can always sell it, however might not be worth what you paid for it, even a couple of months ago. I suggest finding a local agent or Realtor (several took the time to answer your question on here, click on profiles and check a couple of us out) and have them run the comps and CMA. What about the agent you used when you bought it? They might even offer a discount since they helped you buy a house you no longer want to live in, 4 months later.

Run the numbers and see what you can expect. Best of luck.
Spirit
1 vote
Jack Edwards, Agent, Elk Grove, CA
Fri Apr 1, 2011
The only way to answer the question is to talk with an agent who will really listen to you and your needs and ask that agent to to a market analysis on your home. You need to find out if the price really was too high, or if you are just second guessing your decision. Only a local agent can tell you if you can recoup your cost or not. Since most areas are not increasing in value now, you may be better off to rent it until the market improves and you can recoup your costs.
0 votes
Allgardengro…, , Garden Grove, CA
Fri Apr 1, 2011
Yes. the sooner you sell this property the better. Try to get your initial investment back the soonest possible time. If you wait a little longer the property might depreciate considering the high crime rate you mentioned.

I just wrote a blog on what factors to consider when buying a house. The neighborhood checklist is included there. I hope you check it out prior to your next house purchase.

Best of luck to you. I hope everything goes well.
0 votes
Jay Blessent, , Buffalo Grove, IL
Thu Mar 31, 2011
Hi Gogota,

Yes, you will still be able to sell your home next year. I know a great agent in Tuscon, who is a great sales person. I think you need an agent who would listen better to your needs and wants this time. I understand your situation and my person can help you and your family.
0 votes
Steve & Sand…, Agent, Tampa, FL
Thu Mar 31, 2011
You will likely want to check with a local Realtor who can advise you on whether you can sell based on your mortgage balance and current market conditions. If you are that unhappy with the home and area, I say go ahead and sell it possible. Renting is an option if you can handle it along with another mortgage assuming you want to buy another home. If we can help locate a top agent in AZ, let us know. Good luck.
0 votes
Chris Like, , Westerville, OH
Thu Mar 31, 2011
The market around the country is as we all know in disarray and buying a house is a lot easier than selling one. 13% of all houses in the US are vacant according to CNN so you get my point. If the market is doing alright in your general neighborhood than it could of course be a different story. Maybe consider renting it out or test the waters and put it on the market. Good Luck.
Web Reference:  http://www.chrislike.com
0 votes
Martin E. Br…, Agent, Charlotte, NC
Thu Mar 31, 2011
Well Gogota, it all depends on your market. If you are willing to sale it you will more than likely take a hit of some kind. The questions that comes to my mind is it assumable? If so I would look to have someone assume the loan and then you can go and take your time and find the home you really love.
0 votes
David Cooper, Agent, Los Angeles, CA
Thu Mar 31, 2011
What is your income source? Is your credit strong enough to qualify for a bigger, more expensive house. What is the price range of a bigger house and can you qualify? Requirements and interest rates are much different than Dec 2010, and this might be the only chance you will ever get to own your own house?


David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
0 votes
Scott Smolen, Agent, Gambrills, MD
Thu Mar 31, 2011
You can always consider using it as a rental for a few years. It will be tough to sell a house in this market a year or two after you buy it wihtout taking a huge loss. If you rent it out, you can ride the market out a little bit and wait for it to improve. It depends on how the rental rates compare to your monthly mortgage if it will makse sense to do this or not.
0 votes
Donald James, Agent, Edina, MN
Thu Mar 31, 2011
Hi Gogota,

Many of my clients do a list with me prioritizing wants and needs. This should include style of home, price, number of bedrooms, number (and location) of bathrooms, area, transportation, schools, parks, shopping and restaurants, garage, family room, size, etc.

Prices in your area have sagged further since your purchase. If you are moving up now is a great time! In the coming year mortgage availability, price, and rates will be increasing so sooner is better than later.

Get your house ready to sell quickly. Neutralize, paint, clean, and price aggressively. Interview at least three Realtors who sell in your area. Ask them about their results for the past year. You need an aggressive sharp Realtor on your side to make this happen.

Donald James
Weichert Advantage
Donald@DonaldJamesGroup.com
651.253.7117
0 votes
The Feil Gro…, Agent, Pacific Palisades, CA
Thu Mar 31, 2011
The interest rate is at an all time low right now. There are plenty of buyers out there but you need to price your house agressively. It's time to sell and find a place where you can start your family.
0 votes
Leon Sanchez, Agent, malverne, NY
Thu Mar 31, 2011
Hi Gogota.

I strongly feel that you can always get out of a house by selling it.

It is a buyers market and you should be able to sell it if need be.

Stay firm to the price you want or paid, maybe ask for a little more, so you get the price you want.

You must be a little patient to find the right buyer that want your house.

Good Luck

Kris King
0 votes
Trent Warner, Mortgage Broker Or Lender, Cincinnati, OH
Thu Mar 31, 2011
You can always rent it, but do yourself a favor and see how that is going to impact your ability to get another loan before you rent your home.
0 votes
Fp12319, , Long Beach, CA
Thu Mar 31, 2011
either rent our part or all of the house. worst case scenario you can just walk away from it. AZ is a non recourse state. the bank cant come after you for the balance if you were to walk away from it. i defenitely dont think that prices will go up in AZ for the next few years. they will most probably keep trending downward
0 votes
George Hock…, Agent, Clinton, MD
Thu Mar 31, 2011
I alway tell my client who want to have a guest room for family to come over "Guest don't pay your mortgage". Sorry if the place is big enough for you that what really matters. As far as crime goes get involved in the community start or join an association that works towards a safer community.
0 votes
Justin Ruzic…, Agent, Greenville, SC
Wed Mar 30, 2011
Gogota:
First: Did you get 100% Financing? I presume not, but even if you got FHA which is 96.5% financing here is a blog on that concern:
http://2000shortsales.blogspot.com/2011/01/buying-house-cost…

Second: Are home Prices Falling in your market or stable? If they are stable it would seem you could sell your house now for the same or similar price you paid for it. But Here is a blog about "buying the home of your dreams" it might be of help to read it.
http://2000shortsales.blogspot.com/2011/02/buying-home-of-yo…

Finally: It would seem like you definately want to recomend to others to do the research about prices, crime, aesthestics vs structure of house prior to purchasing....

Best of luck to you. I don't think you are in as bad of a situation as you might think.
0 votes
Derek Wade, Agent, Seattle, WA
Wed Mar 30, 2011
If you didn't put a lot of cash down it may be smartest to rent the house.
0 votes
David Cooper, Agent, Los Angeles, CA
Wed Mar 30, 2011
Gogota stated "I did get a great interest rate" so, what is the interest rate? Since Dec 2010, interest rates are UP and qualifications are harder. How much money did you put down? If you barely qualified for the nhouse you bought and put very little down, you might be grateful you are a homeowner


David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
0 votes
Nathan Weinb…, Agent, Nashville, TN
Wed Mar 30, 2011
I am sorry to hear that you have remorse. I think first I would say that having an asset of just about any kind should be a remorseless activity. That said, selling within a year is probably not a great idea unless you are prepared to bring money to the table. Renting is a great option right now as rentals around the country are in great deficiency. Depending on the size of your note you might even be able to have an income property. If you have the means I would suggest renting this one and buying something else to be able to twice take advantage of the interest rates. This is only a good idea if you are well able to absorb two notes. Best of luck to you.
0 votes
Bernadette S…, , Florence, KY
Wed Mar 30, 2011
Congratulations.....yes you have a great investment and it is perfect for you right now.
You have gotten yoursself into wonderful situation that allows for tax benefits and pride in your success and ability to complete the home buying experience. Most importantly you gained a wisdom and experience that is priceless.

Lay low and enjoy the home and how it meets your needs for now. As a home owner you will always be conscious of the market you reside in and property values etc. and be prepared to know when its best to move on. You will take hits sometimes, and this may be one of them. A good realtor and mortgage co. will help minimize your loss, if any. Get creative with your new community and make it a positive influence on crime and turnover and you will reap some value at the time you decide to resell or rent.
0 votes
Agnes Tabor, Agent, Naples, FL
Tue Mar 29, 2011
Dear Home seller,

It is always a good idea to do a thorough investigation before makeing that commitment to buy. I trust that you used a REALTOR to help you find the home; the key to making sure that you get the entire package that you are looking for is to ask questions. As you have found out astetics are not the only important feature.

The home is worth selling when ever you feel it is the right time ( was this new construction, a condo are there restrictions in the closing documents that prohibit you from selling before a certain amount of time has passed); in this case you haven't had time to build any equity and so will take a beating but you must decide what is important to you and your family.

Good Luck to you.
0 votes
Kipp Blackbu…, , Chicago, IL
Tue Mar 29, 2011
Gogota,

What the latest? Do you still regret the purchase? Buyers remorse is common, because home purchases as primary residences are especially emotionally based (as opposed to investment properties which are numbers driven). I always suggest to my buyers that they try as hard as they can to minimize the emotional component and let VALUE drive the decision, even if it means making sacrifices on their core "wish list". I give a lot of advice thats hard for me to accept when I am buying too.

My suggestion is to try to adapt to the situation for a while. If its not tolerable, try renting the property. Its a great time to buy with prices as low as they are. I don't know your market, but most markets have bottomed out. Many are showing improvement. If you can hang on to it for a while, you'll come out ahead. Be patient and watch the market. The rental market has improved dramatically in Chicago. It will there too, if not already. Renting the property could be your ticket....

Cheers, Kipp
0 votes
John Crowe, Agent, Austin, TX
Tue Mar 29, 2011
Lots of responses here, Gogota. Many quite good. I didn't read every one of them, so forgive me if I repeat something. First, why did you buy this home if it's in a high crime area? What criteria did you use to decide this was the place you wanted to own? Next, how immediate is the family growth plan? Last, can you keep the property as a rental and purchase another? It's important for you to find answers to these questions and more. Why? Well, if the decision you made in 2010 turned you into a remorseful owner, the last thing you want to do is make another decision you might regret as well. Think about what you hope to accomplish, in what time-frame and the steps necessary to make it happen. For example, if you can hang on and live in the property for a few years before selling, you'll likely enjoy (no guarantee of course) an improved marketplace. You might surprise yourself by how efficiently you can use space for a growing family. Or holding the property as a rental will give you the benefit of an income producing asset - tenant pays down your mortgage, house appreciates in value, etc.

Good luck!
0 votes
Christina Ha…, Other Pro, Morristown, TN
Mon Mar 28, 2011
What is the value of your home? Look at the appraisal you paid for...
Do you have a PPP? (Pre payment penalty) this must be added to your principal balance.

If you are truly committed to selling your home in a year you will also need to keep an eye on all foreclosure sales within 1-2 sq miles of your home. Un fortunately, these are the sales driving down property values. So you may be able to sell (if you do not have a PPP, if your value holds, and if there are no more foreclosure/short sales from now till the time you are ready...

It's a numbers game. It's not just about getting an offer, it's making sure the value is still there... Many lender will automatically drop values by 5% for certain area codes that have high default rates which can kill the deal..

Good Luck.
0 votes
Mike & Tanya…, Agent, Beverly Hills, CA
Mon Mar 28, 2011
Sit tight and do not stress out too bad. The goal in Real Estate is and always has been to hold your property and never sell unless you have to. I am a firm beleiver in rental properties and holding on to your properties. As someone mentioned, you will probably be there for 3-5 years before it becomes too small. Once you are ready, rent out this one and move on to the next. Talk to your Mortgage Broker and CPA to position yourself for this situation. Set your goal as one to move up in a few years and keep the property as a renta. You will be much happier down the line.

Mike Toledo
0 votes
Jan Bowman, Agent, Cedar Park, TX
Mon Mar 28, 2011
While I am not in the Tucson market I have been involved in some recent real estate transactions there. It is difficult to purchase any home at this time and re sell in couple of years and come out on the positive side. Some possibilities are: can you do something to fix up or make your home look wonderful to increase the maximum sale price for the home? Second idea: If you need more room can you add a room or two on to your home? It may be better than selling at a loss. As for the crime, Tuscon seems to have that rolling in and out of neighborhoods. Can you get active and set up a neighborhood watch, certainly an alarm system on your home. You are in a tough situation, and can come out fine with time and effort.
0 votes
Joseph Hasti…, Agent, Bayside, NY
Sun Mar 27, 2011
Hi there. I'm not local to your area but there are things to consider. While there seems to be plenty of answers on both sides of the argument in this thread, you may be better positioned than you think.

As another broker mentioned property will sell and continues to sell. Instead of trying to sell a year after a purchase, which pretty much means you'll lose money, why not keep it for a while. You'll be gaining equity and over time, some level of appreciation will occur. Consider that it will take time to marry and have the first child then the next. That has to be a 3-4 year window at least. More equity and hopefully appreciation.

Hang in there and consider a five year plan. You may find you've been in a good position after all. GOod luck.
0 votes
Brad Hall (7…, Agent, Escondido, CA
Sun Mar 27, 2011
Unfortunately there is a glut of inventory on the market ( in excess of 1 year) and it is a buyers market at present. In addition the prices are continuing to fall and the economy is slugglish. I would estimate that your home will fall in value about 10% in the next yearm\ depending on many factors. As far as what you paid for the property your lenders apprasial should have given you a fair market value at the time of your purchase. Lenders are being very careful not to over appraise a home in today's market as they do not want another short sale or foreclosure. If your home falls 10% in value so will all the other homes on the market and you will be able to purchase a larger home for less money than the home sold for at the time you bought your current home. The unfortunate situattion is that the 10% your home depreciates come out of your downpayment and you lose the money and not the bank. Your problem when you purchase the home was the pressure you were under to move out of your old home. In hind sight you should have rented a property and taken the pressure off of your decision to purchase another home.
0 votes
David Cooper, Agent, Los Angeles, CA
Sat Mar 26, 2011
When interest rates hit 7% on home mortgage, will your mortgage and fixed monthly payments look that bad.
Interest rates are on the rise and qualifications and down pay are getting tighter. If you are handling your monthly payment, you should be grateful you can afford a house, and you can always add additional sq ft if it is too small.


Las Vegas Foreclosure House Investor with Cash Flow. 10% down Financing. Call Free List +1-7024997037
davidcooper@lasvegaswinner.org not a real estate agent
0 votes
Barbie Reno-…, Agent, Clearlake, CA
Sat Mar 26, 2011
Gogota,
I would suggest speaking to your Realtor about possibly turning the property into a rental property. There could be certain loan requirements you may need to be concerned about with your specific loan. But it would be a way for you to cover the mortgage while you retained the property until which time you and your Realtor decide to sell. Without knowledge of your financial situation, you would then be free to purchase another more suitable home at a leisurely pace. Keeping in mind that there are certain tax benefits to living in the home for a minimum of two years of the last five years (check with your tax professional for more details.)

I also would suggest talking to someone who is a landlord. Not everyone is cut out to be a landlord. Another suggestion would be to look into a home warranty policy for any major repairs that need to be done. They are really not very expensive and give you some peace of mind that major repairs are covered.

Good Luck to you.
0 votes
Kevin Olson,…, Agent, Colorado Springs, CO
Sat Mar 26, 2011
Much of what this boils down to is what matters to you. Financially things don't always make the most sense when a decision needs to be made. Too many people focus solely on the financial aspect, and while very important, there are often other pressing matters that need to be factored in. If you are planning on having a family and the home/location you are in won't be suitable, is it worth staying? None of us can predict what will happen for certain in the housing market. You are able to determine how important and valuable the personal things are. It might be best to assess your personal situation against what the housing market does and then decide whether or not it is worth selling. Best of luck to you.
0 votes
Donna Wisnie…, Agent, Annapolis, MD
Fri Mar 25, 2011
Gogota,
Too soon to tell at this point however it also depends if you got a good price for the house when you bought it!Also, all areas are different because some communities have a better rate of appreciation than others. Generally speaking though ,it would be difficult in this market to turnover a house in 1 year. I would have to say that if it is too small you might consider an addition for more sq. footage. Keep in mind even if the lot is small you could possibly add on a second floor.Ultimately, you might end up renting it out until the market appreciates more and it would be a better time to sell.
Web Reference:  http://www.john-donna.com
0 votes
Pamela Brull, , Los Angeles, CA
Fri Mar 25, 2011
To be honest, I don't think home prices are going to rise significantly in the next year or two. It may make more sense to wait until you're pregnant to make any decisions. At that time you can look for something bigger, even if you have to rent a larger house. The home you're now living in could turn out to be a great investment for you, especially if you think you can rent it out for what you're paying on your mortgage. I don't think it was a mistake to buy with interest rates at an all time low and property prices being what they are. Don't beat yourself up for moving too quickly. You did what you needed to do, at the time. It was a smart decision to buy and this little home could prove to be a money maker for you, in the long run.
0 votes
David R. Agu…, , San Diego, CA
Fri Mar 25, 2011
There are a lot of variables in your decision to sell a year down the road as there were when you bought. You are giving yourself a year down the road, maybe by that time the buyers remorse will pass. Buying a home is a huge decision, there can be a period of worry about the choice you made.
Factors in your decision may be if your interest rate is fixed, how bad really is the area for crime, how will the comparable properties be a year down the road and how strong are you financially. You will more than likely take a loss even if the market bounces around for a few years. Would you be able to rent this home out a year down the road? Then maybe rent or purchase a larger home?
0 votes
Connie De Gr…, Agent, Los Angeles, CA
Fri Mar 25, 2011
If depends if you have a lot of homes for sale in tihe area. Go out one weekend and look at your competition. If you think that your home offers something special and you see that homes are selling in your area, I would not wait. Look, prices when they do rise most probably will not appreciate to the degree experienced a few years ago. The national average of yearly appreciation on a home is 3 to 4 percent. Get out your calculator and see if waiting works for you. Good luck.
0 votes
Get-smart, , Durham, NC
Thu Mar 24, 2011
if you can sell the house and break even then that is doing good. why not rent the place out after a year and start on a wealth building plan?
0 votes
Gerard Carney, Agent, Spring Hill, FL
Thu Mar 24, 2011
You should have really thought this out before you purchased, I don't care if you were UNDER PRESSURE because you had to move out of your old home. Rental prices are great right now and you could have rented for several months until you found the perfect place. You mention that you think you paid too much, why not think this before buying? Did you not use a Real Estate Agent, and did they not do a CMA for you as the buyer to show that the house was close to fair market value. You never investigate where you were buying, now you know it is a high crime area, not a selling plus for your resale. The answer to is it possible to resell in a year, yes it is, you can resell it right after you purchased it, will you get what you paid for it, doubt it, flipping is the best way to lose money in this market.
0 votes
Neil Najibi, Agent, San Jose, CA
Thu Mar 24, 2011
Humm;
I forget the name of the a great philosopher that said . We ( humans ) are rarely happy with our past decisions. I say Based on what you knew, you made your decision. Let this be your stepping stone for the next big decisions. Be content, that is the true secret of happiness. BE PATIENT.
GOOD HAPPENS.
0 votes
Marilyn Stark, Agent, Tucson, AZ
Thu Mar 24, 2011
Hi Gogota

In addition to getting a great interest rate, I imagine you also bought your house at a great price. Because most houses in Tucson are currently at 10-year lows, it is likely that your house will appreciate in value over the coming years.

There are reasons why you selected that particular house over all others you looked at. That house attracted you, and it will attract other buyers when you are ready to sell it. No house is perfect, and no house fits everyone for his lifetime. The average individual in Tucson moves every 7 to 8 years.

Only you can decide when it is the right time for you to make your next move. If you plan to have a family immediately, perhaps you do need to begin the process of selling right away. On the other hand, it often takes a number of years to begin a family. You can weigh the pros and cons--as well as costs and benefits--of staying in your house.

Best of luck in your decision,
Marilyn
0 votes
Colette Dale, Agent, Nederland, TX
Thu Mar 24, 2011
Such an unfortunate situation. Keep an eye on the market. Things are rough in many areas as far as sales & pricing. In our area, we've seen a decline in pricing due to the abundance of homes on the market.

But lots can change in a year! Hang in there and when you think you're ready, have an agent provide you with a market analysis. This will give you an idea of what the market value of your home will be & then you can discuss with the agent the pros & cons of putting your home on the market.

Although in one year, you won't have put a very big dent in the principal amount of your mortgage loan. Therefore, depending on the market at that time, you may end up taking a loss on the sale price or possibly break even.

Good Luck ... and next time consider all aspects of purchasing a home, it's such a huge investment!
0 votes
Michelle Car…, Agent, Coppertino, AL
Wed Mar 23, 2011
Generally selling a home will incur at least 1% in selling costs, separate from the commission, which is always negotiable (varying from ~4-6% in Silicon Valley for example). Is it likely the home will appreciate 5 to 7% in a year? If not, are you happier to take that loss as a cost of an expensive lesson learned rather than stick it out.

I suggest you go back to your buyer agent and ask them to remind you why you wanted to buy a home, and why you chose this home instead of something else. Also, it takes a while to start a family sometimes.

Meeting some of the neighbors may help you feel more comfortable, too.

Also, is what you're paying now more or less than what you'd been paying in rent, and how does ownership affect your effective payment (after the tax write-off benefit).
0 votes
Joe Mendez, Agent,
Wed Mar 23, 2011
I would suggest that you keep abreast of the market. But considering the current market in the USA, some areas are not appreciating like the were in years past. When someone buys a home they should consider how long they plan on living there. Normally for a home to make sense selling one should stay in a home about 3-5 years. That would allow for some appreciation. Did you not check the crime statistics of the area you bought in? I think your next purchase you might want to go to the local city website where they publish crime statistics of neighborhoods. For now, enjoy the home you just purchased. Things may change all the way around for you. Good Luck.
0 votes
David Cooper, Agent, Los Angeles, CA
Wed Mar 23, 2011
Call up a property management company and ask them what is the rental rate for your house. You might find a nice positive cash flow, and use that extra income to buy another house.

David Cooper Las Vegas Foreclosure Investor, Bank Owned with Cash Flow. Freee List +1-7024997037 davidcooper@lasvegaswinner.org not a real estate agent
0 votes
Rick Lesquier, , Loveland, CO
Wed Mar 23, 2011
The short answer is it depends on the market but there is more to it then that. You will have more costs in selling the home. Closing costs, realtor fees and of course what you can sell it for. You are liable to loose more money on the home then holding on to it. Ask yourself - Do I like this home? Does it fit my needs? If I sell how much will I walk away with? What will the interest rates be in a year?(probably higher). What will I ba able to afford if I sell? Will it be as nice as what I have now? If you love the home you bought and are able to make the payments with out a hardship then you will most likely be better off staying with your current home. Keep in mind that there is a hugh shadow market, homes that the banks own that have not yet been released on the market. When these homes hit the market it could drive home prices down for a while. If you sell at that time your loss will be multiplied.








9
0 votes
Tamisha McQu…, , Port Saint Lucie, FL
Wed Mar 23, 2011
The best advice that I can tell you is to keep abreast of the action that is going on in the market in your area, it really depends on your location. Do some research in your area and keep checking the prices of the property that surrounds you. In some areas the price of real-estate is rising, I hope that in your case it does. Good luck!
0 votes
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