I own a small house in a somewhat stable market and was wondering if it would be a good idea to sell this

Asked by Jessica Lange, California Thu Oct 9, 2008

small one for a bigger house in a less stable market so my family and I can be more comfortable. This is the only financially possible option for us.

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Bauer Lexie’s answer
Bauer Lexie, Agent, Bayfield, CO
Wed Mar 20, 2013
It depends on how motivated you are and if the property has gone up in value. Most real estate markets are heating up across the U.S. and it may become a sellers market before you know it. If you will be buying another home after selling this property, it too may be gaining in value, therefor you have to weigh the difference in how much you may gain by waiting and selling at a higher price and how much more you may spend on a new home by waiting...obviously there are many variables to answering this question.
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Bauer Lexie, Agent, Bayfield, CO
Thu Oct 9, 2008
BEST ANSWER
Let's say home prices have dropped 15% and you own a small home that was worth $300,000, and now it is work $255,000, meaning you lost $45,000. But when you purchase your large home that may have been work $500,000 and your paying 15% less, you are now saving 15% or $75,000. So when you go from small to large in a market like this then, yes this is a good time to sell and buy because whatever you may lose on the sale of your small home, you should more than gain in the purchase of the large home.

Before you do anything make sure you will qualify for the loan on the larger home.
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Alex Montelo…, Agent, Seal Beach, CA
Sat Mar 28, 2015
This question was asked a long time ago and the market at the time was still spiraling downward. I remember at that time on the news it was Foreclosures and unemployment on the news headlines. The market has changed since then. Most people are in positive equity positions once again. Short sales are less than 2% of the market.
I hope that everything worked out in your favor.

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic#01456982
0 votes
Diana Margala, Agent, Rancho Cucamonga, CA
Thu Oct 9, 2008
Hi Jessica:

If you are not upside down and you need to sell or you want to sell and possibly purchase another home, then selling is an option. The answer is in your reason for moving. In my opinion if you can keep your home and rent it that might even be a better answer because the wealth in our country has historically been in owning real estate. I would love to be able to help provide you with information to help you make the best determination for you. Just give me a call or drop me an e-mail

Diana 909-945-5763
Web Reference:  http://www.dianam.com
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