I am with this guy. Is the larger home a need or a want? Do you have enough for 20% down on a different house?I'm guessing it's not a great rental market in M-Town, so renting it out while you go purchase another home isn't an option. I'd probably just stick it out.....unless I was really needing to move due to work or something, I'd ride it out.
We are considering buying a larger home.
The problem is we bought at the peak of the market in 2007 and in Marshalltown values have not gone up at all. In fact many houses are selling for less than the owners paid for them, even in 2015.
Would you sell your house for less than you bought it for, not including all the upgrades you out into it? We would be looking at a straight loss of about 10k plus the "loss" of all the money we spent on upgrades, totalling about 15k. So 25k overall.
We don't need that money but I don't want to lose it either (who would?!). Would you consider selling or just hold steady?
You aren't really "losing" money if you've owned since 2007, since I'm guessing you've built enough equity in that time to absorb the difference in what you bought it for and what you'll be able to sell it for.
Basically I put down 30k when I bought a house right after college at the height of the market.
The balance of my current mortgage is about 80k. If I sell my current house I'll still walk away with 25k in my pocket after the agent commission (to help the new down payment - of which I already have about 45k set aside for).
The market here is less than what I paid for the property in 2007 so I'd be losing equity but not straight cash. If I had been renting I would have spent about $75k in the time I've lived in my house so it's not like I'm doing horribly. The one thing I learned from all this is that putting down a lot of cash really helps out the situation.
True but you are still losing $25k. Whether you have to write a check for it at closing or if you put more down.
If it were me, I'd hang on for a while longer if you don't need the bigger house immediately. Or put your house on the market now and see what it might go for.
Turns out people don't want to live in redneck hell.
So should we buy now with lower interest rates or wait? I don't think our current homes' value will increase much and if the market moves enough to raise my value there is no doubt the house we'd like t buy would go up as well.
Sounds like you want to move. GTFO and buy the house you want to live in.
this, sounds like your mind is made up and if you feel comfortable swinging it go for it
So should we buy now with lower interest rates or wait? I don't think our current homes' value will increase much and if the market moves enough to raise my value there is no doubt the house we'd like t buy would go up as well.