Who’s selling to capitalize on the bubble? Or considering listing their home to see what bites?
There are moments I think about putting our house on the market at 200k more than we paid for it- I think we can get it based on recent comps and we’ve done a bit of work on the house since we bought it. But I love my neighborhood, my neighbors and the home, plus where in the heck would we move? It took us years to find this house in the limited zip codes we were looking in. Rents are outrageous. And I became so tired of renting. At one point, I moved 4 times in 4 years. The first move was from a condo to a house. Then the owner wanted to move back in and I had to move out. I ended up moving into a property my SO owned, but was trying to sell. Then we sold that place and rented another house, until we bought the one we’re now in. I’m quite tired of moving!
On the other hand, my parents live out of state and they are getting older, and I’d like to move them out here. One of my parents became seriously ill and I spent a year and a half flying back and forth. It was very straining on my health, my relationship with SO, and on my career. I had to check out on my other aspects of my life to basically take care of my parents.
Im thinking of telling them to sell now while the market is hot as they need to sell within the next 5-7 or so years anyhow due to age/health. But ideally they will live on their own. It will be better for the sanity of all of us. Unfortunately what they would get for their house won’t buy them even a small condo in the metro area unless they buy in the less desirable areas which they won’t do.
Rents are so high, I don’t want to see them pay what little money they have into someone else’s equity bucket. Lets assume they rent a 1 bdrm condo nearby for $1500/month, they will run out of cash from the sale of their home in about 10 years. They would have to buy in cash as they are both retired and have very little in assets.
Ideally, we would take the cash from the sale of their home and I would purchase a property for them to live in but I’m not in a position to take on another mortgage. I spent 10s of thousands helping my parents financially during the illness, and I just started my own business so I’m not going to qualify for a loan anyhow.
