- This topic has 35 replies, 5 voices, and was last updated 16 years, 5 months ago by
mrpappy.
-
AuthorPosts
-
November 18, 2007 at 9:13 PM #101050November 18, 2007 at 9:36 PM #100939
SD Realtor
ParticipantOther SDR here mrpappy. I guess the main question is what are your goals here? The reason I asked is because of what sdrealtor was getting to… are you content in the home? Are you raising your children in the home? Are you planning on living in the home for the long run or is there a possible relocation in the next few years? If there is no impending relocation, or any financial hardship or possible change of employment status, or any other reason to move, then I take it that you are pondering a sale simply to capitalize on the appreciation of the home. There is absolutely nothing wrong with that and I know many people who have done so. I think that yes you will continue to see depreciation in LCV although it is and I believe will always be a desireable area. So I take it perhaps you are thinking sell now, rent two years, then maybe repurchase at a future discount? (Sorry for all of this guessing)
I guess if you could maybe be a bit more descriptive on why you would be considering the sale, when/where would you be repurchasing, and are there any other factors like kids, family, possible employment status change, etc…
Finally, how sure are you about fetching the 875k that you mentioned? Are you factoring in the closing costs/commissions etc…
In the long run you can guess my predictable answer… Pencil out a few scenarios to see where the numbers take you. In your case there are a few distinct variables to consider, obviously your sales price, the amount of depreciation, and most important the future mortgage that you would get when you do buy. When it is all said and done you may be surprised how some of the results may not yield the overall savings you had hoped for, especially in a higher interest rate environment. It is a tough call.
SD Realtor
November 18, 2007 at 9:36 PM #101024ParticipantOther SDR here mrpappy. I guess the main question is what are your goals here? The reason I asked is because of what sdrealtor was getting to… are you content in the home? Are you raising your children in the home? Are you planning on living in the home for the long run or is there a possible relocation in the next few years? If there is no impending relocation, or any financial hardship or possible change of employment status, or any other reason to move, then I take it that you are pondering a sale simply to capitalize on the appreciation of the home. There is absolutely nothing wrong with that and I know many people who have done so. I think that yes you will continue to see depreciation in LCV although it is and I believe will always be a desireable area. So I take it perhaps you are thinking sell now, rent two years, then maybe repurchase at a future discount? (Sorry for all of this guessing)
I guess if you could maybe be a bit more descriptive on why you would be considering the sale, when/where would you be repurchasing, and are there any other factors like kids, family, possible employment status change, etc…
Finally, how sure are you about fetching the 875k that you mentioned? Are you factoring in the closing costs/commissions etc…
In the long run you can guess my predictable answer… Pencil out a few scenarios to see where the numbers take you. In your case there are a few distinct variables to consider, obviously your sales price, the amount of depreciation, and most important the future mortgage that you would get when you do buy. When it is all said and done you may be surprised how some of the results may not yield the overall savings you had hoped for, especially in a higher interest rate environment. It is a tough call.
SD Realtor
November 18, 2007 at 9:36 PM #101037ParticipantOther SDR here mrpappy. I guess the main question is what are your goals here? The reason I asked is because of what sdrealtor was getting to… are you content in the home? Are you raising your children in the home? Are you planning on living in the home for the long run or is there a possible relocation in the next few years? If there is no impending relocation, or any financial hardship or possible change of employment status, or any other reason to move, then I take it that you are pondering a sale simply to capitalize on the appreciation of the home. There is absolutely nothing wrong with that and I know many people who have done so. I think that yes you will continue to see depreciation in LCV although it is and I believe will always be a desireable area. So I take it perhaps you are thinking sell now, rent two years, then maybe repurchase at a future discount? (Sorry for all of this guessing)
I guess if you could maybe be a bit more descriptive on why you would be considering the sale, when/where would you be repurchasing, and are there any other factors like kids, family, possible employment status change, etc…
Finally, how sure are you about fetching the 875k that you mentioned? Are you factoring in the closing costs/commissions etc…
In the long run you can guess my predictable answer… Pencil out a few scenarios to see where the numbers take you. In your case there are a few distinct variables to consider, obviously your sales price, the amount of depreciation, and most important the future mortgage that you would get when you do buy. When it is all said and done you may be surprised how some of the results may not yield the overall savings you had hoped for, especially in a higher interest rate environment. It is a tough call.
SD Realtor
November 18, 2007 at 9:36 PM #101051ParticipantOther SDR here mrpappy. I guess the main question is what are your goals here? The reason I asked is because of what sdrealtor was getting to… are you content in the home? Are you raising your children in the home? Are you planning on living in the home for the long run or is there a possible relocation in the next few years? If there is no impending relocation, or any financial hardship or possible change of employment status, or any other reason to move, then I take it that you are pondering a sale simply to capitalize on the appreciation of the home. There is absolutely nothing wrong with that and I know many people who have done so. I think that yes you will continue to see depreciation in LCV although it is and I believe will always be a desireable area. So I take it perhaps you are thinking sell now, rent two years, then maybe repurchase at a future discount? (Sorry for all of this guessing)
I guess if you could maybe be a bit more descriptive on why you would be considering the sale, when/where would you be repurchasing, and are there any other factors like kids, family, possible employment status change, etc…
Finally, how sure are you about fetching the 875k that you mentioned? Are you factoring in the closing costs/commissions etc…
In the long run you can guess my predictable answer… Pencil out a few scenarios to see where the numbers take you. In your case there are a few distinct variables to consider, obviously your sales price, the amount of depreciation, and most important the future mortgage that you would get when you do buy. When it is all said and done you may be surprised how some of the results may not yield the overall savings you had hoped for, especially in a higher interest rate environment. It is a tough call.
SD Realtor
November 18, 2007 at 9:36 PM #101055ParticipantOther SDR here mrpappy. I guess the main question is what are your goals here? The reason I asked is because of what sdrealtor was getting to… are you content in the home? Are you raising your children in the home? Are you planning on living in the home for the long run or is there a possible relocation in the next few years? If there is no impending relocation, or any financial hardship or possible change of employment status, or any other reason to move, then I take it that you are pondering a sale simply to capitalize on the appreciation of the home. There is absolutely nothing wrong with that and I know many people who have done so. I think that yes you will continue to see depreciation in LCV although it is and I believe will always be a desireable area. So I take it perhaps you are thinking sell now, rent two years, then maybe repurchase at a future discount? (Sorry for all of this guessing)
I guess if you could maybe be a bit more descriptive on why you would be considering the sale, when/where would you be repurchasing, and are there any other factors like kids, family, possible employment status change, etc…
Finally, how sure are you about fetching the 875k that you mentioned? Are you factoring in the closing costs/commissions etc…
In the long run you can guess my predictable answer… Pencil out a few scenarios to see where the numbers take you. In your case there are a few distinct variables to consider, obviously your sales price, the amount of depreciation, and most important the future mortgage that you would get when you do buy. When it is all said and done you may be surprised how some of the results may not yield the overall savings you had hoped for, especially in a higher interest rate environment. It is a tough call.
SD Realtor
November 21, 2007 at 9:17 AM #102392sdrealtor
ParticipantThe good news is that if your home was ever worth 1.1 to 1.2M it is worth alot more than 875K. Of course the collary is that it might not have been worth that much. Unless your 3000 sq ft home is one of the the homes with tiny yards that overlooks RSF Rd. it is probably worth quite a bit more than 875K.
If you want to sell I’d sit tight for at least a few months. Every Spring relo buyers swarm LCV because of all it offers and you will make out better between March and May than you would now. IMHO, it is at least 2 years before any major depreciation could befall LCV. There just arent alot of subprime loans floating around there and my guess is that the typical buyer there in the last couple years hada HH income of at least 200K or had 150K+ incoem and put down alot of money. Until we see resets on 5/1 arm’s for the 04 to 06 buyers there is unlikely to be real pain there. I’d expect some small depreciation the next couple years but if rates stay low hom3es in that general area and price range should do OK.
The real question is what does your life dictate? I have tons of friends in LCV and most love it there. If you are or are planning to raise a family there arent many better places around SD to do it. If you are looking to time the market, that ship has mostly likely sailed already.
November 21, 2007 at 9:17 AM #102469ParticipantThe good news is that if your home was ever worth 1.1 to 1.2M it is worth alot more than 875K. Of course the collary is that it might not have been worth that much. Unless your 3000 sq ft home is one of the the homes with tiny yards that overlooks RSF Rd. it is probably worth quite a bit more than 875K.
If you want to sell I’d sit tight for at least a few months. Every Spring relo buyers swarm LCV because of all it offers and you will make out better between March and May than you would now. IMHO, it is at least 2 years before any major depreciation could befall LCV. There just arent alot of subprime loans floating around there and my guess is that the typical buyer there in the last couple years hada HH income of at least 200K or had 150K+ incoem and put down alot of money. Until we see resets on 5/1 arm’s for the 04 to 06 buyers there is unlikely to be real pain there. I’d expect some small depreciation the next couple years but if rates stay low hom3es in that general area and price range should do OK.
The real question is what does your life dictate? I have tons of friends in LCV and most love it there. If you are or are planning to raise a family there arent many better places around SD to do it. If you are looking to time the market, that ship has mostly likely sailed already.
November 21, 2007 at 9:17 AM #102481ParticipantThe good news is that if your home was ever worth 1.1 to 1.2M it is worth alot more than 875K. Of course the collary is that it might not have been worth that much. Unless your 3000 sq ft home is one of the the homes with tiny yards that overlooks RSF Rd. it is probably worth quite a bit more than 875K.
If you want to sell I’d sit tight for at least a few months. Every Spring relo buyers swarm LCV because of all it offers and you will make out better between March and May than you would now. IMHO, it is at least 2 years before any major depreciation could befall LCV. There just arent alot of subprime loans floating around there and my guess is that the typical buyer there in the last couple years hada HH income of at least 200K or had 150K+ incoem and put down alot of money. Until we see resets on 5/1 arm’s for the 04 to 06 buyers there is unlikely to be real pain there. I’d expect some small depreciation the next couple years but if rates stay low hom3es in that general area and price range should do OK.
The real question is what does your life dictate? I have tons of friends in LCV and most love it there. If you are or are planning to raise a family there arent many better places around SD to do it. If you are looking to time the market, that ship has mostly likely sailed already.
November 21, 2007 at 9:17 AM #102505ParticipantThe good news is that if your home was ever worth 1.1 to 1.2M it is worth alot more than 875K. Of course the collary is that it might not have been worth that much. Unless your 3000 sq ft home is one of the the homes with tiny yards that overlooks RSF Rd. it is probably worth quite a bit more than 875K.
If you want to sell I’d sit tight for at least a few months. Every Spring relo buyers swarm LCV because of all it offers and you will make out better between March and May than you would now. IMHO, it is at least 2 years before any major depreciation could befall LCV. There just arent alot of subprime loans floating around there and my guess is that the typical buyer there in the last couple years hada HH income of at least 200K or had 150K+ incoem and put down alot of money. Until we see resets on 5/1 arm’s for the 04 to 06 buyers there is unlikely to be real pain there. I’d expect some small depreciation the next couple years but if rates stay low hom3es in that general area and price range should do OK.
The real question is what does your life dictate? I have tons of friends in LCV and most love it there. If you are or are planning to raise a family there arent many better places around SD to do it. If you are looking to time the market, that ship has mostly likely sailed already.
November 21, 2007 at 9:17 AM #102533ParticipantThe good news is that if your home was ever worth 1.1 to 1.2M it is worth alot more than 875K. Of course the collary is that it might not have been worth that much. Unless your 3000 sq ft home is one of the the homes with tiny yards that overlooks RSF Rd. it is probably worth quite a bit more than 875K.
If you want to sell I’d sit tight for at least a few months. Every Spring relo buyers swarm LCV because of all it offers and you will make out better between March and May than you would now. IMHO, it is at least 2 years before any major depreciation could befall LCV. There just arent alot of subprime loans floating around there and my guess is that the typical buyer there in the last couple years hada HH income of at least 200K or had 150K+ incoem and put down alot of money. Until we see resets on 5/1 arm’s for the 04 to 06 buyers there is unlikely to be real pain there. I’d expect some small depreciation the next couple years but if rates stay low hom3es in that general area and price range should do OK.
The real question is what does your life dictate? I have tons of friends in LCV and most love it there. If you are or are planning to raise a family there arent many better places around SD to do it. If you are looking to time the market, that ship has mostly likely sailed already.
November 21, 2007 at 9:44 AM #102417Anonymous
GuestMrpappy,
Is your payment hard to make? From your description, you don’t have all that much equity in the home and a 600K loan. Would you be trying to build that up by selling and rebuying? rebuying at what price? wouldn’t fees be about 50K to sell, agents out there?
Curious
November 21, 2007 at 9:44 AM #102494GuestMrpappy,
Is your payment hard to make? From your description, you don’t have all that much equity in the home and a 600K loan. Would you be trying to build that up by selling and rebuying? rebuying at what price? wouldn’t fees be about 50K to sell, agents out there?
Curious
November 21, 2007 at 9:44 AM #102506GuestMrpappy,
Is your payment hard to make? From your description, you don’t have all that much equity in the home and a 600K loan. Would you be trying to build that up by selling and rebuying? rebuying at what price? wouldn’t fees be about 50K to sell, agents out there?
Curious
November 21, 2007 at 9:44 AM #102530GuestMrpappy,
Is your payment hard to make? From your description, you don’t have all that much equity in the home and a 600K loan. Would you be trying to build that up by selling and rebuying? rebuying at what price? wouldn’t fees be about 50K to sell, agents out there?
Curious
-
AuthorPosts
- You must be logged in to reply to this topic.