need help deciding to sell or stay

rn4designJuly 10, 2009

Help! I bought my 1927 Spanish bungalow in 2000 and have plenty of equity in it. Thing is, I just have never loved the place. I sold a condo and got back in the housing market just in time. I know this is an emotional thing but what do you do when you don't have a strong connection to a place or the neighborhood? People are unfriendly and to top it off, I've had some of the saddest moments in my life in this place over the last 9 years. My neighbors south of me are always fighting and have loud kids and pets. I'm grappling with moving cuz I'm confused if it makes financial sense. I'll be done paying off in 12 yrs. Any thoughts?

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landmarker

I bought a house 10 yrs ago... thought it was the perfect house. Turned out it was not. Moved 1 year ago. The new house physically is no where near as nice, but the location is way better. I could not be happier and think about the great move I made on a daily basis.

Financially, it would have been far better to land in the new house right away mainly due to the excessive "transaction costs" associated with moving. But I have no regrets and am glad I made the move.

    Bookmark   July 10, 2009 at 7:27AM
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Billl

If you don't like where you live - move. Life is too short to waste on bickering neighbors and the like.

In terms of the finances, it will cost you sell, move, and fiance a new home. An agent is going to take 5-6% or you could do For Sale By Owner or look for a flat fee listing service. Moving could cost $50 bucks for a DIY rental truck up to a thousand or more for high end movers to do it for you. Closing costs to buy a new place vary but will certainly be thousands of dollars.

In terms of the loan, you will likely get a lower interest rate than you did 9 years ago, so you can save some cash that way. As long as you don't buy a more expensive home, you could pay your new house off in the same amount of time by getting a 10 or 15 year mortgage.

Before you decide though, you could probably benefit from sitting down with a mortgage broker and seeing what your options are. They should be able to give you a good idea of the costs. You want to get the financial stuff out of the way before you start house shopping anyway.

    Bookmark   July 10, 2009 at 9:58AM
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sylviatexas1

"If you don't like where you live - move. Life is too short to waste on bickering neighbors and the like."

Amen!

I think I might embroider something similar on a sampler & hang it on the wall.
It is so appropriate for so many things, homes, jobs, relationships...

& although it'll cost you to move, & it isn't the optimum time to sell in terms of what you can get for the house, you'll also be *buying* in a market in which prices are lower.

If you wait several years to sell in a seller's market, you'll be buying in the same seller's market.

I wish you the best.

    Bookmark   July 10, 2009 at 1:36PM
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blueheron

I agree with the others. Seize the day! Don't put up with your situation if you're not happy there.

    Bookmark   July 10, 2009 at 8:09PM
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rn4design

Thank you to all! You are right. I'm starting to pack and get things going. I guess I just needed a little push.
Thanks again!

    Bookmark   July 11, 2009 at 12:19AM
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blueheron

Good luck to you!

    Bookmark   July 11, 2009 at 4:48PM
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ncrealestateguy

rn4design...
If your heart says it is time to move, then it is time to move. Buying and selling personal residences is more than just a financial decision. Many more factors should be included, just like the ones you mentioned.
Do like Bill says... talk with a lender so you know your options.
Don't worry about the market. For any "loss" that you may take as a Seller, you can make up on the Buying side.

    Bookmark   July 12, 2009 at 7:51AM
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Mick Mick

Thank you for this thread! I also needed a push!

Last week I had a very scary thing happen in my neighborhood. My neighbor tried to play vigilante and somehow, someway my home ended up in the crossfire.

I need to move because I don't have the same feelings of security.

Good luck with your sale! I hope you find what you are looking for!

    Bookmark   July 12, 2009 at 1:19PM
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rn4design

It's amazing how the universe works. Just as all of you were telling me to go, I got the final answer at the same time. The City posted notices that the trees on the parkway have to be taken down due to a spreading fungal infection which is killing them. They are so shady and about 50 yrs old and it's the middle of summer. Could the answer be more clear?? I don't think so. lol

    Bookmark   July 20, 2009 at 3:03AM
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new_frmr

can you possibly rent the house and still buy a new house? Most banks will count 75% of rent as income.

    Bookmark   July 27, 2009 at 10:37PM
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