Selling here and buying there
Hi Everyone Ã¯Â¿Â½
My wife and I are retired and living in SE Ohio. We hope to put our completely owned house on the market, with a Realtor, in March, 2012. We plan to go to central Virginia so we can be close to our children. Our problem is that the housing market is depressed and we live in an area where housing prices are generally low (even in "good times") and our destination is an area where housing prices are perhaps 50% higher.
We are wondering what the selling price of our house should be. One possibility is that we can sell for a considerable loss. When we get to Virginia we might be able to get a bargain since housing prices there will probably be affected by this bad economy just as they are here. We would be able to take the proceeds from our current house and supplement that with some of our savings to buy a suitable house outright (no mortgage) in Virginia.
Since we plan to live in an apartment in Virginia at first, we would have about six months to look for a house. And since we are retired we have lots of time to look.
Thanks for your suggestions on how we might approach this, especially on the selling price of our current house.