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Would you sell now vs a few months if you had the option?

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  • Would you sell now vs a few months if you had the option?

    For years I have been saying, "I'm not worried about selling our house unless something really horrible happens and crashes the economy, and then we will have other things to worry about anyway."

    Hello "something really horrible" and "other things!"

    We've been in a hot market the entire 8 years we've lived here and until last week expected to sell for $150K more than we bought the house. We live in a great area that has been (and will likely always be) in demand because of its proximity to downtown and great public schools. We are in the under $350K range which is the cheapest you can get in this suburb. Right now everything is going under contract within days or immediately--like a comparable home that popped up in my email this morning is showing contingent now. We planned to list in late April and move to a new state at the end of June to coincide with the end of Fellowship and school for the kids.

    Now I'm worried things are going to slow down this summer due to the economic impacts of this virus. We have plenty of equity to spare and wont lose our shirts, but it is going to hurt to lose profit that was within our grasp, like just yesterday. Our agent is a friend and is having similar thoughts and said he would keep us in the loop if he felt selling now would be more advantageous. We have a place to live in the new state in early May, so there is nothing stopping us there. It's bigger and actually has a backyard for these hooligans to run around in. (The next few weeks/months are going to be very painful in our current home with 4 kids and no outlet). Obviously my husband has to finish fellowship, but he could stay with my parents (though he might kill me) or potentially with our realtor (he and his wife rent out a room in their house and their tenant is leaving in early May as well). Living on my own with the kids for 2 months isn't ideal, but it might be worth it.

    Would you consider it or just list as planned?

    Edit: New home is not dependent on selling the current home and we can carry the mortgage on our current home for awhile if needed. I'm just worried about losing profits.
    Last edited by MSooner; 03-15-2020, 10:45 PM.

  • #2
    The future is unknowable but it seems like a recession is coming. Sooner probably better than later....

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    • #3
      MSooner , what’s the advantage of waiting ?
      You are talking “weeks” . You simply need a motivated buyer and you might be able to stay with your original logistics, depends on how you close and the contract.

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      • #4
        I'd sell now. People are only looking at what a bank is willing to lend them and if they can make the monthly payment. The interest rates are helping you in this area. Does the person you sell it to have a job that is resilient in recession? That is on the buyer and not you.

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        • #5
          I'd sell asap. Confidence is what makes purchases happen, and that is dwindling, plus the possibility of a lot more inventory on the market in upcoming months.

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          • #6
            At that price range, I wouldn't be too worried, actually. That's a very affordable house and sounds like you are in an urban area, so we're not talking complete rural/few buyers. If you were 750k+, certainly 1m+ even in a HCOL area, then i'd be worried. But the market will trudge on despite recession and at that price range and the situation you describe, I wouldn't be too worried. I would be worried about having an open house with all those people coming through the house though!!!

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            • #7
              “We live in a great area that has been (and will likely always be) in demand because of its proximity to downtown and great public schools.”

              Corona doesn’t change that. If you want to move go ahead. If you are happy where you are then stay.










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              • #8
                Originally posted by zlandar View Post
                “We live in a great area that has been (and will likely always be) in demand because of its proximity to downtown and great public schools.”

                Corona doesn’t change that. If you want to move go ahead. If you are happy where you are then stay.









                Well we are moving no matter what. It's just a matter of whether it is now or in 2 months.

                Thanks for the insight. I'm torn.

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                • #9
                  now. mortgage interest rates are low. what's the difference of 2 months. early spring is the best time to sell anyways.

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                  • #10
                    I was just texting my wife this morning saying how glad I was that we sold our old house when we did (closed early January). I think we're going to see a major slow down in the housing market due to this whole situation. You might as well list it and hope you get lucky and find a buyer. Maybe mortgage rates will drop even further and entice some to buy. I fear we're in for a very prolonged and deep recession over the next year or two, but I'm also a pessimist, so take that with a grain of salt. It's anyone's guess where we'll be next year at this time.

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                    • #11
                      I think we are listing this weekend. Heaven help me as I try and get all the extra stuff finished before we take pics Friday.

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                      • #12
                        Since you have to move soon anyway, and if you have a relatively simple interim home set, then I say go for it. A mild inconvenience that down the road will seem well worth the extra profit

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                        • #13
                          I'm in a similar situation. My strategy is to wait and list. Housing market driven by supply and demand. This month, demand is going to go way down. Can't imagine many shoppers turning out to an open house during a pandemic. At best, you will get the people who "need to" move will be looking and not people who "elect to move" looking.
                          You just need one person to buy your house. But from personal experiences what I was willing to offer for our new house two weeks ago is way less than what I would offer now.

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                          • #14
                            We are also in a hot market (still Midwest and not HCOL, but family homes in the $300-400k range typically under contract in 48 hours) and questioned whether we should go ahead with our plan to list last weekend in light of everything going on. Similar to you, we also are not under duress to sell. We decided to go for it (with a low threshold to pull it back off the market and re-evaluate if we didn't get any activity). Ended up with 3 competing offers and under contract within 2 days & very happy with our result so far. Now it still needs to appraise, so not completely out of the woods. I think some considerations that worked in our favor are:
                            (1) people who really need/desire a home for the coming years (and who may have been looking for weeks) are looking beyond the weeks-to-months impact of COVID19
                            (2) most are not medical and maybe have a different perspective on this that I don't completely understand; and
                            (3) extremely low inventory in our area at our price range.
                            I will add that we hosted 2 open houses (FSBO) with fairly tame turnout at both of those (not surprising) and 4 scheduled showings, 3 of which resulted in offers. So one potential benefit of the current state of affairs is that you may minimize looky-loos & nosy neighbors, since the only people venturing out are the ones who really are really interested in buying!
                            Good luck!

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