A.M. asks from Saint Paul, MN on May 05, 2008
To Sell or Not to Sell?
I'm just looking for some advice from others out there. We (my husband, son, and I) are currently in a small home---2 bedrooms 1 bathroom in the St. Paul area. We bought the home in 2004, and basically, b/c of the poor real estate market right now, we would probably have to sell it for similiar to what we bought it for in '04, and we've put a ton of work into it. :( The problem w/ the house is that it is small. It's fine for us, but when we have visitors--all of our family lives out of state--it's quite cramped. We're being told from lots of people that it's a fabulous time to buy a home right now, b/c we could get a great deal on the buying end. But, I feel stressed to sell ours b/c I want to make at least some money out of it. So, I'm looking for advice: should we sell and try to get a smokin' deal on the other end, or should we sit tight and wait for our home to accrue a bit more value? Thanks so much!
K.S. answers from Minneapolis on May 06, 2008
Call 3 real estate agents and have them come out to give you a suggested selling price for your home (free service). Just tell them that you are feeling out whether you want to sell. Once you have compared the potential asking prices (average them) see if that is a price range you are comfortable with. If so, put it on the market, see what happens and if it sells go house hunting. You can also do some looking right now just to see what kinds of deals are out there, but do not buy unless you can afford both mortgages.
J.S. answers from Minneapolis on May 06, 2008
I am in your same position. Except we will have to sell in the near (next 12 months) future. Our home has 3 bedrooms (just over 1,100 square feet), but the third is our office and much needed play space. We have 2 boys who share a room and a 3rd baby on the way. It's such a hard decision to make, I'll be looking for the other advice you receive so I can see what people think. We will have to sell next spring, so maybe the market will be turning around by then.
K.B. answers from Minneapolis on May 05, 2008
This is a hard one....My sister just put her Townhome up for sale, knowing that it probably won't sell, as there has been many for sale in her area for a long time.
We sold our house in Jan 07' right when everything started to go down hill. There were alot of houses in the area for sale (and still are). However, ours ended up selling because of all the money we put into it (new windows, new furnace, air conditioning, brand new egress window, remodled kitchen and added a 4th bedroom). Since our house was built in 1952, all of that was a huge plus. Believe me we did get ALOT of low ball offers that were rediculous and we said NO to them.
Of coarse we didn't get as much out of the house, as we would have a year prior. We did end up finding a house for a lower price, so since we took a hit on our house, it worked out in the long run.
I would suggest trying to sell it a price that you see fair and have a bottom line price in mind - and don't go below it. Since you don't have to move NOW for a job or anything, you won't be at a loss...
Good Luck and keep your head up - it will happen when you least expect it.
R.C. answers from Minneapolis on May 06, 2008
According the Real Estate Show (a weekend morning radio talk show on 100.3 KTLK), you should try to rent out your smaller home now and take advantage of the great buyers market. They said this is the ideal option for people who are in a smaller home looking to upsize. That way you'll get a great deal on a bigger and presumably better home while not losing your tail on the home you already have.
We are similarly situated and I think that is what we'll do. Hope this helps!