Try to Sell or Just Wait and Build?

J.:

Information is knowledge. Get informed. The first thing I would do is call an appraiser and find out what my home is worth. Yeah - it's about $500 but well worth it - that information will help me make the decision to stay or go.

Also note that putting $3K into a bathroom renovation - if done right - can net a double profit. Bathrooms and kitchens sell.

I would also ask the appraiser what I could do to get more for my home. How much HE/SHE **THINKS** it will cost and weigh my options.

With the information from the appraiser - assuming I liked the information!!! :) I would then contact a mortgage company to see what I would qualify for then I would contact a Real Estate agent who I would then ask to see properties that meet my families needs.

If you don't like the information from the appraiser - then stay put and see what you can do to make the home work for you.

I totally hate this house. I would sell at a big loss, but my husband won't.

We would lose 25% of what we paid and it could take 2 years to sell.
I would still do it because this open floor plan has no privacy and my disabled husband is home all the time. I feel like we are living in a hotel room.

I also don't like most of our neighbors . We call it crazy street because I have never seen such drama in my life.

Wonderful neighbors are worth so much.

Can you add on to your home? Or finish the basement? That would give you more space and add value to your existing home. If you like your current neighborhood and the neighbors then why move away.

It depends on the market in your area. Right now in my area it's a buyer's market although people are having issues getting a mortgage. I'd say your best bet is to check with an agent in your area to get as assessment of your property to see what the actual value would be. You might be shocked at what the price of the house would be in today's market.

If you do sell without having the finances to purchase another house then you may want to check out what's needed currently to get a mortgage. The times of getting 100% financing or having little money for a down payment are long gone.

I would call a realtor or perhaps an accountant and ask these questions. If you want to sell I would certainly sell it "as is" since you could spend lots of money to upgrade and find that the buyer likes a different color. I have heard of people who would sell with an old kitchen and then stick with the same selling price but "give back" $15K for a kitchen upgrade. If you love your location then I would remodel to make the house fit your needs.

well what exactly is wrong with the bathroom?

I would talk to a Realtor but take what they and ponder on it. Houses are not selling right now for anything they are worth. It is an opportune time to buy of course because the home you buy will be worth a lot more in a couple of years but the same could be said of the home you are in. If you could somehow hold on to both, rent one out, then when the market picks up selling the extra one then would bring in more money.

I don't know about the improving of the property though. If it's going to sell for a lot less than it's worth to me spending money to fix it up is just money down the drain. It would not make up the difference in price in my book.

If you need more space is there a basement or can you add on to the back of the house and stay put? Sometimes it is cheaper to do something where you are than to buy new. Can you get another mortgage if you sell? Remember the climate has changed for purchasing a home and getting a mortgage. The grass isn't always greenier on the other side. What will it cost to move all your things to the other home (moving company, you doing it and packing up everything, time off from work and such)?

Good luck in your decision, but then you would give up your wonderful yard that you love to sit in and look at.

The other S.