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Selling home questions

A&JA&J Posts: 1,825
edited November -1 in Parenting and Life
Well, we are in the initial phases of considering selling our home and buying another one. Has anyone done this fairly recently? Any thoughts or considerations on the selling process? We've never been on the selling side of things before. We have spoken with our realtor and are moving forward with contacting our lender.
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    mommylovemommylove Posts: 1,582
    edited November -1
    We've been on this side of things several times, but are currently deciding to move into the larger of the two homes we own in town and just rent the other out due to the slow sellers market. We had previously been renting out the other house, but have now done a ton of work to it and will be moving in the end of August. :-)

    If you have been in your home for a minimum of 5 years, preferably longer, and have a decent amount of equity you should do fine with the lower market values. You will also benefit when you consider you will (assumably) also be a buyer looking for the new home and the buyers market is fantastic right now.

    It is a rollercoaster ride as always, but if you play the game well and have a good realtor you should do fine. Good luck!
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    Shaeley MaeShaeley Mae Posts: 1,731
    edited November -1
    Not sure of "selling" advice, but I DID read a Wall Street Journal article last week that said that the bottom of the housing bust is safely behind us. If that's true, prices should at least hold, if not start to creep upward. I'm sure that it varies drastically by market/region though. I think going with a realtor is solid idea.
    Good luck!!
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    LucyGooseyLucyGoosey Posts: 320
    edited November -1
    I tried to sell my house a few years ago. I learned that my house is not worth as much as I though it was. That it's exhausting keeping a house showroom ready, and I missed some of my "clutter" (for example my kitchen aid mixer). I also learned that finding good realtor is key. Mine wasn't great and It was obvious after a couple weeks. I got a new realtor who suggested I needed to do put in 10k worth of improvements to get the price I wanted, which is one of the reasons I still live here.
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    A&JA&J Posts: 1,825
    edited November -1
    I'm not sure how things will turn out at this point. I will say we definitely have an excellent realtor on our side, but whether we will be able to get what we need out of our current home is an entirely different question that we do not have an answer to quite yet.

    Nina-- I'm kind of curious about owning two homes and renting one. This is something my realtor did mention to me to consider in our conversation today. The initial thought makes me very nervous. I could see some positives for sure, but negatives as well.
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    ncmomstobencmomstobe Posts: 549
    edited November -1
    We sold our house and bought a new one last fall. Our realtor said that homes in the lower price range for an area, like ours, sold faster. He also said that whatever hit you take selling in this market you make up for in buying more house than you thought you could. It helped us that we didn't have to move. We put it on the market and when we finally got an offer, we picked a house that weekend.
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    A&JA&J Posts: 1,825
    edited November -1
    Ncmomstobe-- how long was your home on the market, if you don't mind me asking?
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    mommylovemommylove Posts: 1,582
    edited November -1
    Owning more than one home is not for everyone and totally a risk. It just so happens to have worked for us. Financially it can be a burden of course if you can't keep steady renters in it or have issues with messy renters. We have actually been super lucky to have friends of ours rent for several years and there have never been any issues. We shall see how this next move works out...if we have issues, we do plan to put our second home on the market as well.
    If I were you I'd try selling the home with a realtor and see how that goes. IF you have issues either not getting what you want/need for it price wise or it just doesn't sell then consider the rental option if moving to another house is truly an important step for you. I assume you are looking to maximize space and perhaps add a few other features you don't currently have by moving to a new home...I totally get it, we are doing the same. :-)
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    ncmomstobencmomstobe Posts: 549
    edited November -1
    It was on the market for six months. It felt like such a long time to have a visitor-ready house!
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