Another real estate thread

[grizzlyblake]

I bought a house in March, and am now coming to the realization that my wife and I may want to live in a different area. We bought in a neighborhood between Canton and Cartersville on Hwy 20, a normal spec house in an HOA neighborhood.

Knowing we bought at the top of the market, we are concerned that if we realize a year or two from now that we would *really* rather be somewhere else we very well could be in a bad place with the value of the house.

We were lucky and bought this house before selling our other house, which we had bought in 2012 and obviously sold much higher in 2016.

Is it crazy to try to sell a house so quickly? We thought we wanted to live further out, but even being only 15 minutes from town we feel pretty remote and secluded, to the point that we aren't loving it. We love the house, don't love the location, except of course for how quiet it is at night, clear skies, etc. At 33 and 30 years old I guess we just like being out and about more than we realized.

The house is less than ten years old and the neighborhood is nice - sidewalks and street lights. It's a very popular open 3/2, 2100sqft floor plan.

The Zillow "zestimate" for this house claims it's up $10k from when we bought in March, but I'm pretty sure that's not a reliable source. I'd pay for a true appraisal before doing anything at this point.

From a financial standpoint, I realize I'd probably be paying realtors commissions and coming out of pocket to sell the house. It's only in my name and I owned it and the old house at the same time, so I should be able to buy another (or even rent maybe) house while this one sells, or going down the road of having my wife on the loan.



Anyway - thoughts? My main stressor right now is how strong the market is, and knowing that at some point it will crash again.

 

[JustUs4All]

If y'all are not happy you need to at least look into feasibility of selling. Compare how much it might cost to sell and replace with the negative value of not being happy. Only you can do that.

In case of a gain on the sale, the exclusion of that gain from Income Tax for a personal residence requires that you live in it for 2 years.

 

[grizzlyblake]

If someone here has some good insight on what the market might do over the next two years I'd love to hear it. Everything I can find reads that home values will grow 3.5-5% and interest rates will stay low, but will increase very slowly.

I wasn't a homeowner during the first housing crash in 2011/12. Was it a total surprise or did people see it coming?

 

[NOYDB]

If someone here has some good insight on what the market might do over the next two years I'd love to hear it. Everything I can find reads that home values will grow 3.5-5% and interest rates will stay low, but will increase very slowly.

I wasn't a homeowner during the first housing crash in 2011/12. Was it a total surprise or did people see it coming?

Those that sold claim that they knew.

Those that didn't claim it was a surprize.

 

[rjcruiser]

A lot can happen in 2 years. Studf is still on the way up.....I'd sell now and buy now so you only lose the real estate agent fees on the whole transaction. To me, it'd be worth the 7% to be where I wanted to be.

 

[SarahFair]

I talked to my realtor and another realtor and got conflicting reports.

One said the market is going to keep going up through Christmas, the other said after the election the market will drop.

I know its not another 2 years, but Im a little apprehensive about the market with an election looming

 

[skiff23]

We are having a bounce in certain areas. The election will affect the market which way will depend on who is elected. Talk to a realtor in the area and see what the market is doing there. You Amy be able to wash out if things are right.

 

[SGADawg]

Put a price on it that you would be content with, list it and give it time. You can always drop the price if moving becomes more attractive to you.

 

[sinclair1]

Sounds like copper hills or one close. If it's just the seclusion, you might be surprised on how fast it will be over crowded. There were 10k people in Woodstock when we moved here, now there's trolleys, traffic and 40k people.
It's hard to predict the market when it's being propped up and it's election year, so you will just have to spin the wheel on what you think.

 

[sinclair1]

Personally I think youre in a future booming area. there's a indoor ski lodge and all sort of city stuff coming that way.

 

[grizzlyblake]

Close - I'm a bit further West on 20.

Do you have more info on the ski lodge? That's the first I've heard of that.

 

[sinclair1]

Close - I'm a bit further West on 20.

Do you have more info on the ski lodge? That's the first I've heard of that.

Here is a old link, don't know the status, might be cancelled, but to be in the cards in the first place is still important to what to expect. The amphitheater was due here years ago and is just now back on track since the crash rebound and opening this year.They actually moved it from the bellsferry corridor to closer to you.

http://mjperry.blogspot.com/2010/05/ski-resort-near-atlanta-anythings.html

We looked up there off and on over the years. It's nice, but we are spoiled having everything close and downtown Woodstock a few minutes away.

It's a bit crowded around here and just about every available parcel is building now, so unless we have a complete meltdown it will make it up there in a few years.

 

[GA native]

I'll trade ya.
I'm in a neighborhood in Kennesaw. 2 minutes from Walmart, 1 minute from Aldi. Traffic galore. The neighbor kids with their piece o junk cars wake my kids up in the middle of the night. Cops visit the lowlifes across the street on a too regular basis.

It's great, you'll love it... exactly what you are looking for.

But seriously, I'd say give it a chance. Go to some HOA functions and meet the neighbors. Make some friends, and you won't feel so isolated.

 

[SarahFair]

How about interest rates?

 

[westcobbdog]

Blake i am an agent of 22 years and its tough to predict what the future holds. Regarding this surging market, inventory is rather low in many places making it tough to find buyers homes. If you bought at the peak that's ok, just insure you take care of that house so it will be buyer ready when you get ready to make a move. Rates should stay low...really cheap rates right now. Conservatively speaking your home should go up 3% or so per year, plus you are paying you loan balance down. That's your equity. You make your money when you buy, not when you sell. So if you bought it right, you should be fine.
Pm me your address if you want to see some relevant comps.

 

[skeeter24]

How about interest rates?

Still great at 2.65% to 2.75% for 15yr and 3.35% to 3.65% on 30 year depending on if it is a refi or first time purchase.

 

[Dog Hunter]

For sale by owner, give it a little time. You are forced to move at this point in time? Save on fees and may at least break even.

 

[rayjay]

Don't forget the house payments you are making in the mean time.

 

[westcobbdog]

For sale by owner, give it a little time. You are forced to move at this point in time? Save on fees and may at least break even.

may or may not save, too many variables to type, either.