Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

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  #1  
Old 11-21-2007, 01:58 AM
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Default Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

We have our home for sale in Destin now, even though I don't plan to retire till late next year. We're kind of agonizing over what we should accept for it and how much of our retirement "nest egg" we can sacrifice by selling at a lower than planned price.

Our choices are:

1) Sell quickly in this market and receive $30,000 to $50,000 less than we planned, or

2) Sell when the market gets better ("gets better" means prices start rising). The problem I have with this scenario is that in this market (Florida panhandle) most knowledgable people are predicting the market won't improve for 2 to 3 years - and it could get worse in 2008! Three more years is 15% of my remaining life expectancy!

So, what are the options others are weighing that keep them from making "The Move?"

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  #2  
Old 11-21-2007, 02:34 AM
steve0528 steve0528 is offline
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

sold in september, originally listed in may, closed at 86% of original asking price, could not get out of RI fast enough.....beautiful home, snow, snow, snow!
  #3  
Old 11-21-2007, 02:50 AM
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrific

We're going to put our home on the market next year, not quite ready to move yet.
However, when we do, we want it to sell. Squeezing out every last dollar is not as important as low stress and peace of mind. Money isn't everything, especially in this market. It will take years to rebound.
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Old 11-21-2007, 02:46 PM
noleguy noleguy is offline
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

You must remember that the price of homes in TV are also at their lowest and when the market rebounds same will be tru in TV. In other words, you get less for your home but also pay less in TV. Thus it all balances out. You will hardly ever get ahead trying to wait to get more for your home.
  #5  
Old 11-21-2007, 03:17 PM
poromo poromo is offline
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

Why does everyone think thwe housing market will "rebound" quickly? When I bought my house on Long Island in 1987, it was worth no more than I paid for it for about 10 years and then it only went up because money was cheap and easy to get. Money is still relatively cheap but not easy to get. Banks are not giving out mortgages the way they used to. I'm not so sure we will see a nationwide rebound any time soon.
  #6  
Old 11-21-2007, 04:28 PM
linnandlinda linnandlinda is offline
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

I am in pretty much the same pickle as the person from Destin. We have a home on Navarre beach that would have probably sold for 1.2M in late 2004 or early 2005. The hurricanes and the bursting bubble have probably cost me three or four hundred K. I am going to retire in two years too and hope to move to TV. Best case scenario for me is to sell in the spring or summer of 2009. I will just get what I can get at that time, and pay what I have to pay in TV. I don't know of any other choice. I want to down size anyway, I would trade my waterfront house for a double-wide in TV anyday if it means that I don't have to show up for work anymore. :bigthumbsup:
  #7  
Old 11-21-2007, 05:06 PM
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

Quote:
Originally Posted by linnandlinda
I am going to retire in two years too and hope to move to TV.* Best case scenario for me is to sell in the spring or summer of 2009.** :bigthumbsup:
LinnandLinda:* You're probably in pretty good shape with your timing.* By most accounts, the market in this region will begin to improve in 2009...you'll probably be a bit on the upswing...with at least some glimmer of optimism by then.* ...but then again, a year ago the "experts" said that we would be recovering by now... :dontknow:*

My saving grace is knowing that over the past 7 years, I lived rent free and will still come out ahead even if I do sell in the current "down" market (down about $150K from the 2005 peak.)* "Down" is relative from the paper high.* Can't look back like Chad and Jeremy (I think):* "...and that was yesterday, and yesterday's gone..."*
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  #8  
Old 11-21-2007, 08:49 PM
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

I'm not sure anyone can predict today what the market will be like in 2009.
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  #9  
Old 11-21-2007, 09:42 PM
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

Someone may be right. We just don't know who.
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  #10  
Old 11-22-2007, 01:05 AM
hunt9791 hunt9791 is offline
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

Sold our home in Dayton Ohio June 07, on the market for 4 weeks, with very few buyers even looking. Had to reduce price 15% over 2006 resale value. But I notice it's cold and rainy there today...
  #11  
Old 11-22-2007, 03:50 AM
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

I agree with noleguy.
Wife and retired this year and will be putting our house on the market within 2 weeks in Michigan. We figured why wait, it is the same here as other states. We know what need to get and have priced to the current market with some room to move on the price and will hold until we get the price we want . The longer we wait the longer it will take to get to TV. It took our daughter and son-in-law 6 months to sell in the Northwest Chicago area and still came out ahead. They bought in Columbus, Ohio, same type house at current market and came out ahead. Same principle indicated by noleguy. Stay tuned.
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  #12  
Old 11-22-2007, 03:52 AM
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

I have a home in upper Michigan on the water, it has the best beach in that area ( pure sand ) If I sell it now I will lose a 100 k..........Soooo I think I'll put it on the back burner for a while..............after all , there's always SPAM. ;D ;D ;D
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  #13  
Old 11-22-2007, 02:03 PM
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

I think that I may be approaching this real estate market a little differently then some of the posts that I read here. First of all, I don't understand it when people say that they can not sustain a loss in this market. Speaking for myself at least, I will probably sell my home for 25% less then I could have two years ago. But I bought it seven years ago when the home prices were a lot lower then at the top of the building boom. End result is that I will still get more then twice what I paid for it. So, I do not consider it a loss, just less profit. The housing market is generally then same everywhere right now. I have seen the prices drop at The villages equal to the price drop where I live now. I will sell for less and then buy for less, it will all even out. Plus, moving to The Villages will be worth it, at any price!!!! We have visited The Villages twice now and have spent more then five weeks among some of the most inclusive and warm people that I have ever been privileged to meet. So in closing, We are coming to The Villages no matter what.

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  #14  
Old 11-22-2007, 03:24 PM
lm01 lm01 is offline
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrific

Hi Goodmorning-

To me you if you are selling in a bad market you are also buying in a bad market. The same goes for a good market.

I took a 300,000 drop in asking price up north and down in the villages I got a home with a big savings but in the end it was all a wash.

When was the last time did you see a home over 900,000 or even a mil. advertised in the Villages. If you do I bet they just sit on the market.

I feel sorry for those who bought at the height of the market and now need to sell.

Keep the faith in your decisions.

  #15  
Old 11-22-2007, 03:28 PM
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Default Re: Selling Your Home In Another State - How Much $$ are you willing to sacrifice?

Beartrack: *

I'm in the same "seven year" ownership timeframe. *Even if I sell now at $100,000 below what the market "high" was two years ago, a roughly 30% decline here, I will still have lived virtually "rent free" for seven years, had the tax advantage of my low interest mortgage, and have a net appreciation of $100,000 over what I paid and put into the house - even in this "terrible" :yikes: market. I sure give thanks today for that scenario!!
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