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Selling and moving where?

Old 03-01-2021, 01:41 PM
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Default Selling and moving where?

For you guys who are selling your personal residences in this crazy market, are you buying another home, renting, something different? Just curious as I've thought about selling, but not sure I want to rent. It's tough to find an under-valued home to work on over a few years.
Old 03-01-2021, 01:59 PM
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Here the higher end stuff (350-400+) hasn’t moved nearly as much as the stuff that was 150-250 5 years ago. That lower priced stuff has had a solid appreciation locally, and there is next to no inventory. Know a good many people in my age group (30-40) that have made the jump from a starter home to a “forever” home to take advantage of that increase, and lock in cheap $ to cover the rest without getting over extended on their upgrade.

Also in my parents age group 65+ know of a few consolidating to a single vs primary and vacation residence.
Old 03-01-2021, 02:03 PM
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Selling in NY. Wife’s done with medical school and will be matched to a hospital somewhere else. We have 15 potential locations and will find out in March. We are fairly confident in one location and I’m working a deal on an off market fixer upper. We will put about $120-140,000 in profit from our current house (no mortgage) and plan to buy the new one cash as well. With how low rates are, we might take some money out against the house, but cross the bridge when we get there.

If I have to buy somewhere other than the location we think, I will go strong on finding an off market discounted place. I hate thinking I’ll over pay for a house out of necessity. If I’m stuck buying in the market, I’ll be a cash buyer and will be waiving appraisal and inspection contingency to make my offers more attractive.
Old 03-01-2021, 02:14 PM
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Originally Posted by Sprockets View Post
For you guys who are selling your personal residences in this crazy market, are you buying another home, renting, something different? Just curious as I've thought about selling, but not sure I want to rent. It's tough to find an under-valued home to work on over a few years.
Undervalued fixer-uppers are next to impossible to find anymore.
One unfortunate side effect of the house flipping craze is that they depleted the inventory. A fixer-upper around here might go for $200k but before a first time home buyer can purchase it, it's already been snapped up by a flipper who will pay cash, update the appliances and paint the front steps, and resell it for $250k, now out of the first time home buyer's reach.

This has been going on for a few years now, and covid has just added to the cost and inventory issues. Flipping destroys the inventory of starter homes, replacing it with higher priced homes.
OP isn't a first-time home buyer, but lack of inventory still is an issue.
Old 03-01-2021, 02:26 PM
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I'm going to put mine on the market in a couple weeks, somewhere around 150-180 (dependent on what the realtor says). Honestly not a bad property, 1/2 acre in the middle of all 1/4 acre homes.
I already have a contract on a property in Huntsville, Al area.

Getting a new roof/gutters within a week, renovated kitchen, bathroom and bigger than your normal two car garage, irrigation system with artesian well amongst other things.
Old 03-01-2021, 02:26 PM
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I would get croaked in taxes if I sold my primary home 29K now 900K+-
Old 03-01-2021, 02:49 PM
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Originally Posted by jobowker View Post
Undervalued fixer-uppers are next to impossible to find anymore.
One unfortunate side effect of the house flipping craze is that they depleted the inventory. A fixer-upper around here might go for $200k but before a first time home buyer can purchase it, it's already been snapped up by a flipper who will pay cash, update the appliances and paint the front steps, and resell it for $250k, now out of the first time home buyer's reach.

This has been going on for a few years now, and covid has just added to the cost and inventory issues. Flipping destroys the inventory of starter homes, replacing it with higher priced homes.
OP isn't a first-time home buyer, but lack of inventory still is an issue.
I guess that depends. I flip houses, but the ones I buy would never be purchased by a first time home buyer as none would ever be able to get a mortgage (due to condition). I’d love a house I could update appliances and sell, but most need $40-120,000 in rehab.
Old 03-01-2021, 02:52 PM
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I sold my house last October because I hated the 2 VRBO's behind and beside me.

I'm now renting on an island in a house I could never afford to buy, even with cheap interest rates. I wanted to move to the keys, but my wife has to stay in SC for her job.
Old 03-01-2021, 02:55 PM
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Originally Posted by IMPLiberty View Post
I guess that depends. I flip houses, but the ones I buy would never be purchased by a first time home buyer as none would ever be able to get a mortgage (due to condition). I’d love a house I could update appliances and sell, but most need $40-120,000 in rehab.
I do the same thing on the side. Just got 2. Deals are out there if you know where to look and have the $$ on hand.
Old 03-01-2021, 02:57 PM
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Sold my condo for a nice profit after owning it only 2-1/2 years and bought a little house in the country where real estate is still cheap. If (when) the market crashes, I’ll be looking for deals on waterfront or an off water property in OBX.

Last edited by Vitamin_Sea; 03-01-2021 at 03:41 PM.
Old 03-01-2021, 03:08 PM
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Buying in Arizona and selling Michigan, price diff is at least 3X. The increase in housing costs will be somewhat offset by the decrease in travel budget ( 7 months of winter VS 2 summer months) and boat costs. The % appreciation of the real estate investment will be greater in Arizona as well. In the case of a downturn, the AZ market will bounce quickly and MI may not for a very long time.
Old 03-01-2021, 04:30 PM
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I had planned to sell/downsize in 18-24 months when the Wekiva Parkway construction is done, but now I'm considering having the house ready to sell this summer. However I'm not sure what I will do home wise if/when I sell this house this summer. I want to downsize but I'm not sure if I'm ready to commit to the Tennessee move this soon. If I sell this house this summer I think I would either rent an apt near here (Lake Mary/Heathrow/West of Sanford) temporarily or possibly make the move to Tennessee and rent something up there to see how I like the area and then if I like it go ahead and build my 'last' house up there.

Regardless I need for a couple houses to sell in my neighborhood to get some much higher comps I can work with to value my house. My house is hard to appraise/value because 1) No houses have sold in my subdivision in almost 3 years 2) There are NO COMPS close to what I have (2400 sq ft detached garage with 1100 sq ft of air conditioned space) in a gated HOA subdivision within 15 miles.
Old 03-01-2021, 04:45 PM
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Originally Posted by Sprockets View Post
For you guys who are selling your personal residences in this crazy market, are you buying another home, renting, something different? Just curious as I've thought about selling, but not sure I want to rent. It's tough to find an under-valued home to work on over a few years.
We aren’t selling but

We bought a second house 20 years ago, in part, because we will probably retire there. We understood that if we waited to swap houses (sell one to buy one) it might mean we couldn’t afford the new location, as prices were more likely to increase(have) in that location.
That meant we might have to downsize and in both scenarios we might not have the luxury of getting any significant cash out of the sale, if that was a requirement.

We also have access to 3 lots in widely different geographic areas that would afford us the option of building a small house and bank some money, if we sold a house.
Old 03-01-2021, 05:09 PM
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We are about to close on our rental sale and will shortly put our main residence up for sale. Nice rural property with Ag zoning on 2.5 acres and only a half hour north of Tampa.

It has appreciated well and we are on our way to the water. The dream has been to have the boat on a lift out back. We are getting there!

Thankfully the waterfront market for the Nature coast (where we are looking) hasn't been priced out of site. Right now all is very doable!
Old 03-01-2021, 05:41 PM
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If you sell high, you're turning around to rent high, or buy high.
If the market wasn't so hot, you'd sell lower, turn around and rent lower, or buy lower. All in all it washes out.
We bought our current house after downsizing 2x year ago, bought it before the market shot up. Plan on selling in 2x more years...whatever the market will be...will be, because when we sell up here, we'll be buying down there.
Old 03-01-2021, 07:37 PM
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Originally Posted by IMPLiberty View Post
I guess that depends. I flip houses, but the ones I buy would never be purchased by a first time home buyer as none would ever be able to get a mortgage (due to condition). I’d love a house I could update appliances and sell, but most need $40-120,000 in rehab.
Maybe it's dependent on the area? Two houses in our neighborhood were recently purchased by two different flippers, each with a quick turnaround. The second one was back on the market within 2 weeks, and people were coming to the open house.

$40k sounds like a good bit of money and probably a good bit of effort as well. That sounds like more of a capital improvement than a buy it / paint it / flip it deal.
Old 03-01-2021, 10:43 PM
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We sold in Ca and did a short term rental out there while looking for a house in FL. That was a year ago before prices went through the roof. We had been watching the RE market in FL and got priced out of our first choice of city. When Covid hit, we put the plan into action STAT before the shit show went full potato.
Old 03-02-2021, 12:51 AM
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Originally Posted by triumphrick View Post
We are about to close on our rental sale and will shortly put our main residence up for sale. Nice rural property with Ag zoning on 2.5 acres and only a half hour north of Tampa.

It has appreciated well and we are on our way to the water. The dream has been to have the boat on a lift out back. We are getting there!

Thankfully the waterfront market for the Nature coast (where we are looking) hasn't been priced out of site. Right now all is very doable!
Congrats!
Old 03-02-2021, 03:40 AM
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Happy to say I’m done. Did the fixer upper on the water (started in 94) enjoyed it 25 years and sold it. Wish I had sold it during the boom after 10 years though, would’ve got almost twice what I did 2 weeks after hurricane Sandy (huge difference between $750k and the $1.3mil I walked from in 03). Still came out okay., but when considering what I put into it, didn’t make much at all.
Florida house is way bigger than we need and in a hot neighborhood, but when I do the math, if I were to rent here for 4 months a year it would cost more than it cost to just keep it. Don’t really need anything else... So we’ll stay.
SD house was supposed to be ‘just a replacement for the RV’ (40’ toy hauler) with some room for new toys. Well, we love living there so much it’s more ‘home’ now than Florida is. The really good news is I am done improving it. Done everything I need to make it what we want, and since just about everything including the house is new....
So at 70, now I will play with my little business 10-12 hours a week, and spend the rest of time playing with the toys! 2021 schedule already has three off-road Jeep rally’s, four UTV/ATV rally’s, and four couples coming out to ride with around the Sturgis rally. Going to make up for 2020! I will spend more time standing in a creek with the fly rod too....
Old 03-02-2021, 03:49 AM
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Bought a massive fixer-upper in Key Largo in 2013. Lots of $$ and sweat equity (and lots of fun) and 5+ years later, sold it for 91% of original asking and made several hundred K in net profit. Thought it was going to be the Utopia Retirement living in the Keys, but after 5 years, we knew that it fell far short.

Put that $$$ towards a fixer-upper (all original 1991) condo on the beach in Stuart, Fla and could re-sell now at a tiny profit.

Bought smallish fixer-upper in a nice neighborhood on the water in Ft Lauderdale in 2001. About to sell it soon, all re-modeled. Will make a tidy profit there. Selling that will be easy. It will be turning around and buying one last waterfront home in Stuart, that will be difficult, since the inventory is so low. Will then rent the condo for more than our annual costs, so that's good.

We will go from easy Selling, straight away, to difficult Buying........ But we know that and understand that. We are at a time and place in our lives that even if we over pay for the next place (based on Pre-Covid 'reality'), it will be where we want to be for the next 8-10-12 years. Then sell and move to the condo full time. Then die.

We have a Plan, understand the risks and costs and will 'manage' the situation as best we can. All in the interest of a lifestyle that will make us and our friends and family, happy.

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