This a question for the gurus like justbroke and shipo. My husband found out today that a house under contract directly across the street from us with in walking and window perusing distance, sold for 85k over asking price (from 625 K to 710 K) While this is not much in NY, WA, MASS. NH, etc., that is very high for our neighborhood where homes are currently valued at around 600K or a bit above.
Granted, this smaller house is a showstopper with massive updates and fancy additions, but it is directly across the street from our house and can be viewed from our bedroom, so we fully expect a little bump to our estimated value. My gut instinct is telling me don't delay but fix up what we can and sell while the demand is still so high.
The only con to selling now is next year {possibly} the house could be worth maybe 50K (?) more but in the meantime, our monthly mortgage is rising more than a $100, starting in May due to an escrow shortage, and the repairs will only mount as more and more systems fail and the nearly 50-year-old kitchen will need to be gutted and completely remodeled. And of course, we don't have access to credit as we did when we spent over 100K on the fixer-upper disaster that forced us into BK13.
The pros include for the first time in nearly 8 years, not having a mortgage, the solar panel lease and upkeep hanging over our heads like the sword of Damocles, poised to strike anytime. And should the market self-correct, we would be protected from a real loss or picky buyers passing our house up because it's "too old" and not up to their standards. Also, I could escape the stairs which could doom my ankle to potentially crippling surgeries that a ranch would not, and we could relocate to a milder, less toxic climate with cleaner air, lower sea-level altitude, and healthier humidity. And as a bonus, I might be able to pursue my former profession in the performing arts, which I had to abandon due to BK13 and the steady erosion of opportunities, as actors, VO artists, writers, directors, etc. migrated to more desirable artistic communities elsewhere. And traveling to Canada and other nearby US states would be possible instead of being stranded in the mountainous wasteland as we have been for 12 years already!
Many "experts" here think these record home inflationary prices will continue for years to come and houses here will top over 1 million dollars, because "Colorado is the most desirable destination in the world" (really????)
Being stuck here with an unwater property and a possible layoff down the road for my husband while my health and self-worth continues to diminish is not my idea of a bright future!!!
Granted, this smaller house is a showstopper with massive updates and fancy additions, but it is directly across the street from our house and can be viewed from our bedroom, so we fully expect a little bump to our estimated value. My gut instinct is telling me don't delay but fix up what we can and sell while the demand is still so high.
The only con to selling now is next year {possibly} the house could be worth maybe 50K (?) more but in the meantime, our monthly mortgage is rising more than a $100, starting in May due to an escrow shortage, and the repairs will only mount as more and more systems fail and the nearly 50-year-old kitchen will need to be gutted and completely remodeled. And of course, we don't have access to credit as we did when we spent over 100K on the fixer-upper disaster that forced us into BK13.
The pros include for the first time in nearly 8 years, not having a mortgage, the solar panel lease and upkeep hanging over our heads like the sword of Damocles, poised to strike anytime. And should the market self-correct, we would be protected from a real loss or picky buyers passing our house up because it's "too old" and not up to their standards. Also, I could escape the stairs which could doom my ankle to potentially crippling surgeries that a ranch would not, and we could relocate to a milder, less toxic climate with cleaner air, lower sea-level altitude, and healthier humidity. And as a bonus, I might be able to pursue my former profession in the performing arts, which I had to abandon due to BK13 and the steady erosion of opportunities, as actors, VO artists, writers, directors, etc. migrated to more desirable artistic communities elsewhere. And traveling to Canada and other nearby US states would be possible instead of being stranded in the mountainous wasteland as we have been for 12 years already!
Many "experts" here think these record home inflationary prices will continue for years to come and houses here will top over 1 million dollars, because "Colorado is the most desirable destination in the world" (really????)
Being stuck here with an unwater property and a possible layoff down the road for my husband while my health and self-worth continues to diminish is not my idea of a bright future!!!
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