Selling your Home
- Thread starter Tom Hendricks
- Start date
I'd have a tough time finding a bedsit for that in my area.
I think I'd kind of like to be stuck in a place like that. Double garage, too.
I think I'd kind of like to be stuck in a place like that. Double garage, too.
Probably 400+ even an hour out in Manassas.
If you can: rent it out, use the money to fund your mortgage, get a second mortgage for the new property.
I don't know what the rental market is currently like in the USA, but it's veritably booming over here. I was able to raise my asking price by about 10% last year, and in hindsight I was being very generous to the new tenants by only doing that, since I got two offers for it on day one of putting it on the market. No-one can afford to buy, as no-one with even remotely poor credit or without large deposits, can get a mortgage. So rental yields are soaring instead.
I don't know what the rental market is currently like in the USA, but it's veritably booming over here. I was able to raise my asking price by about 10% last year, and in hindsight I was being very generous to the new tenants by only doing that, since I got two offers for it on day one of putting it on the market. No-one can afford to buy, as no-one with even remotely poor credit or without large deposits, can get a mortgage. So rental yields are soaring instead.
After 17 months of unemployment (laid off from IBM, along with thousands of others as IBM offshores everything not nailed down) I am moving back to Anchorage, Alaska, where I have already secured a good job. For 17 months, I shot thousands of resumes into black holes and networked my ass off here in Atlanta, to no avail. I have a really great resume, but there are simply no real jobs, even if one is willing to take a huge cut in pay. Once I started looking in Anchorage, however, it was 1 week before I got my first interview, and less than a month before I secured a job (including flying up there for interviews).
As the OP may be aware, however, in addition to very high unemployment, Atlanta has one of the worst housing markets in the country, so my house here is like a anchor chained to my leg. I bought it 6 years ago for $200K (3BR, 3.5BA, garage, large finished basement including a rec room and gym) with a $50K 25% down-payment. Now, assuming I could sell it AT ALL (which is unlikely) I'd be lucky to get out of it without having to write a check. The Atlanta housing market has fallen an average of 35%, and over 22% of our homes are now sitting empty after foreclosure.
But the thing is, there are no buyers - at ANY price. Everyone who could qualify for a home before the recession was in one...and now, the only people who are NOT in a house they are chained to like a ball & chain are people who are even LESS likely to qualify than they were before...and people who have been foreclosed on and are thus ineligible.
Because of these circumstances, I am moving into a 1BR apartment in Anchorage, and although I'm moving a bunch of stuff up there (my new company is paying for my move), alot of it will go directly into storage so that I can afford both the mortgage here in Atlanta AND rent in Anchorage. And even then, I will have to live on a university student-level budget with few extras and no luxuries at all. All because I cannot get out of this damn house and will have to maintain it to the tune of about $1,300+ per month (including basic utilities) when I'm not even living in it.
I hope to rent out my home here in Atlanta, thus giving myself a reasonable standard of living again. But time will tell what I can get in rent. I have read that nationally, rents have been going up because there are so many people who have been foreclosed on and are thus in the rental market, ineligible to buy. But we'll see how that works in my case.
I don't have much choice though. In Anchorage, there are jobs aplenty for professionals (I'm a CPA). In Atlanta, there are hardly any - HR managers I know tell me they get over 800 resumes for every opening they put out there...and many of those 'openings' aren't even real - only being advertised for legal reasons, despite the job having already been promised to someone within the company.
I may have to live like a pauper in Anchorage...but at least I'll have a job again, which is better than the situation I'm in now. I can't go another 17 months unemployed - I'd lose the house in any case, if I had to do that. And no one I know here in Atlanta expects the employment situation to improve any time soon. So there is not much of a 'choice' to be made here.
As the OP may be aware, however, in addition to very high unemployment, Atlanta has one of the worst housing markets in the country, so my house here is like a anchor chained to my leg. I bought it 6 years ago for $200K (3BR, 3.5BA, garage, large finished basement including a rec room and gym) with a $50K 25% down-payment. Now, assuming I could sell it AT ALL (which is unlikely) I'd be lucky to get out of it without having to write a check. The Atlanta housing market has fallen an average of 35%, and over 22% of our homes are now sitting empty after foreclosure.
But the thing is, there are no buyers - at ANY price. Everyone who could qualify for a home before the recession was in one...and now, the only people who are NOT in a house they are chained to like a ball & chain are people who are even LESS likely to qualify than they were before...and people who have been foreclosed on and are thus ineligible.
Because of these circumstances, I am moving into a 1BR apartment in Anchorage, and although I'm moving a bunch of stuff up there (my new company is paying for my move), alot of it will go directly into storage so that I can afford both the mortgage here in Atlanta AND rent in Anchorage. And even then, I will have to live on a university student-level budget with few extras and no luxuries at all. All because I cannot get out of this damn house and will have to maintain it to the tune of about $1,300+ per month (including basic utilities) when I'm not even living in it.
I hope to rent out my home here in Atlanta, thus giving myself a reasonable standard of living again. But time will tell what I can get in rent. I have read that nationally, rents have been going up because there are so many people who have been foreclosed on and are thus in the rental market, ineligible to buy. But we'll see how that works in my case.
I don't have much choice though. In Anchorage, there are jobs aplenty for professionals (I'm a CPA). In Atlanta, there are hardly any - HR managers I know tell me they get over 800 resumes for every opening they put out there...and many of those 'openings' aren't even real - only being advertised for legal reasons, despite the job having already been promised to someone within the company.
I may have to live like a pauper in Anchorage...but at least I'll have a job again, which is better than the situation I'm in now. I can't go another 17 months unemployed - I'd lose the house in any case, if I had to do that. And no one I know here in Atlanta expects the employment situation to improve any time soon. So there is not much of a 'choice' to be made here.
I get those all the time. I use to feel special . . .
I actually think it's a marketing tactic to drum up business. While the market up here is nothing like it is is the US, I don't think it's as hot as some say.If a realtor rang my doorbell and told me they had someone wanting to buy my house, I'd tell them right there what I want for it and it's theirs for that price.
And of course, it's a long way from Ottawa to Calgary so things may very well be different.
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I know someone feeling proud of you may be meaningless, but I'm still proud of you for persevering for so long. I hope your Atlanta house rents well and that the money will pay all/most of the mortgage so you can focus on builing your life in Anchorage. Keep going, girl!
I understand where the market is, just really wanted to vent about it. We bought the house for $680,000 almost two years ago. That was way down from the original asking price of $850,000 which most people payed for their houses in our development. There are 25 houses in all. We are listed for 599,000 and can go no lower. We will have to take a loan to pay that as it is, especially when you factor in realator fees.
We are moving to Syracuse more or less for the same reason. It's a place where we want to be, lots of friends and family. It gets us away from Long Island, which we both hate. Aldo give us better financial future, some time down the line once we get from under this house.
We are moving to Syracuse more or less for the same reason. It's a place where we want to be, lots of friends and family. It gets us away from Long Island, which we both hate. Aldo give us better financial future, some time down the line once we get from under this house.
That's a gorgeous property. I can't believe it hasn't sold.
How is the jobs market in your area? If businesses are shedding a lot of jobs that's going to be a real problem for you. Is your agent advertising locally or are you in the multiple listing service?
I've been trying to sell my house for over two years. It's small and with the competition of so many homes on the market in the Albany, NY area, I've given up. My agent hasn't given up but I have. I no longer even live in the area.
Another problem is that banks are dragging their feet approving mortgages and if you're looking for a short sale, they'll drag their feet even longer.
If you're worried about your wife losing the job offer, you might want to have her go to Syracuse while you continue to try to sell the house. In fact, I don't even live in Albany anymore. My agent communicates with me by phone and e-mail, so if your agent is willing, you might even want to join your wife in Syracuse.
ETA:
How is the jobs market in your area? If businesses are shedding a lot of jobs that's going to be a real problem for you. Is your agent advertising locally or are you in the multiple listing service?
I've been trying to sell my house for over two years. It's small and with the competition of so many homes on the market in the Albany, NY area, I've given up. My agent hasn't given up but I have. I no longer even live in the area.
Another problem is that banks are dragging their feet approving mortgages and if you're looking for a short sale, they'll drag their feet even longer.
If you're worried about your wife losing the job offer, you might want to have her go to Syracuse while you continue to try to sell the house. In fact, I don't even live in Albany anymore. My agent communicates with me by phone and e-mail, so if your agent is willing, you might even want to join your wife in Syracuse.
ETA:
Be very, very careful about renting. When you get the applicant's credit report, scrutinize it thoroughly, ask the applicant for an explanation for every negative on it and then confirm what they tell you. My agent didn't do that and I got stuck with a deadbeat.
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A
Amaris
Guest
To me, credit is no longer a reasonable indicator about someone's viability as a rental candidate. Our credit is shot all to hell, but wherever we live, when we move out, we leave it better than when we moved in, going so far as to touch up walls, repair faucets and drains, etc. My father is an expert landscaper, and adds value to the property whenever he landscapes around the house (which he always does).
I realize it's difficult to find a good tenant, but credit isn't the indicator it once was, particularly in this economy.
I realize it's difficult to find a good tenant, but credit isn't the indicator it once was, particularly in this economy.
So are you still renting out your house then? How have you found that? I mean, besides the deadbeat? Did they just not pay? Or did they destroy your house too?
I would actually be willing to take a lower rent from someone who was reliable and who would not destroy the house. My sister is acting as my 'agent' for that reason: because most of the property managers simply run a credit report and that's it - if the person has money, they can rent the house - no references from former landlords about how they treated the property, etc. There are a few rentals in my subdivision now (several people have had to move out of state to get jobs), and a few of them are going downhill quick. Which is, of course, not helping any of us who want to sell or rent our own homes.
And propita, thanks so much for your kind words. I really appreciate it. I'm just doing what I have to do, before it's too late and I have no money left for a move out of here. I did everything I could here...but the job market is just flat. I really worry about the long-term future of Atlanta. This city has been all about the construction industry and the real estate industry for a very long time...but nothing is coming back to life. I know engineers and architects who have been out of work for over 3 years here...and no end in sight. It's pretty grim.
Geez, I did not know things had gotten that bad for you. I'm really sorry. I hope it all turns around for you.
It's really terrible out there. My wife and I, on paper anyway, have lost about $250,000 in wealth over the past 5 years. But we've both been lucky because we've kept our jobs. In fact, my line of work is experiencing rapid growth.
Best of luck to you. Please keep in touch with all of us.
That would be the option I'd be looking into...
Any particular reason?
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