View Full Version : Is this a horrible time to buy a house?
We have been planning to move for several months - back to Texas. Found a little house that ticks all the boxes and is reasonably priced for that market. It would be like we did with this house, a sight unseen purchase, but we know the area well and it is where we want to relocate to. I can pay cash but then we would have two houses until I can get this one sold. I have no idea what the market will be like for selling here but I know the inventory is very limited. What to do? Take the risk and proceed with what our hearts want or sit tight?
I guess it all depends on how much of a risk taker you are. I wouldn't do it myself.
We have been planning to move for several months - back to Texas. Found a little house that ticks all the boxes and is reasonably priced for that market. It would be like we did with this house, a sight unseen purchase, but we know the area well and it is where we want to relocate to. I can pay cash but then we would have two houses until I can get this one sold. I have no idea what the market will be like for selling here but I know the inventory is very limited. What to do? Take the risk and proceed with what our hearts want or sit tight?
we are in same boat, for same reasons, and faced with same question. We are moving ahead with trying to purchase in a different state.
And obviously it is a crazy time but we are also cut off from our family and we had decided this beforehand.
But we are taking the risk rather than sitting tight.
iris lilies
3-30-20, 1:08pm
Yes.
I would say to follow your instincts. Or your heart--whichever speaks loudest.
It might not be a bad time to buy a house as long as you don't have to go house hunting. But I think it could be a bad time to sell one.
Teacher Terry
3-30-20, 1:52pm
Tough decision.
I want to tell you to be cautious, because of what happened to us in 2008 owning 2 houses at the precipice of the real state crash. But your situation is different because you own your homes, and because from what I've read, real estate shouldn't be as vulnerable as it was in 2008.
And even when I think about the cost of my ill-fated decision to take on a jumbo mortgage at that point in time, it bought us a year and a half with my mother-in-law.
Go with your heart and go back to your family. Just move fast on getting your CO house on the market.
frugal-one
3-30-20, 2:42pm
We have been planning to move for several months - back to Texas. Found a little house that ticks all the boxes and is reasonably priced for that market. It would be like we did with this house, a sight unseen purchase, but we know the area well and it is where we want to relocate to. I can pay cash but then we would have two houses until I can get this one sold. I have no idea what the market will be like for selling here but I know the inventory is very limited. What to do? Take the risk and proceed with what our hearts want or sit tight?
Yes, if you have a cushion where you can live adequately until your other house is sold.
You're in an area of high demand, IIRC. So maybe not so much of a risk.
What kind of market would you expect for your house, pinkytoe? Around here, high-end houses, particularly in the outer-ring suburbs, are not selling well at all righ tnow. Under $250K and close to either city? Unless there's a major problem with the house, it's pretty much sold as soon as the for-sale sign in planted in the yard.
So would your house fit into a sells-fast category in your market? If it does, I'd go for it. Particularly if you could handle carrying two houses financially for some months. I think this time is different from 2008. Not hugely different, but enough if you're trading even (or down) and can pay cash and carry the current house for a bit.
I have a contract on a house to buy, and a contract to sell mine. Originally I was going to close on the new home first, and then move my stuff over before closing on mine. I’m only moving a couple miles away.
But with everything going on I changed my closing date on the new house back to make sure mine sells first. It will cost me a few thousand as I have to put my stuff in storage, and then move it again. I also had some other fees because of putting things back. But I didn’t want to take the chance that my buyers back out and have to put mine back on the market.
I don’t mind basically trading houses at this time, but I don’t want to own two in what will probably be a slow market for a while.
At least the buyers of my house put down more into escrow than I did, so if they back out they will more than cover mine.
We have been planning to move for several months - back to Texas. Found a little house that ticks all the boxes and is reasonably priced for that market. It would be like we did with this house, a sight unseen purchase, but we know the area well and it is where we want to relocate to. I can pay cash but then we would have two houses until I can get this one sold. I have no idea what the market will be like for selling here but I know the inventory is very limited. What to do? Take the risk and proceed with what our hearts want or sit tight?
I would do it personally.
How long do you really want to put off moving back? Life is short, as recent events have shown.
iris lilies
3-31-20, 10:30am
Are lending institutions even making loans? Before the virus shutdown, there were big backlogs in loan processing.
I don't think Pinkytoe needs a loan.
FWIW, I would never buy a house sight unseen but you have done so before so your comfort level is what matters.
iris lilies
3-31-20, 11:51am
I don't think Pinkytoe needs a loan.
My concern isnt so much buying a house with cash as
1) unloading any other house one may have and buyers needing a mortgage is one of those concerns
2) value of purchased house pkunging. That isnt necessarily a concern in a house one stays in for years and years, but it affects your bottom line asset measurement
ApatheticNoMore
3-31-20, 11:56am
Generally yes :). I'd hardly say it's financially super prudent to have two houses now. However you have wanted nothing but to go back to Texas ever since you moved, so ... . Is it somewhat the same part of Texas you left (I believe that was Austin?) or thereabouts. If so you know the area at least, so no surprises there. You could rent for a bit there first I guess. The housing market many places is not likely to be going up much anytime soon I wouldn't think, but I suppose one never knows.
Well guys, we decided after much discussion not to do this right now. There is already enough anxiety going on. For now, we will enjoy our comfy, remodeled house with a beautiful view of Pike's Peak and FaceTime with family; very, very grateful to have what we have. Who knows what will happen to the real estate market in the foreseeable future?
Well guys, we decided after much discussion not to do this right now. There is already enough anxiety going on. For now, we will enjoy our comfy, remodeled house with a beautiful view of Pike's Peak and FaceTime with family; very, very grateful to have what we have. Who knows what will happen to the real estate market in the foreseeable future?
That sounds very sensible, whatever makes your anxiety levels lower sounds good.
Pinkytoe, I think that's a good decision.
Our closing dates have been moved up to next week. I guess our buyers are going to come thru. First they wanted to close on 4/20, then 4/13, then recently back to 4/20. Yesterday they asked if we could close on 4/7. I said sure, I’m picking up a truck today, and my son is taking Friday off to help me load and take stuff to a storage unit.
We are going to close on our new house now on 4/8. My wife is going to stay a couple days at my sons house and I’m going to stay on a friends boat. My sons house is a little bit to noisy for me to stay a long time with our very active grandkids.
Not sure how the stay at home rules affect things, but its essential to me, and I won’t be coming into contact with many people.
I think a boat sounds like a great place to quarantine! Well, not here, where it's 30 degrees, but where you are.
Not sure how the stay at home rules affect things, but its essential to me, and I won’t be coming into contact with many people.
Different state, of course, but we have friends of ours moving this month from their single-family home to a 55+ "community" and the move fits within "essential travel" here.
I think a boat sounds like a great place to quarantine! Well, not here, where it's 30 degrees, but where you are.
Here it is important that it has air conditioning. Highs here are in the upper 80’s. It is a nice boat, I’ll only need to stay probably one or two nights. Also it’s docked behind his house, it takes about 10 minutes to get to the gulf.
He offered to put us up in his house, he has a few spare bedrooms. But since it’s just me I figured I’d rather stay out of their way.
I am thinking that for many of us who were getting ready to sell or buy, it may be a very long wait.
I am thinking that for many of us who were getting ready to sell or buy, it may be a very long wait.Our daughter made an offer on a house on Monday. The seller countered on Tuesday and they came to an agreement yesterday. They're expecting to close in early May, after the seller has an opportunity to replace the roof.
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