Friday, February 27, 2009
Market Madness
Which would you do if you were moving to a new place in say, two months? And let's say you need to let your future employer know asap whether your housing trips will result in purchasing or renting a home? We definitely want to try to sell our place here, but moving to a new place we're still in the process of deciding. We'll have a signing bonus to help out with a downpayment, or we could use that to pay down student loans or as emergency funds if we rent instead. We need to make a decision soon, so although we of course reserve the right to do whatever we want anyway, please comment!
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10 comments:
It's such a good time to buy a house! But, wait. It's a terrible time to sell a house! What about renting out your house in Provo & buying here? Too much hassle? Not knowing your financial situation, I don't know what would be best for you. What about just buying something small, kind of like starter home size, for a steal & upgrading later, when the markets rebound?
If you are there to stay, I say buy all the house you'd ever need (within reason, of course--I'm just saying...room to grow). Moving is so much hassle that I say get it done right the first time, especially when someone else is doing it for you (I'm assuming you're getting a relo package). Plus, with the market the way it is, deals are there to be had. Selling right now is...oh... (me just shaking my head)...I'm just glad to be done with. Best of luck. Maybe Purina does a duplicate payment program, where they pick up one mortgage for you, while you're trying to sell? Can't wait to hear what you decide.
I don't care which, I just hope you move close by!
I'd say the way things are going right now, this is a good time to buy. Too bad I can't entice you with a little townhouse!
That is a hard decision. I would say for you guys that I would buy. You are familiar with the area and know where to and not to buy. If you were going to a new city, I would say no. Just rent and check out the area for a while before you commit. Lucky for me, no chance in buying in Cali right now, so I don't have to make the tough choice!
So, I would say buy. It really is a buyers market. I feel bad you have something to sell. Good luck! Soon there will be new MBA spouses on the group and maybe someone will want your location since it is a good one!
If the job is super secure you could think about buying...It's a lot easier to get out of a rental contract than sell a house if a job doesn't work out (unfortunately, we have experience with that one). I'd also base it on how long you're planning on being there. Kiley would also like to add how comfortable you are renting it out when you leave...He'd say to watch the Morning Market Call and listen to Tom from 2-24.
My lovely house on a cult-a-sac in St. Louis is still for sale!!!! :)
So, I think it really depends on how long you think you are going to be there. And if you think you will be there for at least 5 years - buy a house that you won't feel cramped in (but also that won't make your budget tight). I think it should be super easy to rent since you live so close to BYU. Another thing to consider is that the intrest rates are still very low. If you could do a house hunting trip, I believe that you could still lock-in at a great rate. All that being said, we finally decided to buy a house that we plan on living in for the next 15 years because moving is for the birds. (And selling right now - yuck, I can't wait to be done with that part of my life.)There is nothing that I like about it. So, there you go. For what it's worth - there's my advice.
I'd just avoid two mortgages. Did it for nearly 18 months. Not good.
Good luck!
Huh, well, if the market is anything like it is here in Sacramento then I'd have to say Buy, BUy, Buy... aren't you guys sure that you are going to be in St. Louis for quite a while too? And if you can't sell your place in UT, isn't a great place for a rental? But, you guys are the ones who know your total financial situation.
I'd check out the Purina sales lately and compare them to how they've done the past few years and get the best idea of how the company is handling the downturn. I'm sure you guys have already done that. With our state's unemployment rate now hitting 10%, it's getting a little too interesting. If everything looks good, interest rates and housing prices and picks are great.
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