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Mar. 20th, 2009 01:01 am
Domestic disturbance
The good:
There seem to be a fair number of houses in our price range, and they're getting marked down regularly. There are bargains to be had! (Though a few of the ones we've looked at are also selling fairly quickly at those price points; looks like the upper end of our range is about what many folks are willing to pay right now.)
The bad:
Ehm. The same sort of thing is happening in our zip code. And there's no way we can cover this without at least $100k of equity profit on this place. It's also taking 100 days or more to sell up here. Bugger.
The frustrating:
A fair amount of the uncertainty on this would be solved if I got a job. I still wouldn't count my income toward what we can afford in payments (heck, we're not even going by the 28/35 rule), but it would be a nice cushion for the other stuff, like the upgrades and fixes we need to do here to sell the place.
( Am I out of my tree for considering this? )
Barring total disaster, the real worst-case scenario I can see happening is that prices drop even further, I can't find a job and we have to do some serious Vitus dancing to make the mortgage payment for a little while. But I really, really don't see that sort of thing lasting beyond another year, maybe two at the most.
And in the meantime, we're likely to be considerably happier on all other counts because we'll be in a nicer house in a better location, we'll be seeing our friends more, and M will have an extra half hour to an hour in every day thanks to the shorter commute. Heck, that bonus alone would be worth the move, IMHO.
Bah. I still just don't know. In the short term, this is probably crazy. But for medium-to-long term value, I think jumping on these bargains right now is probably justifiable.
What do y'all think? Am I throwing myself off a cliff or making a shrewd wager?
There seem to be a fair number of houses in our price range, and they're getting marked down regularly. There are bargains to be had! (Though a few of the ones we've looked at are also selling fairly quickly at those price points; looks like the upper end of our range is about what many folks are willing to pay right now.)
The bad:
Ehm. The same sort of thing is happening in our zip code. And there's no way we can cover this without at least $100k of equity profit on this place. It's also taking 100 days or more to sell up here. Bugger.
The frustrating:
A fair amount of the uncertainty on this would be solved if I got a job. I still wouldn't count my income toward what we can afford in payments (heck, we're not even going by the 28/35 rule), but it would be a nice cushion for the other stuff, like the upgrades and fixes we need to do here to sell the place.
( Am I out of my tree for considering this? )
Barring total disaster, the real worst-case scenario I can see happening is that prices drop even further, I can't find a job and we have to do some serious Vitus dancing to make the mortgage payment for a little while. But I really, really don't see that sort of thing lasting beyond another year, maybe two at the most.
And in the meantime, we're likely to be considerably happier on all other counts because we'll be in a nicer house in a better location, we'll be seeing our friends more, and M will have an extra half hour to an hour in every day thanks to the shorter commute. Heck, that bonus alone would be worth the move, IMHO.
Bah. I still just don't know. In the short term, this is probably crazy. But for medium-to-long term value, I think jumping on these bargains right now is probably justifiable.
What do y'all think? Am I throwing myself off a cliff or making a shrewd wager?
