My husband and I are thinking about selling our house. We just had a second child and I think we need to upgrade to a bigger place. My mom is telling us we shouldn't because it's a bad time for real estate. What do you think?
Rayna
Hey Rayna,
Well, it really depends on where you live but it's safe to say the market isn't what it used to be. Here's the thing - If you sell your house now, you may not make back what you paid for it. That being said, you should be able to get a house for less than it's worth. What I suggest is finding the place to you want, figuring out how much you'll need to pay a month and see if you'll be able to afford that on top of the money you'll have left to pay back to the bank (unless you're already paid off). Then you should go talk to an agent and see what they think - how much they believe the house will go for and how long it will take. It may be awhile before someone jumps on the house. Here in Florida, if the house is priced on the low end, people swarm to it regardless of how the market is. Our neighbor just sold his house for $80,000, I believe and I think it was orginally worth at least $120,000. So, you may want to wait to see if the market gets better but if you need a bigger house, you need a bigger house.
Good Luck!
The Money Chick
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