‘The Big Move’ is a MarketWatch box that looks inside and out real estate, from the search for a new home to mortgages.
Do you have questions about buying or selling a home? Want to know where she is moving next? Send Jacob Passy TheBigMove@marketwatch.com.
I have lived in my home for 40 years. I live on 5.25 acres, and I went to town to divide the land and pass.
I love where I live, but the house is getting old and the kids are gone. I am a 58-year-old nurse. I pay $ 800 a month in property taxes plus mortgages, for a total of $ 2,500 per month.
I was offered a very good deal of money to sell my house for $ 500,000 more than two years ago. I had another house I found and was buying, so I wanted to sell it. But the sale happened in my house, so I had to move away from the house I wanted to buy.
Now there are no homes for sale and I have not found anything I like. So I have to rent until I get something. Do I do that? Or wait until more homes are on the market and selling when I find something. Maybe I won’t get much but the houses won’t be expensive to buy either. Do you all go out together?
It would be better to spend money, go on vacation and not do too much work. But I also do not want to limit my rent payment as I was when I owned my house and I am not happy because I am renting a place where I do not want to live.
I love the house I live in! But property taxes are very expensive, I am nearing retirement and I need to sell. I still owe money to my house, and I will not pay it until I retire.
Landlord costs are rising rapidly across the country, so you are not alone in feeling overwhelmed.
A recent study by real estate data company Attom Data Solutions found that on average, home ownership is only affordable in 41% of states across the country. In other words, for the other 59% of counties across the state, the average household will need to spend more than a third of their wages on housing expenses, including mortgage payments and taxes. housing.
Many sellers are in the same boat with you. They would sell it by heartbeat – if they could find a home to buy. Real estate statistics are on record, and this creates a vicious circle. Home sellers are reluctant to put their property on the market because there is no guarantee that they will have a place to live when the sale ends.
Renting may seem like a one-sided reserve ticket, but that is far from certain. You don’t say where you live, but there is a decent opportunity and nothing more than cheaper rent. In fact, rental housing in the suburbs and rural areas has increased significantly as there is an epidemic as families have sought more places to live outside of major cities. A separate report from Attom Data Solutions found that owning a three-bedroom house (average house price) is cheaper than renting a three-bedroom house in almost two-thirds of the country.
There are other disadvantages to renting, to be sure. You do not have control over your future housing costs, so as long as you are able to rent for the first year there is nothing to prevent the landlord from closing you when you renovate.
A recent study found that home ownership is still cheaper than renting out of two-thirds of the total in the United States, although home prices are rising.
Renting, any money you spend will not be refunded to you. Even if you have lower monthly expenses, there is a lot more to do with what you do with those savings. Ideally, you would invest or save on a rainy day, and not spend it.
You’re not an assistant, though. Given how still mortgage rates are – although they have risen in recent weeks – I would recommend you to see if the adjustment is right for you. But when you look at your home and the fact that you are still working to pay the debt, I think to some renewed recently.
You’re not saying what you did after you went to your municipality to distribute your land, but if it was sitting there, I would consider selling it. Because you have mortgages, however, this does not have to be a straightforward process.
Once the land is divided, you need to get written permission from the lender or mortgage-based mortgage service provider, said Tom Trott, manager of Embrace Home Loans in Maryland.
“This requirement is included in most of Fannie Mae and Freddie Mac’s mortgage loans and the standard language of confidence,” Trott said. To sell a part of the house, you will need your loan approval. But if that is hard to find, you still have options.
“If they don’t think they can get approval in a timely manner, then another option might be to make the sale and adjust the remaining balance at the same time,” Trott said.