‘The Big Move’ is a MarketWatch market looking into and out of real estate, from conducting searches for a new home to applying for a mortgage.
Do you have a question about buying or selling a home? Want to know where your other shifts should be? Email Jacob Passy at TheBigMove@marketwatch.com.
I lived in my home for 40 years. I live on 5.25 acres, and I have gone to town to divide the land into a plot and take buses.
I like 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 along with my mortgage, which is $ 2,500 a month.
I was offered a very good price to buy my house for $ 500,000 over two years ago. I had another house that I liked and was going to buy, so I wanted to sell it. But the sale fell on my house, so I had to walk away from the house I wanted to buy.
Now there are no houses for sale and I haven’t found anything I like. And so I have to pay until I get something. Should I do that? Or just waiting for more homes to come on the market and sell when I find something? Maybe I don’t get many but the houses aren’t expensive to buy either. Isn’t it all out?
It’s nice to spend money, go on vacations but not have to work too hard. But I also don’t want to stick to a salary like I’m in my house happily because I’m paying g in a place I don’t want to live.
I love my home where I live! But property taxes are very expensive, and I’m close to retirement and will need to sell. I still owe money on my house and I won’t pay it when I retire until I’m gone.
Homeowner prices are rising rapidly across the country, so you’re not alone in feeling the pressure.
A recent survey from property database firm, Attom Data Solutions, found that, for the average household, home ownership is just as affordable in 41% of counties in the country. In other words, in the other 59% of counties across the county, the average household will be required to spend more than one-third of their take-home rent on rented housing, including mortgage payments and taxes. property.
Many customers are in the same boat as you. They sell with a heartbeat – if they can find a home to buy it. The listing of homes for sale is at a record low, and that builds up something of a bad cycle. Home buyers are reluctant to put their property on the market because they are less sure of where to live after the sale.
Payment may seem like a one-way ticket to saving, but it’s far from certain. You don’t mention where you live, but there’s a good chance that not everything is cheaper to pay for. In fact, wages in urban and rural areas have risen sharply amid the epidemic as families seek more opportunities to live outside the capital cities. Another report from Attom Data Solutions found that owning a three -bedroom home (at the cost of the home) is cheaper than renting for a three -bedroom home across two. thirds of the country.
There are other disadvantages to payment, to be sure. You have no control over the price of your home in the future, although you can afford the payment for the first year there is nothing to stop the landlord from slipping when you go to renovate. And if you own a home, you’ve built up a valuable financial asset.
A recent study found that owning a home is more affordable than renting in across two -thirds of the U.S., despite rising home prices.
With renting, any money you spend doesn’t come back to you. Even if you have a low monthly price, most ride on what you do with those savings. Ideally, you fund or save for a rainy day, not spend it.
You are not getting help. Given the low mortgage rates available – even though they have increased over the past few weeks – I suggest seeing if it’s a right refinance for you. But given how long you’ve been in your home and the fact that you’re still working to pay off your mortgage, I would assume you’ve recently refinanced.
You don’t mention what you did after you went to your local government to subdivide your land, but if you live there, I would consider selling it. Because you have a mortgage, however, this is not a direct transaction.
When land is subdivided, you must get written permission from the lender or the mortgage service that is establishing the land, said Tom Trott, branch manager with Embrace Home Loans in Maryland.
“This requirement is in many mortgages and common languages in the Fannie Mae and Freddie Mac covenants of trust,” Trott said. To sell a piece of land, you will need your financial license. But if it’s hard to find, you still have options.
“Assuming they can’t get a deadline, it means the other option is to make the sale and repeal the remaining balance at the same time,” Trott said.