All,
Another layer of my financial constraints....
Bought in Sept 2014 @ $331k.
Could sell today (2-4 week time frame) for $365k maybe $370k.
Super high taxes $7,500 to $8,000 a year.
Found a smaller house for $285k with $5,500 prop tax.
Few questions:
1. I figured if I sell at $365k, I will lose $36.5k to transactions costs so I will come up slightly negative on the deal? Does that sound right?
2. Is it worth selling now, cutting the mortgage down (~$1,700-$1,800 ($1,253 P&I+ $450 Taxes + ? PMI?) = $750-$850 savings a month)?
Our salary currently is $117k yearly (I make $70k). I want her to stay home for kids (18-24 months from now would be the birth). With that extra $850 a month, I could throw that to Principal or pay off Student Loan debt earlier?
Thoughts?
Also, for what its worth, a house sold in two weeks down my block, zillow estimate $300k, sold for $340k. My zillow estimate is $360k. My house is 700 sq ft larger, 1 more bed/bath, 1 year newer, and we have hardwood throughout the bottom. They have a slightly larger backyard tho.