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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Easye418 on August 31, 2015, 10:40:24 AM

Title: Move now or wait?
Post by: Easye418 on August 31, 2015, 10:40:24 AM
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. 
Title: Re: Move now or wait?
Post by: Mother Fussbudget on August 31, 2015, 03:30:09 PM
How much rent could you get from the current home?