Sometimes it’s hard to know when it’s time to move on, and when you’re better off staying put. Especially in this real estate market, things are trickier than ever.
One of our neighbors argues that we should all sell now because the market might get worse before it gets better. Another wants to sell but is putting it off until the market recovers some of its mojo so he gets the money out that he put into it. It’s a gamble either way. No one knows for sure what’s going to happen in the coming year (if you’re the exception, please let me know).
To read author Marni Jameson’s advice about moving, click “more” below:
My dilemma is this: we moved here because of the township’s “excellent” school system rating and have been very happy with our children’s education so far. But then something unexpected happened–the schools ran out of money.
They put a levy on the ballot asking for more and the voters declined. Again and again it has been voted down, most recently last week. And you can just imagine what that’s doing to the real estate market here in our town. Which is why the neighborhood conversations often revolve around the question: try to sell now, or wait and hope things improve soon?
I know I’m not the only one facing the dilemma of whether or not to move. And if you do decide to move on from where you are, the next question that comes up is where? (I have a secret fantasy of moving someplace warm where I can sit on my porch year-round.)
Marni Jameson, in The House Always Wins, has some good advice for people considering a change of scenery after her family successfully did just that. One morning her husband woke up and said, “Let’s move.” So they researched the best places in the U.S. to live and settled on Colorado. I found the concept of choosing a new city this way kind of fascinating because I’ve always wanted to do that, but instead have stayed right here in the Midwest.
Here’s an excerpt from her book with her advice on the matter if you’re brave enough to consider it.
If you get an itch to move away, but don’t know how to start, try this:
1) ASK why you live where you live, and whether somewhere else might suit you better. What do you spend a lot of time complaining about–bad schools? High crime? Killer traffic? Long commute? Where could you live that would eliminate these issues?
2) CONSIDER whether you could find satisfying employment elsewhere, or whether your job is the kind that would let you work from anywhere.
3) EVALUATE cities based on objective (not anecdotal) evidence. Because everyone’s definition of quality of life is different, focus on what matters to you. The Places Rated Almanac looks at nine categories: cost of living, arts, health care, jobs, recreation, transportation, education, climate, and crime. Fold in the subjective stuff: family, friends, and familiarity with your local turf, to create your own balance sheet.
4) VISIT a place to see if you like it. Visit again in a different season. If you have children, visit the schools. (I’d like to add that it might be a good idea to talk to the locals and ask how the schools are doing financially. Will they be asking the voters for more money in an upcoming election?)
5) USE THE INTERNET to house hunt and compare real estate prices. Sites like Realtor.com are great places to start.
Marni adds these tips for those of you who have decided to move for sure and have narrowed down your location.
When home shopping, here’s what to look for, and what to overlook:
1) Be sure you like everything about the home that is impossible or difficult to change (location, lot, neighboring homes, the bones of the house and its flow, etc.).
2) Be encouraged if a house has hard finishes you like that are costly to change (cabinetry, hardwood, tile, and outdoor amenities like pools and patios).
3) Don’t worry if it doesn’t have finishes that are less expensive to change (carpet, paint colors, light fixtures, window treatments, appliances, landscaping).
When making your final decision, Jameson adds, remember: “It’s better to have too much nerve than too little.”
(All rights to this excerpt belong to the author and Perseus Books. Moving box photo via OhMyApt.)
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Look for the other posts in this week’s series based on The House Always Wins:
{ 6 comments… read them below or add one }
I live in my fourth house. I purchased it because I fell in love with its antiquated quaintness and half acre wood, and I can’t imagine living anywhere else. That’s my criteria for choosing a home. Quality of life matters. Plus I live only 10 minutes from work. So many of my friends live in state of the art houses in the middle of nowhere. They spend their day commuting and driving their kids all over creation. Their cookie cutter houses all resemble each others’; their yards are so small they can hear their neighbors talk, and they live so far from the city that their lives are spent in ugly shopping malls or strip malls. In addition they paid through the nose for the privilege of living in a structure whose walls are so thin that the first tornado or major storm would blow the roof right off.
The real estate madness of a few years back has led to a depressed economy and a dire situation for those who purchased over-valued houses whose mortgages are ballooning. I’m glad I stayed put. No one is going to give me a medal for it, but I can comfortably afford fixing my house up without asking for a loan. Why would I “move up?” I would only be enriching the realtor, while putting myself in debt again. Besides, at the most, the three of us can only occupy three rooms at any given time. My modest 2,300 sq ft house is big enough for my family, though these days it is considered a starter home. Hah! Fifty years ago, only professionals, such as doctors and lawyers, lived on our street. Go figure.
Thanks for reading my rant.
Due to a neccesary change in employment, my husband and I had to put our house in Texas on the market back in December. Its still on the market , along with 8 other homes on the same street within 4 blocks. In this market we’ll be happy if we break even when it does finally sell.
Scary stuff.
We have been thinking about the same thing. We live in the same general area as you do (I think), and we also moved here for the “excellent” schools. Now, with the state taking over, no bussing, and all of the drama, I am kind of kicking myself. But, we bought a fixer upper, which still isn’t fixed up. Several houses on our block have went on the market in the last year, only to sit there for months, and then be taken off again.
The house next door to me has been on the market for over a year, and we haven’t seen one person look at it in at least six months. It is a nice neighborhood, but it is the smallest house here.
I think we will be here for a LONG time.
Vic–you made some very good points. Too bad we weren’t all as smart as you about things. I think the allure of owning a bigger, nicer house has been too tempting for a lot of us. My husband and I moved out to the country to get the home of our dreams about 12 years ago but quickly tired of all the commuting. When you have to drive 15 minutes just to grab a gallon of milk, it gets a little ridiculous. I’m glad we moved back into “town,” but of course now we’ve got the school situation to deal with. If it’s not one thing, it’s another…
Hairy–ugh. I feel for you. I’ve got my fingers crossed that you’ll sell that house soon. It’s rough all over!
Jill–it does sound like we’re neighbors! If we don’t get the schoolbuses back soon, I don’t know what we’re going to do. Today, for instance, my little one has the flu, but I’ll have to drag her out in the rain to pick my son up from the Jr Hi. Well, don’t get me started….
When we were surprised by a third pregnancy last summer, everyone else kept asking us if we were going to sell, feeling that our house (four bedrooms, although one we’ve converted, and two baths) couldn’t possibly accommodate a family of five. I grew up in a 1000-SF ranch with one bathroom and five family members, so I just can’t see the need — especially in this market — to upgrade right away. And the baby’s small. She can sleep in a drawer for a few months at least.
Vic made an incredibly interesting point about our escalating expectations, and how today’s “starter” homes would have been considered elite a few decades ago.
Best wishes, Hairy, in finding the right buyer. We’ve found here houses can sit forever, or be snatched up in a weekend. I’ve got my fingers crossed that yours will find the perfect buyer quickly.
no bussing……….omg.. i feel sorry for both of you all. i personally love the bus as trasportaion for the kids. good luck.