Wow...we have been crazy busy but our house is almost ready to put on the market! We've spent the last 3 weekends and countless evenings after Maelin is asleep cleaning and packing and boxing and moving boxes and moving furniture, pictures and stuff over to multiple people's houses.
My piano is at my friend Dan's house, our furniture and clothes are at my dad's house and our random boxes of pictures and crap is at our friend Keith's house. Kevin has taken two days off of work: today he's home cleaning out the basement so it looks more presentable. I'm taking Thursday off and taking Maelin to Sandra's house so I can finish painting and cleaning.
The cleaner is coming on Thursday...we're paying her $100 and for that we get...ALL windows cleaned inside AND out, baseboards cleaned, crown molding cleaned, floor swept and waxed, everything dusted, and kitchens and bathrooms cleaned. Not a bad deal considering I have NO time to get all that done (and no interest, if I'm honest about it...)
I can't believe it's actually getting so close to us moving!! One more step closer. Our realtor is coming on Sat afternoon to take pictures and then the house will be listed next week.
One problem that has popped up: we live in the middle of our block. On our side of the street, 4 houses down from us, a developer has come in and completely torn those houses down. They're gone. This weekend, our neighbors were moving out. Our other neighbor told us that she heard from someone that the developer bought out the 4 people and is planning to tear down all the houses and build $400,000 - $500,000 townhomes all the way up to our property line. The problem with this is this:
1. Is anyone going to want to buy a house right next to construction even though they don't work on weekends?
2. Should we wait to put our house on the market because as soon as those are finished, our property values should skyrocket.
3. Should we wait to list the house in the hopes that the developer wants our land too and hasn't contacted us yet? (I think the developer would have contacted us by now if they wanted the land, but Kevin isn't sure)
Can you believe it? We've lived here for over 3 years and the SAME week that we are planning to list the house is the week the construction starts. What should we do? Any thoughts?
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Even though selling your place and moving plans are already underway, here are a few thoughts for you...
I would be proactive about trying to find out if the builder has interest in your 4-plex. Maybe walk down there when you see some people down there (look for the guys with the clipboards, hard hats, business casual attire, etc)and ask some questions. They don't know you or where you live so any "probing" Q&A that you can get out of them might help. Also, if you know the name of the builder company, you can call directly and inquire the project! Might get some info there too!
I wouldn't worry about the construction part at all!! Bottom line, people still want to be in Wash Park! My guess is that your target market being younger couples without kids or singles care less about the inconvenient noise. Contractors are so speedy these days that I don't think it will be a determining factor for buyers! If anything, they'll think like you guys do and realize they're buying at the right time and anticipate the value appreciation!
As far as waiting... that gets tricky! You guys want more space NOW and so does Maelin! You could consider renting out your place for a year until next spring. Then you'd be able to purchase your next home and get the tax benefits of both properties! You'd probably have to re-fi this mortgage to get out from under the arm, but it could be done!
I'd ask Kevin's cousin to pull comps on other sold condos back in the "peak" with your stats to see what the possible profits might be. For your square footage and location, you might find that you're right we're you should be listing price wise... so it wouldn't benefit you to wait. If you find that your profit potential is greater if you wait, then you guys have to decide if you want to go through all the steps to take advantage of it!
Either way, I think you guys will come out on top!! Sometimes timing just is what it is! My parents sold the house I grew up in for $98K and they could probably sell it now (even in the slump) for $225K... but they didn't want to wait! Sometimes the timing just is what it is!
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