House Update

by Heligirl on July 2, 2010

in Daily Ramblings

No, I’m not talking about the doctor with the bad attitude and addicting personality. Though an update on him might be in order. What has he been up to these days? He never calls or writes.

The house of which I speak is the one I was planning to sell or rent and the one I was hoping to buy. As it turns out, I would be a terrible gambler and an even worse stock broker. I just don’t have the stomach for risk. Guess that’s why I’m neither really rich nor homeless. Guess that’s a good thing in a way.

After hubby and I seriously started talking about a bigger house and started looking, we discovered we could get a house a little further from town more than twice the size of the little 3 bedroom, 2 bath, single-car garage rambler we have now for about the same price as what I bought this house for in 2004. Play our cards right with the nice low interest rate and we’d have the same mortgage. That sounded excellent on paper so we started looking.

First, I researched where the better school districts were we visited those neighborhoods. Sadly, some of the nicest homes in the best neighborhoods were 25 miles south of us now, making for a nasty commute at times. Yet hubby deemed it a worthy sacrifice. We found a few houses we liked, but before I could make an offer, there was more work to be done.

I needed to know my house would sell or rent for a price that would let us keep our income to debt ratio and I needed to know I would find good childcare. I sent messages to all my mom friends and posted notices on mom boards asking about childcare in the new community and if anyone was looking to rent in my neighborhood. I got several good child care nibbles from many wonderful friends and acquaintances.

I did find this really cool child care center that charged $37 a day per child and had room for a 3 and 1 year old come fall since they were adding a building to the center. They did some pretty cool stuff there I knew would be great for the kids.

Unfortunately, the housing nibbles were pure crap. Meaning what I learned was depressing. In just the last week two houses on my block went up for rent and another two for sale. Median price for homes in the neighborhood dropped to a good $50,000 below even Zillow’s average suggestion of what my house is worth, not to mention what I’m taxed. And no one was interested in renting our place for the amount we were willing to rent.

So with all that lovely news we decided to wait to see what the market does. I just don’t have the balls to a) put the house on the market right now and sell it for far less than it’s worth, risking not being able to get into another house at the level we originally hoped, or b) empty my savings for a down payment on a house and attempt to rent my house, then having two mortgages and no savings to fall back on.

Yup, I wouldn’t make a very good high roller or a Wall Street heavy hitter. The way I see it, it’s better to have kids’ college savings and retirement safe and sound. I still have three years before my youngest enters public school. Things are bound to loosen up by then.

{ 5 comments }

Neena July 2, 2010 at 8:10 pm

Bummer. But everything happens for a reason right? The way I see it – this wasn’t the time to sell because another house that is even bigger and better is waiting for you down the pike. Time will tell!
Neena recently posted: Are Your Project Management Skills in Shape

Heligirl July 3, 2010 at 6:34 am

I love how you think Neena! That’s got to be it. Bigger and better would be nice, but I’ll be happy with big enough in the right neighborhood. 🙂

Stacie July 3, 2010 at 4:00 pm

Hi you! I have given you an award! Come to my blog, click on “Blog Awards,” and take a look! *hugs* to you, and I am so glad you have some direction in the house-hunting…or not so house-hunting…adventure!

The Mayor! July 5, 2010 at 1:57 pm

We did the same, moved a little further out to get more house for the money. The right time will come, no worries! BTW, I voted for you, but I guess we all knew CB was pretty ruthless going after that crown hahahahahaha! It was much fun though, & I have to admire her determiniation! 😀

Heligirl July 11, 2010 at 6:30 am

Thank you lovely Mayor. I wrote my nomination post and sent out a tweet, but didn’t feel comfortable self promoting all week. It was an honor just to be nominated. 🙂 I also figured I wasn’t going to get in CB’s way. 🙂

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