But you still may be selling to someone who needs to finance. As the rates rise, the price you can get for your property generally drops.
And there's Real Estate in a nutshell, huh? The price of what you can get for your property generally drops when rates go up, as does the price of what you're buying...generally. And I just dodged the Carter Effect, buying my place when interest rates were just over 9%, and soon thereafter they looked like credit card rates. Prices in the exploding DC market at the time buffered the interest rate effect.
Back in 2021, I answered this thread with a "No but H%^^ No! Um, yet here we are a year later and we are moving out of state. After 10.5 years in this apt the last thing either of us wanted to do was move-and certainly not North. Where we have lived here so long, is a stone throw away from most of what we need. But buildings going up on every corner, higher rental rates, higher everything ,made us reevaluate your future. When someone you know offers you a way out, and quite possibly a better way of life ,you do what you need to. Aside that we are moving 400 miles away, from family and friends, we are looking forward to this move. There will be many adjustments to make, but we should be able to progress without too much pain. Dec, 12th the day the truck should load up . We probably will leave the following day in hopes of getting there before the truck. yesterday we both went and had our hair cut, from our usual hairdresser. I could not believe, we were so close to tears as we left, and wished her well. Guess it hit us both then, This move is real. I have at Timeline set up on this move and so far, things are going good. Hoping to avoid a disaster like someone we met recently. The had movers pack for them and the packers packed her purse, keys and phone. They were gone before she knew what had happened. .
We have an interested buyer for our land and camp up north, and we haven't even put it on the market yet. We don't have an offer, yet, though. I am not interested in selling it for anything less than what it will take to buy a livable home in Michigan, and I don't see why we wouldn't be able to get that. If we can sell the land for a good price, we can start seriously looking for something in the UP, and since we still have the house here in Millinocket, we wouldn't be rushed. A lot can go wrong, of course, but it's looking good. Maybe we'll put the Millinocket place up on Airbnb. A few other places here in town are doing well that way. We'd have to hire a property manager but that could not only provide some income, but it would maintain the house while we're away. Empty houses don't do well in cold-weather climates. We'd be moving from one cold-weather climate to a slightly colder weather climate, but I'd like to spend my last years near the place where I spent my first years.
I have been repeatedly contacted by a guy who buys property for investors, for my farm. He is only offering tax assessment value but our township does not raise taxes till after purchase. We have had it for 13 years and it is now on the border of the city with the road becoming commercial in the future. If he brings the offer up to what I actually want, I might think about it. But where can I get another place like this, just a little further out, for that?
I've been through the same thing outside of DC, except that there was no moving "just a little further out" regarding commute time. I literally could not afford to buy in my current neighborhood. If he really wants your place, and you would really like to take some cash out, talk to the guy about it. He's in the business and knows the region and the market. See if he can find a property that suits your needs that he can acquire (by whatever means) and flip with yours (plus you'll want some cash.) He may already have access to something that is less desirable to him than your place is that he'd be glad to use as a bargaining chip. This is a very common thing to do when selling to an investor. I walked my mother through it when she sold her residence and the adjoining rental property, although the specifics were slightly different. Hire a real estate attorney to set it up. It's a very routine thing. It won't cost that much, you won't be messing with a seller and their contingencies and their life issues, and you'll not be paying real estate commission on either the sale or the purchase...your guy likely works direct with a broker.
That is good info. I might be using it. I wish I were a better communicator because we did talk on the phone once. But we were $100,000 apart. And what would I do with myself if I sold? My place is so perfect for me. He actually sent me a check, the cashing of which would give him ownership. That was a new one on me. A guy down a bit down the road was offered $1 million for his place and he turned it down. I thought he was nuts! His house was falling down and his yard was a junk pile of broken lawn tractors that he intended to fix and sell. He had a vegetable truck farm than only the neighborhood knew about. But the stone quarry across the road wanted what was UNDER the place. He said no. I asked why and he said Where would I be able to get a place like this for $1,000,000 now days? Now I understand. He had much more land than I. He died last year and I don't think his wife is selling either. Although at her age and health, I think she should. Probably saving it for her grandson and a better offer.
That's both interesting and sneaky. I've not worked in real estate but know my contract law. Real estate transactions must be in writing unless they fall below a certain token threshold (back in the day that threshold was $250.) I don't know if a Conditional Endorsement on a check (terms that are written below your signature on the back) suffices, since the written agreement does not have to be extensive in order to show intent to sell. Now I'm not sure my advice to work with him is all that good. I don't know what your trust level is with the guy. This whole industry sucks. I got stories of helping my mother sell her properties. She & I had our issues, but I dislike developers (and appraisers) even more. If you like your place so much, what is motivation to sell other than this guy coming in to your life? I understand that nearby development is driving up the value...is it gonna impact your daily living conditions?
I think about it every day but I am really stumped on where I would go. Probably the best move I could make would be back "home" in Oregon where I know the most people and have "still" my best friend from highschool. She and I talk at least 2 times a month if not more. She and hubby have property passed down I don't know how many generations, and a big family of grown kids in their 40s, grand-kids and great-grand-kids. It's so fun to go and visit them which I haven't gotten to for the 7 years I've lived here. My home-country is near Roseburg Oregon in a small area called Winston. Reta and her family live about 10 miles out from Glide OR. It's the one place I know I could go and stay if disaster struck although as far as I know, they haven't done a lot of prep as they both only recently retired. Reta drove bus forever, and Arnold was a logger his whole life. I guess you could call me part of the family which is what they've always said. Here's a video Reta and I made about 2012, I love and miss her:
I don't think I would deal with anyone who tried the check thing. That indicates an unscrupulous person trying to tempt you to do something that might not be in your best interest. It sounds like you love your property, so I wouldn't sell unless I really needed the money or could no longer deal with owning the property and no family to help.
Uhmmm...I am kind of old, on one leg. As mean as I am, eventually I won't be able to do all that is needed. I was just going to give it to my daughter who is renting it now but there are days she does not want it. And days that she does. Just planning for all contingencies, I guess. A lot of changes going on around there that I don't like but I don't want to be totally farmless yet. I used to dabble in real estate but would not do anything without a lawyer these days.
Good. I'm glad you're covered by your own experience. That's always best. My mother sold those two properties to developers in the middle of a booming DC region market, and we did not hire an agent...we sought out (and negotiated with) the developers on our own and structured the deal ourselves. Man, do I have stories, starting with the "appraiser" who made a low-ball offer.