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   Author  Topic: Sell or not to sell  (Read 521 times)
Goldie
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Sell or not to sell
« on: Apr 5th, 2017, 11:41am »
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Hello fellow Cornellians
  The real state market is at an all time high right now. I am wondering if it is a good idea to cash in the equity of my house and downsize.
 
I have a 2500 sqft corner detached house. Would I be able to sell it in coming months and be able to buy within cornell for 7-800K any end unit town house or a semi
 
Don't want to move out of here.
 
Would it be worth it or not?
 
Ponder Ponder
 
What do people in the neighbourhood think? Huh
« Last Edit: Apr 5th, 2017, 11:43am by Goldie » IP Logged
amiyum
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Re: Sell or not to sell
« Reply #1 on: Apr 5th, 2017, 9:12pm »
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I'm not sure of what stage you are in your life but as a homeowner I would not downsize and stay in the  neighborhood because you are buying and selling high. Research shows that detached will retain its value than any other home types and considering how builders are building fewer detached homes, there is definitely value in having one as an asset.
 
However if I was in the business of selling properties the benefits of selling your place and finding you a nice alternative would be a great opportunity. So I could find a plauseable reason to assure you that this is a great idea.  Smiley
 
Good luck with your decision
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Goldie
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Re: Sell or not to sell
« Reply #2 on: Apr 5th, 2017, 9:23pm »
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Thanks for the breakdown Amiyum
 
I am definitely not in the business of buying and selling houses and in terms of detached house increasing in value I never actually thought about that
 
Appreciate the input
 
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suburbanite
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Re: Sell or not to sell
« Reply #3 on: Apr 6th, 2017, 4:53pm »
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There are the moving costs as well to factor.
 
Land transfer on 800K is about $13000. Movers and realtor fees as well.
 
Not huge amounts but I'd still include them in the calculations.  
 
I'd echo the opinion on detached holding value. But I suppose if you really didn't want to deal with the upkeep on the bigger size anymore, or the higher utilities, prop taxes etc...
 
Remember once you cash out, got to do something with the cash. Investments are also not guaranteed. So depending on your current portfolio/pension the cash might best be left in real estate.  
 
Might!! Grin
« Last Edit: Apr 6th, 2017, 4:55pm by suburbanite » IP Logged
Mark Tang
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Re: Sell or not to sell
« Reply #4 on: Apr 8th, 2017, 4:08pm »
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on Apr 5th, 2017, 11:41am, Goldie wrote:
Hello fellow Cornellians
  The real state market is at an all time high right now. I am wondering if it is a good idea to cash in the equity of my house and downsize.
 
I have a 2500 sqft corner detached house. Would I be able to sell it in coming months and be able to buy within cornell for 7-800K any end unit town house or a semi
 
Don't want to move out of here.
 
Would it be worth it or not?
 
Ponder Ponder
 
What do people in the neighbourhood think? Huh

 
I would say based on recent sales, you will probably not be able to find a town or semi in the 7-800 range.
 
Just this week in the new cornell village area..
 
A middle unit town, 3 bedroom, 2.5 baths with double garage on Almira Ave just sold for $1.021
A semi, 4 bedroom, 2.5 baths, double garage on Cornell Park Ave just sold for $1.114m.
 
Upper Cornell and Old cornell village Semis go around for 800-900k
 
A older middle unit town on bur oak, 3 bedroom, 3.5 baths, sold for 860K this past week.
« Last Edit: Apr 8th, 2017, 4:11pm by Mark Tang » IP Logged

Sales Representative at Homelife Bayview Realty Inc.
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647-291-4585
Goldie
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Re: Sell or not to sell
« Reply #5 on: Apr 8th, 2017, 8:53pm »
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Thanks suburbanite and Mark Tang
More things to consider now
It does seem like buying within cornell is very difficult at this moment  
I'm hoping to be mortgage free if I can   Embarassed
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