"I'll buy another house as soon as this one is paid for...."

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

  Sounding like a realtor, we are all excited that the market is seeingopportunity

    • Best Prices
    • Great Interest Rates
    • Super selection
    • Outstanding Condition

and so the sales mantra is sung coast to coast..."It's the very best time to buy"  Not wanting to be left out of this choir ....our song had the same chorus and lyrics.

    We met a young professional man who had recently had a groicwng family and were quickly outgrowing their first home...looking to plan ahead with more bedrooms, a bigger yard...looking at school districts.singing

  Soooo....we began the happy song....waiting for nodding heads in agreement with market conditions and the list of features that the young couple had on their wish list.


                WHOOPS !

    We asked what the timing would be of their purchase of a new home..."We will buy our next home as soon as this one is paid off.....'

       YICKS !!!!  Paid off ?    How many years will that take ?   What will prices and interest rates be when that day comes...are you missing an opportunity by not buying when prices and interest rates are favorable ?

  He/She/They who hesitate are.....well.....lost....losing the best opportunity to capitalize on the market.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not heard that one yet. Most of the time buyers who get a 30 year mortgage say 'I will be old by the time this is paid off."

Jun 25, 2010 12:18 AM #1
Rainmaker
1,846,965
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Most people only buy another house AFTER the other one is paid off...   when they sell it!

Jun 25, 2010 12:21 AM #2
Rainmaker
635,450
Rick Cordisco
Pocono Mountain Lakes Realty - Lake Harmony, PA
Pocono Real Estate Professional

Similar story. Working with a couple who owe NOTHING on their house for sale in Western PA. They are looking to buy about 3 hours away here in the Poconos but don't want to make a purchase contingent on a mortgage that would be right around the mid 3's to low 4's until they sell their house and then can payoff the mortgage. 

Jun 25, 2010 12:22 AM #3
Rainmaker
1,235,760
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I'm with Jay * if they HAVE a mortgage on their current home, it IS paid off when that home is SOLD...If they OWE nothing on their current home, when they SELL IT, they will have CASH to buy their new home for CASH with NO MORTGAGE!!

Jun 25, 2010 12:24 AM #4
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

  Sometimes doing the math...let's pretend...the interest rate climbs to this...the prices go up to that..(it IS happening !) and then will they be the coulda should buyers that regret not moooving ?

Jun 25, 2010 12:25 AM #5
Rainmaker
1,041,056
Charles McDonald
Charlottesville Real Estate Solutions - Charlottesville, VA
REALTOR®, Blogger, Principal Broker®, Owner

I actually think that paying off a home is a good thing to do before buying another...

your friend in Charlottesville Virginia

Jun 25, 2010 12:31 AM #6
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

I agree with paying it off when you sell it....I have a hard time waiting for a decade to pay it off and hope that things are affordable...we don't suggest bridge loans today !

Jun 25, 2010 12:32 AM #7
Rainmaker
1,516,122
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

If one is not upside down (or can handle the negative balance) and has a real need for a bigger house,  there is opportunity "in them there listings!"

Jun 25, 2010 12:35 AM #8
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

  if you are looking for bigger...or even if you are downsizing to a condo...take two...one north and one south...the whole world...thankfully is not upside down....great time to jump in the market and enjoy the savings !

Jun 25, 2010 12:44 AM #9
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

People pay off houses?  LOL

Jun 25, 2010 01:02 AM #10
Rainmaker
3,133,013
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

If I waited until my house was paid off I think I would be waiting a long long time...there is always something else that comes up that seem to take precendence on the payments!

Jun 25, 2010 02:14 AM #11
Rainer
74,274
Jennifer Dulmaine
Keller Williams Realty - Spencer, MA
Seth Campbell Realty Group

WOW...well it just doesn't make sense...even if they had a few years to pay it off...with the interest rates and the prices...you cannot loose but only gain an interest rate below 5%!!!! and low prices. Thanks for sharing, Jen

Jun 25, 2010 02:18 AM #12
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

just keep playing that lottery...bet on the gray horse...wait for Publishers' Clearing House...

Jun 25, 2010 02:18 AM #13
Ambassador
942,052
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

I can see it with a car...maybe.  But, a house?  Really?  Did you or are you going to win the lottery? 

Hmmm...I just don't get it. 

Jun 25, 2010 04:20 AM #14
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

the lottery comment was meant for Kristin who can't see how...like others...people pay off their home in a  blink....lottery winners could !

Jun 25, 2010 07:18 AM #15
Rainmaker
2,113,377
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

I've never heard of such a thing.  Wouldn't you pay it off when you sell it?    Sell it and pay it off now instead of making payments and paying interest for however long you still have payments due. 

Jun 26, 2010 06:05 AM #16
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

    if he waits x years until it is paid off....he will have missed all the  "deals of the century" that are out there now !

Jun 26, 2010 06:53 AM #17
Rainmaker
449,858
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Sally and David~  I can see it both ways!  But, I think it is still smarter to get out of debt first, and then move later!  But, that's just me.  It makes better financial sense and would easier to sleep at night by being out of debt.  Paying cash for things would be nice!

Jul 10, 2010 05:52 AM #18
Rainmaker
3,254,755
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Agreed Vickie...on the other side of things...good to take advantage of building more equity in a house you may need with a growing family while you can get it at a lower price with great interest...the best way is the way it works for you..thanks.

Jul 10, 2010 06:32 AM #19
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
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