Diary

Upstate

port1080.

Posted to Diary on Wed Jun 27, 2012 at 08:26:46 AM EST. RSS.

Apologies that I've been slacking on my editorial duties, but last week my wife was offered and accepted a position at a small but prestigious liberal arts college in upstate NY, so last week was spent driving up there to check out the area before she accepted, weighing pros and cons, etc.  Then out to Pittsburgh for a wedding over the weekend, and now this week it's all about calling realtors and trying to find her an apartment up there to rent before August 1st, and calling realtors down here to get our house on the market...busy busy busy.  Anyway, anyone want to buy a nice 4 bed / 1 bath house in suburban Delaware?  Seriously though, any tips on selling in this market?  Any recommendations for a reliable and reasonably affordable long haul moving company?

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Re: Upstate

port1080.

Wed Jun 27, 2012 at 08:32:51 AM EST

none

Also - anyone have any experiencing renting out a single family home?  We're probably going to take a pretty big hit if we sell the house right now...we're not underwater (50% down payment FTW), thank god, but it still hurts to sell for 70% of what you paid.  There are some property management companies in northern DE that would handle the details - is it realistic for two people with no experience owning a rental to go to a property management company and make some money renting, or is that a huge risk that could turn into a big money pit?  We guess we should be able to get about twice what our mortgage + tax + insurance payment is in rent, and the property management companies seem to just want about 10% of total rent, so there's definitely potential for us to have an income stream there, at least in theory...and property values are low enough where we're moving that we don't necessarily need to get the equity back from our current house to buy another one up there.

Allons-y!

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Re: Upstate

joshv.

Wed Jun 27, 2012 at 09:37:21 AM EST

none

Wow, if rents are twice the cost of buying, you'd think it would be an easy sell, unless the cause of the disparity is the fact that nobody who wants to buy in that area can get financing.

As for moving, we used United Van Lines 2 and a half years ago and were happy.  We used them again this last month to reverse our cross country move, and got a former "Mayflower" franchisee (United bought Mayflower) and were extremely displeased.  Premium price combined with a low quality crew who couldn't have cared less about our stuff or our house, and did little to protect either from damage.

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Re: Upstate

port1080.

Wed Jun 27, 2012 at 02:26:59 PM EST

none

No, rent's not twice the cost of buying, we just put 50% down (and have paid off some of the principal and also refinanced...) when we bought so our mortgage payment is quite low relative to the value of the house.  Delaware is a pretty strong rental market, though, because it has a large transient professional population - there are lots of entry level jobs at banks, financial firms, chemical companies & pharmaceutical firms - jobs that you'll probably work for two or three years and then get transferred out of to some other location.  If that's the kind of job you're in, renting makes far more sense than buying.  Thanks for the tip on United - you're the second person we've talked to that's said to avoid them.  

Allons-y!

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Re: Upstate

Shy Elf.

Sun Jul 01, 2012 at 02:10:40 AM EST

none

Speak to someone who knows about the tax consequences of the loss, which might affect things, if you can carry it over in some circumstances.

Check out whether banks are actually foreclosing promptly in your area.  In a lot of cities, the big banks have stopped foreclosing, I assume to drive up prices and to postpone taking capital losses.  If this is the case, there are huge shadow inventories of homes that haven't hit the market yet.  In general, I think home prices are being driven up by liquidity factors more than they are being driven down.  Yeah, the guy who can't move can't buy a new house, but he can't sell his, either.  The idea that you can't sell now and this is a temporary thing is not, I think, likely to be true.

I'd be nervous about renting a house if I didn't check it out every few months.  The rental management company doesn't have much of an incentive to make sure the place isn't getting slowly destroyed.

Prices should be going up faster than inflation.  They don't build houses in China and import them, and neither do they outsource building them over the internet to India. Yeah, they're doing more partial construction in factories, though.  

That home builders aren't building much at these prices indicates to me that prices are low enough, and will generally go up from here, but the inventory still left says slowly.  Rental housing is probably a reasonably good place to have money parked at the moment.

The real estate market is more local than ever, with much slower household creation and increasing Detroitization.

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Gentlemen, Place Your Bets!

pO157.

Wed Jun 27, 2012 at 07:44:54 PM EST

none

I look for approximately 17 to 23 months to elapse before the New York State political environment causes you to become staunch libertarians.

Also, avoid U-Haul like the plague. They use the worst workers to load your shit.

America! I could teach you, but I'd have to charge.

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Re: Gentlemen, Place Your Bets!

HidingFromGoro.

Sat Jun 30, 2012 at 11:03:15 PM EST

none

In my experience, if U used U-Haul then U were the one who loaded your shit.

I got more styles than prison got bricks- ain't that some shit?

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Re: Gentlemen, Place Your Bets!

Shy Elf.

Sun Jul 01, 2012 at 01:45:16 AM EST

none

U-Haul has the worst equipment.  Rent from someone else if the price difference isn't too much.

I've always assumed that if you don't end up loading and unloading your stuff, it's going to be done by monkeys.

And, yeah, decluttering is best done before moving.

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Re: Gentlemen, Place Your Bets!

pO157.

Sun Jul 01, 2012 at 11:51:47 AM EST

none

I was trying to be funny. I failed. Again.

America! I could teach you, but I'd have to charge.

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Re: Upstate

HidingFromGoro.

Sat Jun 30, 2012 at 11:31:18 PM EST

none

Any recommendations for a reliable and reasonably affordable long haul moving company?

In a couple moves to/from AZ <-> Seattle, Bekins never let us down.  

When I worked at UPS, lots of customers used the LTL and TL freight services for moves.  Usually they had a lot of of stuff though, so check around for pricing to see if it's worth it.  LTL = "less than truckload (53' container)," your shipment may share container space with other shipments, but you pick the guaranteed delivery date.  TL = "truckload," the whole trailer is yours (temperature controlled on request), you pick the guaranteed delivery date and the intermodal split if requested (if/when/where it goes from truck to train and back again).

Cheapest option is usually renting a truck, loading/driving it yourself and having friends help you with the loading if necessary.  If you need help unloading at your new house, strapping young college boys can usually be hired from Craigslist for that (Craigslist is my go-to source for all my strapping young college boy needs).

I got more styles than prison got bricks- ain't that some shit?

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Re: Upstate

HidingFromGoro.

Sat Jun 30, 2012 at 11:36:29 PM EST

none

Also the great thing about moving is that since you're going through everything you own anyway, it's a great time to get rid of clutter & junk.  If you haven't used or worn it in 60-90 days, donate it to Goodwill or Salvation Army (or a friend, neighbor, or coworker).  

My motto is: "when in doubt, it goes out."

I got more styles than prison got bricks- ain't that some shit?

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Re: Upstate

Anywhere.

Mon Jul 02, 2012 at 08:08:33 AM EST

none

Every time I move, on arrival I am amazed at the junk I decided to cart with me in the shit-I'm-running-out-of-time-and-have-to-finish-packing manic phase of moving.

I now have a closet full of clothes that I intend to dump at my parents'-- they're on a Goodwill pickup route-- the next time I'm there.

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Re: Upstate

gerrymander.

Mon Jul 02, 2012 at 10:21:02 AM EST

none

The Great Cull is one of the hidden benefits of moving -- if you have enough time to plan, and the fortitude to execute, in advance. I generally get rid of about 30% of the crap I own when I move.

That said, as soon as e-readers get to a development stage where they'll become a useful thing to have in my life, that fraction will go down. Move after next, I'll probably have many fewer books and bookshelves both.

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Re: Upstate

pO157.

Thu Jul 05, 2012 at 08:07:29 PM EST

none

I gotta admit, it's kinda sad. When I was young I always imagined that when I became rich and old as fuck I'd have a fancy pants library with old leather bound books which nobody else would be allowed in. Sometimes they'd knock on the door, and I'd look up from whatever I was doing, sigh and put aside my stogie. Obviously I'd be wearing a smoking jacket.

America! I could teach you, but I'd have to charge.

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Re: Upstate

Anywhere.

Fri Jul 06, 2012 at 02:52:32 PM EST

none

Now you can scowl at anyone who wants to look at your Kindle.

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