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  1. #1
    basil is offline Sapphire level (2000+ posts)
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    Default How to time the real estate market?

    Spin off of my own thread about fitting 9 people into my parents' 800 sq ft condo for skiing.

    If DH and I decided to purchase another unit in the same building, how would you know when is the best time to buy? We would be paying cash so interest rate not super relevant. There is nothing currently listed for sale, but I wonder if we could purchase from one of the current owners without using a real estate agent to save on commission. How do you go about deciding on a price?

    I know it's a luxury purchase, not truly an investment, but the more I can sell DH on the idea that it's not a huge expense, the better chance I have on convincing him
    DS- 8/11
    DD- 5/14

  2. #2
    SnuggleBuggles is online now Black Diamond level (25,000+ posts)
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    I'd imagine this is a bad time of year to try and do it- everyone is getting ready for ski season so it seems like it would be more expensive than it would be post season.

  3. #3
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    Word of mouth! Let anyone and everyone know that you want to buy in that building. If there a condo association? If so, could you email whoever is in charge to send out an inquiry. The draw of not using an agent is big.
    DD (3/06)
    DS1 (7/09)
    DS2 (8/13)

  4. #4
    basil is offline Sapphire level (2000+ posts)
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    Quote Originally Posted by SnuggleBuggles View Post
    I'd imagine this is a bad time of year to try and do it- everyone is getting ready for ski season so it seems like it would be more expensive than it would be post season.
    Yes, I should have clarified thinking to buy sometime in the next 1-3 years. Haven't gotten total buy in from DH yet, just need to work on it
    DS- 8/11
    DD- 5/14

  5. #5
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    Deciding on price: if you look on a real estate website (ex. Zillow, Estately, etc) you can do a search for sold properties. It will usually list the history (prices, put on the market, price changes, final sold price, other sales prices if it was sold more than once).

    I would look up that info and determine what nearby units sold for in recent times and in the past. If pics are still up, I would look at them to determine how finishes and fixtures figured into the price. I would look at price per square foot as the best price guide.

    Then, if a unit becomes available, I would make an offer based on price per square foot and whether or not it was recently redone and/or needs to be updated.

  6. #6
    California is offline Emerald level (3000+ posts)
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    Ditto what Peaches recommended. Zillow has a “sold” search function. You can check out the pricing, description, and some of the photos (seems like the photo availability varies) for recently sold homes.

    You may also want to price renting (in addition to short term rentals on AirBnB, you can also search for long term rental history on Zillow.) You know if you get your own unit… your brother is going to try to figure out how to get his kids to stay with you, or to use it when you aren’t up there!

  7. #7
    basil is offline Sapphire level (2000+ posts)
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    I have most of the rental information because my parents rent theirs. They have either rented it out seasonally or by the weekend. They sometimes rent during the spring/summer/fall for a pretty low price, but are typically able to keep it rented on big weekends. Per them, it's pretty easy when renting for a winter season to cover the taxes/condo fees for the year.

    But now DH says that he doesn't want to do this because we would need to form a LLC if renting? Because if someone falls down the stairs and breaks their back, then they could sue us personally?

    Does anyone who owns rental property do this? I know my parents do not have a LLC.
    DS- 8/11
    DD- 5/14

  8. #8
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    We had a long term rental and didn't set up an LLC. I have set up an LLC before for a small business and it was super easy. I had checked with our tax preparer/financial planner and he would have done it for us, but it was ridiculously easy to do it myself. Doing something out of state would add an extra wrinkle where I'd probably like some professional hlep though.

    Sent from my SM-S515DL using Tapatalk

  9. #9
    NCGrandma is offline Emerald level (3000+ posts)
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    Quote Originally Posted by basil View Post
    I have most of the rental information because my parents rent theirs. They have either rented it out seasonally or by the weekend. They sometimes rent during the spring/summer/fall for a pretty low price, but are typically able to keep it rented on big weekends. Per them, it's pretty easy when renting for a winter season to cover the taxes/condo fees for the year.

    But now DH says that he doesn't want to do this because we would need to form a LLC if renting? Because if someone falls down the stairs and breaks their back, then they could sue us personally?

    Does anyone who owns rental property do this? I know my parents do not have a LLC.
    No personal experience at all, but I suspect one of the appeals of the LLC is that you’re both physicians and therefore some renters might see you as attractive targets for lawsuits.


    Sent from my iPad using Baby Bargains

  10. #10
    jgenie is offline Red Diamond level (10,000+ posts)
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    Quote Originally Posted by NCGrandma View Post
    No personal experience at all, but I suspect one of the appeals of the LLC is that you’re both physicians and therefore some renters might see you as attractive targets for lawsuits.

    Sent from my iPad using Baby Bargains
    Yes, DH won’t let me do marketplace sales because he’s worried about people coming on our property. He would insist on an LLC if we rented a property.

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