I am currently faced with a difficult decision concerning selling/purchasing a home.
Here are the details: I purchased my home/main residence September 2018 for $205,000. Local realtors suggest I could now sell from $300-$330,000. We don't want to move, but it is necessary if we want our daughter to further her gymnastics training.
The town we live in, Hot Springs, is 1 hour South of Rapid City, SD. If our kid progresses, training increases to 5 times per week. This leaves me with a grand total of 600 driving miles and 15 hours of wait time per week (each practice is 3 hours).
My wife and I are really struggling as we love our location. We have 2 acres in the Black Hills surrounded by trees. If we sell, we will be priced out of what we are willing to pay for a similar house. On the flip side, the market in Rapid City is going crazy. The air base is expanding significantly. Word is upwards of 20,000 jobs being created. Builders can not keep up with demand.
I've been listening to Bigger Pockets and Bigger Pockets money podcast for 2 years solid. I have gained immense knowledge, but to this point neither Scott nor Mindy has given me a difinitive answer to my situation(j/k)
We would like to purchase up to 10 acres or at least have a similar situation to our current...just closer to Rapid City. I recently heard Scott suggest looking at what has sold rather than looking at what is available first. In this market, everything is sold or contingent not long after listed with the prices continuing to go up. Makes it a little more difficult to determine a deal....or maybe I need to change my interpretation of a deal.
If I am interpreting Scott's advice correctly, I'm thinking I should sell for profit (potentially 120,000 before commission/closing fees) and rent in Rapid City. This way I will have the proceeds waiting to pounce on a great deal when it presents. Am I on track or should I reevaluate? I am open to any and all suggestions.