This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kids Off to College? Time to Sell Your Home

NEW YORK ( TheStreet) -- In 1993, David and Joy DeSanto moved from Manhattan to the expensive suburb of Westchester county. Like many couples with young children, they chose to live in a town with highly rated public schools.

Almost 20 years later -- with one daughter already on her own, and another in college -- the DeSantos are just about ready to sell their home and free up some cash. They pay about $14,000 a year in property taxes for their three-bedroom, one-and-a-half bath home in Larchmont, N.Y.

The couple is now thinking of moving back to the city and living in a one-bedroom apartment. "It just doesn't make sense to still be spending all that money in taxes," says Joy. "Sure, I would miss the space and my beautiful patio, but we would save so much money by not having to pay for such things as lawn maintenance, car insurance and heating oil."

So what else is stopping them from calling their broker and getting the process started? The DeSantos think they could get a lot more money for the house if they wait a few more years.

"If we could get an offer now for $700,000, we'll gladly sell. I just don't think we're there yet," says Joy. Zillow (Z), an online real estate information site, values their home at $698,200, but similar homes in the area have sold recently for under $600,000.

Paul Anastos, president of Mortgage Master, thinks the DeSantos could be missing out on a great opportunity by waiting it out. "If your children are off to college and you happen to be in a much sought after location or a good school district, you may want to consider selling now. You'll get a lot of bang for your buck," Anastos says.

With mortgage rates of all types at or near their lowest levels in history, Anastos says he is seeing competitive bids -- three or four offers for a single property -- and houses being bought at the full asking price.

According to Zillow, the 30-year fixed-rate mortgage has an interest rate near 3.5%, while the 15-year fixed-rate mortgage has a rate less than 2.9%, each for the most highly qualified borrowers.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
Z $25.06 -0.12%
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs