Forum Archive: Posts by: wishinone

We are considering putting our co-op on the market, but it looks like we will not have 20% down on something bigger in the area we want to live, and no banks are giving jumbo loans with less than 20% (even 15% doesn’t cut it). So, we will have to rent until we can save up some more money. We will be lucky to get out of our coop with our down payment and enough to pay off the realtor, I think.

We want to sell because we have two kids sharing a very tiny bedroom, and it is cramped. They are 1 and 5. But then, if we sell low, and can’t buy low, are we kicking ourselves because the market may turn in the year or two it will take us to save up 20% for a bigger place? Sorry for the rambling… just feeling very confused by all of this and it seems like the market is changing daily.

We bought an 1100 sq ft two bedroom co-op in Park Slope in late 2005 for 625K. Redid the bathroom, floors, painted, added backsplash, new floors, a dishwasher to the kitchen. Around 20K worth of work.

We are outgrowing our place (had second child earlier this year). I’d love to get into something bigger but fear selling in this market. A realtor has given us what seems to be a high-ish price for our place, but not sure if it’s realistic or if we’d end up dropping it to get it sold. We need whatever we can get to buy up.

What to do: make it work in the two bedroom until things turn up (knowing it could be 3-5 years) or bail now?