My husband has owned our home for 2 years and still owes roughly 100k. We have 5 acres out in the country, mostly open and cleared. A separate ( detached) 3 car garage/shop and several small out buildings ( a shed, a chicken coop) and a 3 bdrm,2 full bath new manufactured home with two porches.It's in the country but the property does start right on the hwy basically. Lots of additions like stone walk ways, stone squares all around the house. It's a beautiful house and we really like it however it doesn't have a basement and we are really wanting more acrage. We've talked about getting more land but we really would like to live on any additional land we buy and not just have additional hunting/farming land. We are talking about having another baby in the next year or two and are considering putting our home up for sale now.
My question is since I haven't followed it as well as I should have, Is the real estate market any better? It seems like around where we live nothing is selling and there's alot for sale. If we can't get what we owe for it then there's no point in selling it right? Would it make more sense to stay put for a few more years and continue just paying it off? The twist is I recently received some unexpected settlement money from my son's wrongful death suit as he passed away several years ago of his disabilities unltimately due to medical negligence. It was roughly 100k, enough to pay off the house but not have any left. Should I pay it off and use whatever we make from selling it to buy another? Pay it off and stay put? Continue paying for it? Keep it in the bank? Pay off other debts??? Thanks so much! I would really appreciate any opinions.
My question is since I haven't followed it as well as I should have, Is the real estate market any better? It seems like around where we live nothing is selling and there's alot for sale. If we can't get what we owe for it then there's no point in selling it right? Would it make more sense to stay put for a few more years and continue just paying it off? The twist is I recently received some unexpected settlement money from my son's wrongful death suit as he passed away several years ago of his disabilities unltimately due to medical negligence. It was roughly 100k, enough to pay off the house but not have any left. Should I pay it off and use whatever we make from selling it to buy another? Pay it off and stay put? Continue paying for it? Keep it in the bank? Pay off other debts??? Thanks so much! I would really appreciate any opinions.