Even In a Struggling Market, You Can Still Sell Your House

Cape Cod Second Home

For Judy and Vinny Capraro, selling their vacation home in Cape Cod, Massachusetts this past May was a way to cut out a long drive from their house in New Jersey—and save money.

Photo: trulia.com The Capraro home on Cape Cod was sold after being listed for just two weeks.

"We had a mortgage and we didn't see any equity building in the home," says 69 year old Judy Capraro, a retired public school teacher who lives in Middletown, New Jersey.

"Even though it's a very nice neighborhood, we were 'underwater ' and owed more on the home than it was worth. Home prices have fallen somewhat," Capraro goes on to say. "It was enough at least for us to sell."

The Capraro's bought the three bedroom, two bath house in West Hyannis 14 years ago for $142,000.

Renovations and rebuilding kept costs rising, Capraro says. Even with a fixed mortgage, the monthly payment of about $2,600 didn't seem worth it to Capraro and 72 year old Vinny, who retired five years ago as superintendent of schools in Edison, New Jersey.

"It's a lot different for people in their 30s and 40s and waiting out the next twenty years for the values to go up," says Judy Capraro, who gives music lessons to supplement the couple's income. "We just didn't see that happening."

The home sold for $375,000 after being on the market for just two weeks. The original asking price was $399,000. Like Tramel, the Capraro's didn't want to lose money, but the couple got an eye opening moment they didn't expect.

"The new owner, a woman in her 40s, came in with cash for the whole deal and that made up somewhat for the difference in price," Judy explains. "We wanted to get more money and we didn't really make that much, but in a way we were lucky to sell it."

With three grown children, Capraro says she and her husband are now content with just owning their senior residence condominium.

"We have a mortgage on this place and we'll be staying here for some time," Capraro adds. "They'll have to carry me out of here."

As for Cape Cod, selling their second home doesn't rule out a return.

"We can certainly go back there and rent another house during summer months," Capraro goes on to say. "We used to rent our own house sometimes. But now we don't have to worry about cleaning up, fixing things that are broken, and worrying about the place."

For both Tramel and Capraro, selling a home in today's market came with surprises and lessons learned.

"Everybody has to give a little to sell a house," Tramel goes on to say. "You also have to be patient, if you can. Also, know what you can live with in terms of price."

"I really thought it would take a while to sell," Capraro adds. "We're glad it didn't. My advice? I'd say get a good agent who knows the area. Our agent was right down the street and had customers waiting. It's a buyer's market for sure. Just be prepared to negotiate. Being flexible helps in the end."