[quote=donaldduckmoore]If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.[/quote]
It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).
Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.
At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).
