Yeah, I know I’m on a limb here with that statement, but stop. You’re at 50% of current market already. Research it. It’ll be hardpressed to drop much below $500K if it is a well kept house, with a real yard, and functional living space.
Think about it. Are you going to go through two or more moves, a year or more of renting, to buy at what your current loan is at +/- 10% possibly at much higher rates not to mention future fixes/modernization?
If you sell, you’ll generate 6% or so in commissions, that’s on the inflated price. You then move and rent. Then go through the house hunt again, find a good place. Fix it up again. Hopefully all us wise people haven’t forgotten just what kind of condition the majority of homes we in during the mid-late 90s.
You look at homes today and it’s frequent to see new granite countertop kitchens, new sinks, new fixtures, new bathrooms, new carpet, new paint, new tile, etc. Not a chance of that after the downturn. It’ll be 5-6 years worn with 3 or more years of neglect on top of it. Remember looking at homes in the mid-90s? Or worse, window dressing paint, carpet cleaning etc.
If you’re really at 1/2 of were the market peaked for your zip code on comps, it may be cheaper staying put. Even after looking at the bulk of capital gains you may get if you try and sell now.
