I liked sdrealtor’s suggestion to slow down and really think through your next move. Booking a $60,000 cost-of-sale loss right now and jumping into the renter’s lifestyle is a drastic life-altering decision, and you may or may not be prepared to live with the downsides of that decision. On the other hand, the $60,000 won’t seem like a loss if you’re forced to sell at the bottom of the market and those prices turn out to be 30% lower than where they are right now.
Nobody KNOWS when or where this slide in prices will stop. We’re all just guessing, and there’s no doubt that some of us are just flat-out wrong.
Stick around for a while and read up on the analyses and the data that pops up here, and then decide how you feel about the reasonableness of those opinions. You may end up deciding that staying where you are and riding it out is the best choice to make for your family.