Ozzie, if rent for a home like yours is $4,500 / month, then your home can be sold for well over a million dollars. If you sold, I am pretty sure you could get at least $3,000 / month in tax-free munis on that million dollars over the next 4 years. You’d also save on property taxes and maintenance. That means your net cost for renting for the next 4 years would be less than $70K. This seems small compared to the likely depreciation you’ll suffer if you stay.
Saving a few hundred grand doesn’t seem important compared to the depreciation you’ll avoid if you sell? You must be very well off to not care about saving a few hundred grand. I’ll give you my address so you can mail me a refund check when my tax dollars are used to bail you out!
The only reason not to sell, besides not needing to care about money, is if you’re already almost underwater on your mortgages. Then you may as well hold on and bail for free if prices keep going down.
