[quote=sdgldnbear]
1. Should we sell now and rent until a great deal comes along somewhere else, say Coronado?
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If I was in your shoes…
Yes. You’ll have to start now, and price to sell quickly. Every month it doesn’t sell is another mortgage payment lost and another month depreciation.
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2. If we stay and try to sell in 3 years, will the market be in the tank? In 5 years?
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I believe it will be at the bottom in 3-5 years and stagnate there for a while. When it moves back up, it won’t be the rocket-ride it was in 2003-2005. You’ll get more now than you would in 5 years or maybe even 10, in my opinion.
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3. If we decide to stay till we can sell for original purchase price, how long do you estimate that will be?
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Until you see $875k? Maybe 10-20 years – impossible to guess. Will that $875k be worth what it is today? No. You will never again see that house “worth” that much, as it was an artificial value that we will likely never see again in our lifetime.
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4. If selling now means taking a loss, is it still worth it because we’ll only be able to get less over the next few years?
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Again just my opinion – it is definitely worth it.
