Menu

Home › Forums › Housing › Hoping to get some candid advice from the knowledgeable group here…

Viewing 15 posts - 1 through 15 (of 36 total)
1 2 3
  • Author
    Posts
  • November 18, 2007 at 8:48 PM #10936
    mrpappy
    Participant

    Have lurked as a visitor on this site without registering for the past 6+ months. Wish I had found pigginton.com earlier. Have learned quite a bit reading the forums and following the regular posters.

    I am hoping to get some candid advice from the knowledgeable group here. Here’s my quick story:

    Bought first house in Point Loma in 2001 at the age 30. Scrapped together everything we had to put 20k down on a 400k house (built in 1949, 1250sqft). It seemed outrageous and way beyond what we could afford and it took everything we had to pay the mortgage. It was the worst house on a decent street. Two years later sold the house (after some basic fixing up) for 675k and moved to Carlsbad, buying a 775k house (built in 2001, 3000sqft – one of the massive track home developments) putting 175k down. We took out a 30 year fixed mortgage at 5.75%. This house, at the insane peak of the market, could have sold (the same plan did sell) for 1.1-1.2mil. Now, it’s probably 875k. Maybe.

    Question is: do we sell our house and rent for two+ years and then buy back in, thereby avoiding living in a house that is falling in value everyday? Or, should we just stay put and be glad we are not one of the many who are desperately hanging on. I have become convinced from what I have learned on this website that this house will be worth 150-200k less over this time period.

    Thanks in advance for anything constructive you can offer.

    November 18, 2007 at 9:05 PM #100924
    sdrealtor
    Participant

    A little more info would be helful. If you could provide the name of the Master Planned community I would be happy to weigh in.

    Most likely i would suggest hanging on if you really like the neighborhood. You’ve got a great loan and it could be worth riding out the storm as it is pretty rough selling out there these days depending upon where you are. Moving is expensive economically and distractionwise from your life. If you have kids thats also a big consideration.

    November 18, 2007 at 9:05 PM #101009
    sdrealtor
    Participant

    A little more info would be helful. If you could provide the name of the Master Planned community I would be happy to weigh in.

    Most likely i would suggest hanging on if you really like the neighborhood. You’ve got a great loan and it could be worth riding out the storm as it is pretty rough selling out there these days depending upon where you are. Moving is expensive economically and distractionwise from your life. If you have kids thats also a big consideration.

    November 18, 2007 at 9:05 PM #101022
    sdrealtor
    Participant

    A little more info would be helful. If you could provide the name of the Master Planned community I would be happy to weigh in.

    Most likely i would suggest hanging on if you really like the neighborhood. You’ve got a great loan and it could be worth riding out the storm as it is pretty rough selling out there these days depending upon where you are. Moving is expensive economically and distractionwise from your life. If you have kids thats also a big consideration.

    November 18, 2007 at 9:05 PM #101036
    sdrealtor
    Participant

    A little more info would be helful. If you could provide the name of the Master Planned community I would be happy to weigh in.

    Most likely i would suggest hanging on if you really like the neighborhood. You’ve got a great loan and it could be worth riding out the storm as it is pretty rough selling out there these days depending upon where you are. Moving is expensive economically and distractionwise from your life. If you have kids thats also a big consideration.

    November 18, 2007 at 9:05 PM #101040
    sdrealtor
    Participant

    A little more info would be helful. If you could provide the name of the Master Planned community I would be happy to weigh in.

    Most likely i would suggest hanging on if you really like the neighborhood. You’ve got a great loan and it could be worth riding out the storm as it is pretty rough selling out there these days depending upon where you are. Moving is expensive economically and distractionwise from your life. If you have kids thats also a big consideration.

    November 18, 2007 at 9:12 PM #100929
    bonfire
    Participant

    It sounds as if you have a reasonable loan. Is it a hardship to make your payments? Do you like your house, your neighbors, and your location? Do you need to relocate, or think you might be compelled to do so for employment or other reasons in the next 5 years? If you are content, why sell now? It is a brutal market, you will incur a lot of costs to sell and purchase another home in 2 years. Sometimes you just have to know when you are well off. Happy Thanksgiving!

    November 18, 2007 at 9:12 PM #101014
    bonfire
    Participant

    It sounds as if you have a reasonable loan. Is it a hardship to make your payments? Do you like your house, your neighbors, and your location? Do you need to relocate, or think you might be compelled to do so for employment or other reasons in the next 5 years? If you are content, why sell now? It is a brutal market, you will incur a lot of costs to sell and purchase another home in 2 years. Sometimes you just have to know when you are well off. Happy Thanksgiving!

    November 18, 2007 at 9:12 PM #101027
    bonfire
    Participant

    It sounds as if you have a reasonable loan. Is it a hardship to make your payments? Do you like your house, your neighbors, and your location? Do you need to relocate, or think you might be compelled to do so for employment or other reasons in the next 5 years? If you are content, why sell now? It is a brutal market, you will incur a lot of costs to sell and purchase another home in 2 years. Sometimes you just have to know when you are well off. Happy Thanksgiving!

    November 18, 2007 at 9:12 PM #101041
    bonfire
    Participant

    It sounds as if you have a reasonable loan. Is it a hardship to make your payments? Do you like your house, your neighbors, and your location? Do you need to relocate, or think you might be compelled to do so for employment or other reasons in the next 5 years? If you are content, why sell now? It is a brutal market, you will incur a lot of costs to sell and purchase another home in 2 years. Sometimes you just have to know when you are well off. Happy Thanksgiving!

    November 18, 2007 at 9:12 PM #101045
    bonfire
    Participant

    It sounds as if you have a reasonable loan. Is it a hardship to make your payments? Do you like your house, your neighbors, and your location? Do you need to relocate, or think you might be compelled to do so for employment or other reasons in the next 5 years? If you are content, why sell now? It is a brutal market, you will incur a lot of costs to sell and purchase another home in 2 years. Sometimes you just have to know when you are well off. Happy Thanksgiving!

    November 18, 2007 at 9:13 PM #100934
    mrpappy
    Participant

    Thanks, sdrealtor.

    The Master Planned community is La Costa Valley. Does that change your answer or keep it the same?

    November 18, 2007 at 9:13 PM #101019
    mrpappy
    Participant

    Thanks, sdrealtor.

    The Master Planned community is La Costa Valley. Does that change your answer or keep it the same?

    November 18, 2007 at 9:13 PM #101032
    mrpappy
    Participant

    Thanks, sdrealtor.

    The Master Planned community is La Costa Valley. Does that change your answer or keep it the same?

    November 18, 2007 at 9:13 PM #101046
    mrpappy
    Participant

    Thanks, sdrealtor.

    The Master Planned community is La Costa Valley. Does that change your answer or keep it the same?

  • Author
    Posts
Viewing 15 posts - 1 through 15 (of 36 total)
1 2 3
  • You must be logged in to reply to this topic.