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  • October 25, 2009 at 8:47 PM #16555
    Echoooo
    Participant

    We are among those bought in 2007 and have seen the property down somewhere around $70-80K (about 10% of the value). We are ok in terms of job and payment and our house is exceptionally maintained. Most people in our situation will choose to ride over the tide, but lately I am thinking about taking the loss and move on to a bigger house. Anyone out in this forum is in a similar situation? Does it make sense in this market? We can’t afford another loss, so has to be very careful this time. Thanks!

    October 25, 2009 at 9:13 PM #473406
    NotCranky
    Participant

    Sounds like you are begging for trouble to me.

    If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.

    Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.

    October 25, 2009 at 9:13 PM #473586
    NotCranky
    Participant

    Sounds like you are begging for trouble to me.

    If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.

    Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.

    October 25, 2009 at 9:13 PM #473948
    NotCranky
    Participant

    Sounds like you are begging for trouble to me.

    If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.

    Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.

    October 25, 2009 at 9:13 PM #474026
    NotCranky
    Participant

    Sounds like you are begging for trouble to me.

    If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.

    Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.

    October 25, 2009 at 9:13 PM #474250
    NotCranky
    Participant

    Sounds like you are begging for trouble to me.

    If you can’t afford another loss stay where you are at… since you can afford it. Anyway, that seems logical to me. Maybe it will come back and you don’t have to take a loss anywhere? If it doesn’t that probably means you would have been hosed by your plan “B” too.

    Otherwise, make a clean break and don’t buy the bigger house until you can afford at least another 10% decline, or more, depending on how things look at that hypothetical future time. I would think there has got to be somewhere in the ball park of a 50/50 chance that the new home you buy goes down by another 70K or more.

    October 25, 2009 at 9:56 PM #473446
    SD Realtor
    Participant

    If you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…

    It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.

    October 25, 2009 at 9:56 PM #473624
    SD Realtor
    Participant

    If you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…

    It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.

    October 25, 2009 at 9:56 PM #473989
    SD Realtor
    Participant

    If you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…

    It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.

    October 25, 2009 at 9:56 PM #474065
    SD Realtor
    Participant

    If you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…

    It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.

    October 25, 2009 at 9:56 PM #474290
    SD Realtor
    Participant

    If you cannot “afford” another loss then repurchasing is not a great idea. You have a few options… stick it out… sell at a loss and rent…. sell at a loss and rebuy… or maybe just walk away from your mortgage and rent…

    It is a tough dilema… Right now times are better then 2007 but to think there will not be rough times ahead is a fallacy. It may not be for awhile but they will come.

    October 26, 2009 at 5:24 AM #473539
    pemeliza
    Participant

    To me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.

    October 26, 2009 at 5:24 AM #473716
    pemeliza
    Participant

    To me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.

    October 26, 2009 at 5:24 AM #474082
    pemeliza
    Participant

    To me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.

    October 26, 2009 at 5:24 AM #474158
    pemeliza
    Participant

    To me it sounds like the poker equivalent of “doubling down” or maybe just a strong case of buyer’s remorse because your payment can afford you more house now. There are fundamental reasons why prices are lower now than in ’07 and it is hard to see those fundamentals improving in the near term.

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