Wondering if I should sell now?

[(former)FormerSanDiegan]

I would not voluntarily sell in today’s market in most parts of San Diego.

[Ren]

[quote=sdgldnbear]
1. Should we sell now and rent until a great deal comes along somewhere else, say Coronado?
[/quote]
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.

[quote]
2. If we stay and try to sell in 3 years, will the market be in the tank? In 5 years?
[/quote]
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.

[quote]
3. If we decide to stay till we can sell for original purchase price, how long do you estimate that will be?
[/quote]
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.

[quote]
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?
[/quote]
Again just my opinion – it is definitely worth it.

[Ren]

[quote=sdgldnbear]
1. Should we sell now and rent until a great deal comes along somewhere else, say Coronado?
[/quote]
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.

[quote]
2. If we stay and try to sell in 3 years, will the market be in the tank? In 5 years?
[/quote]
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.

[quote]
3. If we decide to stay till we can sell for original purchase price, how long do you estimate that will be?
[/quote]
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.

[quote]
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?
[/quote]
Again just my opinion – it is definitely worth it.

[Ren]

[quote=sdgldnbear]
1. Should we sell now and rent until a great deal comes along somewhere else, say Coronado?
[/quote]
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.

[quote]
2. If we stay and try to sell in 3 years, will the market be in the tank? In 5 years?
[/quote]
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.

[quote]
3. If we decide to stay till we can sell for original purchase price, how long do you estimate that will be?
[/quote]
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.

[quote]
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?
[/quote]
Again just my opinion – it is definitely worth it.

[Ren]

[quote=sdgldnbear]
1. Should we sell now and rent until a great deal comes along somewhere else, say Coronado?
[/quote]
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.

[quote]
2. If we stay and try to sell in 3 years, will the market be in the tank? In 5 years?
[/quote]
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.

[quote]
3. If we decide to stay till we can sell for original purchase price, how long do you estimate that will be?
[/quote]
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.

[quote]
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?
[/quote]
Again just my opinion – it is definitely worth it.

[Ren]

[quote=sdgldnbear]
1. Should we sell now and rent until a great deal comes along somewhere else, say Coronado?
[/quote]
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.

[quote]
2. If we stay and try to sell in 3 years, will the market be in the tank? In 5 years?
[/quote]
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.

[quote]
3. If we decide to stay till we can sell for original purchase price, how long do you estimate that will be?
[/quote]
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.

[quote]
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?
[/quote]
Again just my opinion – it is definitely worth it.

[NYCLurker]

[quote=sdgldnbear]We love the house, and could see staying for a while. But as the family grows, we will need to move. We have been talking about moving maybe in 3-5 years.
[/quote]

My parents raised FIVE of us boys in a 1200 sq ft 3 bedroom 1 bath ranch. And we were happy. Of course that was back in the 60s/70s when not EVERYONE felt entitled to a 4000 sq ft McMansion with a zillion bathrooms.

Wake up to the new homeownership paradigm — your house is perfectly adequate — buy some freakin’ bunk beds!

[NYCLurker]

[quote=sdgldnbear]We love the house, and could see staying for a while. But as the family grows, we will need to move. We have been talking about moving maybe in 3-5 years.
[/quote]

My parents raised FIVE of us boys in a 1200 sq ft 3 bedroom 1 bath ranch. And we were happy. Of course that was back in the 60s/70s when not EVERYONE felt entitled to a 4000 sq ft McMansion with a zillion bathrooms.

Wake up to the new homeownership paradigm — your house is perfectly adequate — buy some freakin’ bunk beds!

[NYCLurker]

[quote=sdgldnbear]We love the house, and could see staying for a while. But as the family grows, we will need to move. We have been talking about moving maybe in 3-5 years.
[/quote]

My parents raised FIVE of us boys in a 1200 sq ft 3 bedroom 1 bath ranch. And we were happy. Of course that was back in the 60s/70s when not EVERYONE felt entitled to a 4000 sq ft McMansion with a zillion bathrooms.

Wake up to the new homeownership paradigm — your house is perfectly adequate — buy some freakin’ bunk beds!

[NYCLurker]

[quote=sdgldnbear]We love the house, and could see staying for a while. But as the family grows, we will need to move. We have been talking about moving maybe in 3-5 years.
[/quote]

My parents raised FIVE of us boys in a 1200 sq ft 3 bedroom 1 bath ranch. And we were happy. Of course that was back in the 60s/70s when not EVERYONE felt entitled to a 4000 sq ft McMansion with a zillion bathrooms.

Wake up to the new homeownership paradigm — your house is perfectly adequate — buy some freakin’ bunk beds!

[NYCLurker]

[quote=sdgldnbear]We love the house, and could see staying for a while. But as the family grows, we will need to move. We have been talking about moving maybe in 3-5 years.
[/quote]

My parents raised FIVE of us boys in a 1200 sq ft 3 bedroom 1 bath ranch. And we were happy. Of course that was back in the 60s/70s when not EVERYONE felt entitled to a 4000 sq ft McMansion with a zillion bathrooms.

Wake up to the new homeownership paradigm — your house is perfectly adequate — buy some freakin’ bunk beds!

[blahblahblah]

A more appropriate question than “should I sell?” is “CAN I sell”? There are not a lot of people these days who are able to pay $900K for a house in North Park, no matter how nice it is. Loans are much harder to come by than when you bought in 2005, so you’ll need a buyer with a lot of cash. Buyers with lots of cash are usually wealthy, and of course wealthy people usually become wealthy by being careful with their money. Paying $900K for a house in one of the US markets most at risk for further price declines is pretty risky. My guess is that few wealthy people would want to do it, especially considering what else they could do with their cash and still afford to rent a similar place for less money. You might get lucky and find a buyer that has just inherited some money, won the lottery, or closed a big drug deal, but such people are pretty rare. If you can afford the house, I would say hunker down, enjoy it, and stay in for the long haul. That is a nice neighborhood and it sounds like a nice house too!

[blahblahblah]

A more appropriate question than “should I sell?” is “CAN I sell”? There are not a lot of people these days who are able to pay $900K for a house in North Park, no matter how nice it is. Loans are much harder to come by than when you bought in 2005, so you’ll need a buyer with a lot of cash. Buyers with lots of cash are usually wealthy, and of course wealthy people usually become wealthy by being careful with their money. Paying $900K for a house in one of the US markets most at risk for further price declines is pretty risky. My guess is that few wealthy people would want to do it, especially considering what else they could do with their cash and still afford to rent a similar place for less money. You might get lucky and find a buyer that has just inherited some money, won the lottery, or closed a big drug deal, but such people are pretty rare. If you can afford the house, I would say hunker down, enjoy it, and stay in for the long haul. That is a nice neighborhood and it sounds like a nice house too!

[blahblahblah]

A more appropriate question than “should I sell?” is “CAN I sell”? There are not a lot of people these days who are able to pay $900K for a house in North Park, no matter how nice it is. Loans are much harder to come by than when you bought in 2005, so you’ll need a buyer with a lot of cash. Buyers with lots of cash are usually wealthy, and of course wealthy people usually become wealthy by being careful with their money. Paying $900K for a house in one of the US markets most at risk for further price declines is pretty risky. My guess is that few wealthy people would want to do it, especially considering what else they could do with their cash and still afford to rent a similar place for less money. You might get lucky and find a buyer that has just inherited some money, won the lottery, or closed a big drug deal, but such people are pretty rare. If you can afford the house, I would say hunker down, enjoy it, and stay in for the long haul. That is a nice neighborhood and it sounds like a nice house too!

[blahblahblah]

A more appropriate question than “should I sell?” is “CAN I sell”? There are not a lot of people these days who are able to pay $900K for a house in North Park, no matter how nice it is. Loans are much harder to come by than when you bought in 2005, so you’ll need a buyer with a lot of cash. Buyers with lots of cash are usually wealthy, and of course wealthy people usually become wealthy by being careful with their money. Paying $900K for a house in one of the US markets most at risk for further price declines is pretty risky. My guess is that few wealthy people would want to do it, especially considering what else they could do with their cash and still afford to rent a similar place for less money. You might get lucky and find a buyer that has just inherited some money, won the lottery, or closed a big drug deal, but such people are pretty rare. If you can afford the house, I would say hunker down, enjoy it, and stay in for the long haul. That is a nice neighborhood and it sounds like a nice house too!

[Author]

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