Wondering if I should sell now?

[(former)FormerSanDiegan]

Without knowing the balance of your loan here’s how I look at it :

Suppose you bought with 10% down.
In that case you would owe somewhere around 760-770K.

Suppose you could sell now for 650K, minus selling costs/commission yields 605K.
So, you come up with 160K out of pocket to sell.

Is that the best use of 160K ?

By spending that 160K now, you may potentially save another 100-150K. OR you could use that 160K to make other investments, or as an emergency cushion to carry you through any unforeseen circumstances.

You have to weigh the opportunity cost of the money you would spend to sell your house against the protection from further downside you are buying.
(And by the way, assuming you did not refinance, you already have protection under the state of CA recourse laws.)

[Tavo]

bear,

Sounds like we’re neighbors. I bought a 1,600sft house, on a 6,500 sq ft. lot, in Morley Field in mid 2007 for 600k. If you could believe it, it was a short sale and I thought I was getting a real bargain at the time. The previous owner had a $780 mortgage and couldn’t cover his nut, so to speak. Yes, the market was beginning to fall at the time, but I never thought it could possibly fall more than 20%. I figured that I got a 23% discount, so I was in good shape. C’est la vie…

All I can say is that the neighborhood is great other than the poor public schools. I have a baby on the way, and have already begun thinking about alternatives to the public school system because they are so horrible. At this point that’s my issue, but I don’t dwell on it.
I think that, unless you have a crystal ball, speculating on what will happen in 3-5 yrs is only going to drive you nuts. Getting bearish opinions will even do worse for your health (and no, I’m not burying my head).
Who knows, in three years there may be a premium on homes near the core because gas prices have hit $8.00. Or, home prices will continue to fall for the next five years and you’re really in a bind. The one thing, I think, I did right was to buy a house that I could live in for the proverbial “long haul.” Sounds like you like the neighborhood, have enough space, at the moment, and have plenty of land to build on if need be. Spend the $160k loss FormerSanDiegan came up with to begin the expansion to your house instead….

[Tavo]

bear,

Sounds like we’re neighbors. I bought a 1,600sft house, on a 6,500 sq ft. lot, in Morley Field in mid 2007 for 600k. If you could believe it, it was a short sale and I thought I was getting a real bargain at the time. The previous owner had a $780 mortgage and couldn’t cover his nut, so to speak. Yes, the market was beginning to fall at the time, but I never thought it could possibly fall more than 20%. I figured that I got a 23% discount, so I was in good shape. C’est la vie…

All I can say is that the neighborhood is great other than the poor public schools. I have a baby on the way, and have already begun thinking about alternatives to the public school system because they are so horrible. At this point that’s my issue, but I don’t dwell on it.
I think that, unless you have a crystal ball, speculating on what will happen in 3-5 yrs is only going to drive you nuts. Getting bearish opinions will even do worse for your health (and no, I’m not burying my head).
Who knows, in three years there may be a premium on homes near the core because gas prices have hit $8.00. Or, home prices will continue to fall for the next five years and you’re really in a bind. The one thing, I think, I did right was to buy a house that I could live in for the proverbial “long haul.” Sounds like you like the neighborhood, have enough space, at the moment, and have plenty of land to build on if need be. Spend the $160k loss FormerSanDiegan came up with to begin the expansion to your house instead….

[Tavo]

bear,

Sounds like we’re neighbors. I bought a 1,600sft house, on a 6,500 sq ft. lot, in Morley Field in mid 2007 for 600k. If you could believe it, it was a short sale and I thought I was getting a real bargain at the time. The previous owner had a $780 mortgage and couldn’t cover his nut, so to speak. Yes, the market was beginning to fall at the time, but I never thought it could possibly fall more than 20%. I figured that I got a 23% discount, so I was in good shape. C’est la vie…

All I can say is that the neighborhood is great other than the poor public schools. I have a baby on the way, and have already begun thinking about alternatives to the public school system because they are so horrible. At this point that’s my issue, but I don’t dwell on it.
I think that, unless you have a crystal ball, speculating on what will happen in 3-5 yrs is only going to drive you nuts. Getting bearish opinions will even do worse for your health (and no, I’m not burying my head).
Who knows, in three years there may be a premium on homes near the core because gas prices have hit $8.00. Or, home prices will continue to fall for the next five years and you’re really in a bind. The one thing, I think, I did right was to buy a house that I could live in for the proverbial “long haul.” Sounds like you like the neighborhood, have enough space, at the moment, and have plenty of land to build on if need be. Spend the $160k loss FormerSanDiegan came up with to begin the expansion to your house instead….

[Tavo]

bear,

Sounds like we’re neighbors. I bought a 1,600sft house, on a 6,500 sq ft. lot, in Morley Field in mid 2007 for 600k. If you could believe it, it was a short sale and I thought I was getting a real bargain at the time. The previous owner had a $780 mortgage and couldn’t cover his nut, so to speak. Yes, the market was beginning to fall at the time, but I never thought it could possibly fall more than 20%. I figured that I got a 23% discount, so I was in good shape. C’est la vie…

All I can say is that the neighborhood is great other than the poor public schools. I have a baby on the way, and have already begun thinking about alternatives to the public school system because they are so horrible. At this point that’s my issue, but I don’t dwell on it.
I think that, unless you have a crystal ball, speculating on what will happen in 3-5 yrs is only going to drive you nuts. Getting bearish opinions will even do worse for your health (and no, I’m not burying my head).
Who knows, in three years there may be a premium on homes near the core because gas prices have hit $8.00. Or, home prices will continue to fall for the next five years and you’re really in a bind. The one thing, I think, I did right was to buy a house that I could live in for the proverbial “long haul.” Sounds like you like the neighborhood, have enough space, at the moment, and have plenty of land to build on if need be. Spend the $160k loss FormerSanDiegan came up with to begin the expansion to your house instead….

[Tavo]

bear,

Sounds like we’re neighbors. I bought a 1,600sft house, on a 6,500 sq ft. lot, in Morley Field in mid 2007 for 600k. If you could believe it, it was a short sale and I thought I was getting a real bargain at the time. The previous owner had a $780 mortgage and couldn’t cover his nut, so to speak. Yes, the market was beginning to fall at the time, but I never thought it could possibly fall more than 20%. I figured that I got a 23% discount, so I was in good shape. C’est la vie…

All I can say is that the neighborhood is great other than the poor public schools. I have a baby on the way, and have already begun thinking about alternatives to the public school system because they are so horrible. At this point that’s my issue, but I don’t dwell on it.
I think that, unless you have a crystal ball, speculating on what will happen in 3-5 yrs is only going to drive you nuts. Getting bearish opinions will even do worse for your health (and no, I’m not burying my head).
Who knows, in three years there may be a premium on homes near the core because gas prices have hit $8.00. Or, home prices will continue to fall for the next five years and you’re really in a bind. The one thing, I think, I did right was to buy a house that I could live in for the proverbial “long haul.” Sounds like you like the neighborhood, have enough space, at the moment, and have plenty of land to build on if need be. Spend the $160k loss FormerSanDiegan came up with to begin the expansion to your house instead….

[donaldduckmoore]

If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.

[donaldduckmoore]

If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.

[donaldduckmoore]

If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.

[donaldduckmoore]

If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.

[donaldduckmoore]

If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.

[JerseyGrl]

Bear and Tavo

houses in your neighborhood are still selling for 1 million or so. I live in the “pink sidewalk” neighborhood and one house recently sold for 1.01 million and another for 800 K or so. Last time I looked, there were three homes for sale on 28th across from the golf course ranging from 999 to 2 million. It just takes several months for them to sell, and who knows what the lending standards will be 6 months from now.

[JerseyGrl]

Bear and Tavo

houses in your neighborhood are still selling for 1 million or so. I live in the “pink sidewalk” neighborhood and one house recently sold for 1.01 million and another for 800 K or so. Last time I looked, there were three homes for sale on 28th across from the golf course ranging from 999 to 2 million. It just takes several months for them to sell, and who knows what the lending standards will be 6 months from now.

[JerseyGrl]

Bear and Tavo

houses in your neighborhood are still selling for 1 million or so. I live in the “pink sidewalk” neighborhood and one house recently sold for 1.01 million and another for 800 K or so. Last time I looked, there were three homes for sale on 28th across from the golf course ranging from 999 to 2 million. It just takes several months for them to sell, and who knows what the lending standards will be 6 months from now.

[JerseyGrl]

Bear and Tavo

houses in your neighborhood are still selling for 1 million or so. I live in the “pink sidewalk” neighborhood and one house recently sold for 1.01 million and another for 800 K or so. Last time I looked, there were three homes for sale on 28th across from the golf course ranging from 999 to 2 million. It just takes several months for them to sell, and who knows what the lending standards will be 6 months from now.

[Author]

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