Wondering if I should sell 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.

[xironman]

Hey ironman, that’s too close to xironman.

[xironman]

Hey ironman, that’s too close to xironman.

[xironman]

Hey ironman, that’s too close to xironman.

[xironman]

Hey ironman, that’s too close to xironman.

[xironman]

Hey ironman, that’s too close to xironman.

[Ren]

[quote=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.[/quote]

It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).

Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.

At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).

[Ren]

[quote=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.[/quote]

It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).

Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.

At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).

[Ren]

[quote=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.[/quote]

It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).

Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.

At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).

[Ren]

[quote=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.[/quote]

It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).

Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.

At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).

[Ren]

[quote=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.[/quote]

It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).

Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.

At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).

[LeaSD]

The root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.

[LeaSD]

The root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.

[LeaSD]

The root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.

[LeaSD]

The root of the answer is how much you value certainty. You can fix your loss or are you willing to leave things open (certainty vs uncertainty). The certain path is you sell now, quantify and take your loss, put it behind you and move on. But since you are happy living there – I would pick the flexible but uncertain path because realistically many things can/will happen in the next 3 to 5 years that are impossible to predict that have NOTHING to do with the housing market. Maybe you will find that as your family grows you DON’T desire a bigger house or you could always rent the North Park home and rent a bigger home for your family. You seem smart, flexible and not a whiner so I would roll the dice and feel confident that there is a good chance that if you continue to make the best decision based on current information into the future that you will hopefully minimize any loss – and maybe in the long run even come out OK on the house purchase. I also live in North Park – just enjoy the neighborhood, your family, work hard, make the best investment decisions in the present (i.e. 401K or any excess funds you have) and don’t sweat the house purchase. You like the home so enjoy it.

[Author]

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