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SDHopes
Participant[quote=paramount]I think the OP might be a troll, seriously.
The thread title was essentially unrelated to the question…
A shock value title for the following question: Should I sell if I’ve occupied my house for less than 2 years.[/quote]
I’m sorry you are so bothered by my post.
I wonder why you are so defensive?Thank you to everyone who has given helpful advice for my real life situation.
Participant[quote=zk]I’d say do whatever you think will make your children happiest in the long run. Nothing else really compares in importance. Especially not money.[/quote]
Thank you. Needed to hear this today, means a great deal.
Participant[quote=paramount]I’m not happy about this thread, it’s bad PR.
Please, tell us what your major issue is with Temecula.
The weather has been great so far this summer…[/quote]
We specifically are not listing what our issue is, as to not offend those who enjoy residing in Temecula. We purposely left it simple, we regret moving here. We are looking for advice on when and how to get out of here. Not to bash Temecula. Thanks for understanding.
Participant[quote=HLS]What is your current interest rate and how much is your PMI ?
Did you get an FHA loan or conventional ?
If you have 20%-22% equity now, you should be able to get mortg insurance removed if you did not go FHA.
that can help a bit. $500 off for a rental ?
Rents are decent in the area, are you dealing with Mello Roos ?Most info on Zillow is worth what you are paying for it.
I don’t believe that Temec will increase much in the next year, a lot depends on interest rates.[/quote]Yes we are dealing with high property tax, mello roos, homeowner association fee of 170, etc. So yes, 500 off for a rental. We did a 5 percent conventional loan.
Participant[quote=spdrun]19.5% rise in value, or median price? Secondly, a lot of entities can predict a lot of things. A lot of the time, the predictions are totally wrong.[/quote]
Good to know, thanks! Rise in value.
Participant[quote=spdrun]19% median rise doesn’t mean a 19% rise in home values. Doubt it, if anything I see things (THANKFULLY!!!!!!!!) slowing down in the areas where I’m looking.[/quote]
Can you clarify what you mean? Zillow predicts a 19.5% rise in home value in my area of Temecula. So what do they mean when that say that? Sorry for being ignorant, glad I have all of you that know this kind of thing!
Participant[quote=ljinvestor]If you have a large gain after fees it might be worth sticking it out until you have lived in it 2yrs as your primary.
If the taxable gain is minimal, why not sell when the market is hot. Life is too short to not enjoy the area your living in.[/quote]
What would you consider to be a large gain? Housing market is expected to go up another 19 percent in the area by next year….is that large enough or would you sell now? Thanks for your advice!
Participant[quote=The-Shoveler]OK My bad I thought it was a condo.
Still I would think you should be able to find a condo in North county for that 300-350K (maybe an older 3-2) a little inland.[/quote]
We thought so also. It wasn’t the case for us last year which is why we made the mistake of buying in Temecula. Perhaps in the future…..
Participant[quote=The-Shoveler]Wow, 300K for a Condo in TV!
Sounds like a real nice condo, I would think you could find a condo in north county for that. maybe not walking distance to the beach however.
Just remember The HOA Nazi’s are much the same all over, if that is the issue.[/quote]
It’s not a condo, it’s a new construction SFR.
Participant[quote=FormerSanDiegan][quote=SDHopes][quote=BoomerAang]You can rent out your existing Temecula home while renting a place in North County.
I was debating between Temecula and North County as well back in 2009, but ended up getting a townhome in Carlsbad. Loving the fact that work is only a little bit away, but wondering how big of a house I could have had. I have a couple friends in Temecula that are trying to get back to a place nearby in North County as well.[/quote]
That’s good advice and we seriously considered doing that. Unfortunately the going rate for rent is 500 dollars less than our mortgage. So renting an apartment back in San Diego County plus the extra 500 dollars would come to more than what we pay now. So frustrating![/quote]
I would stick it out and live in it for two full years so that you can sell without paying any capital gains.
If you sell your primary less than two years after buying it, you’ll pay capital gains tax (15% federal, plus whatever state income tax bracket you are in … likely at least 6% if you have the income to afford a 300+K house).[/quote]
Great information, thank you!
Participant[quote=ljinvestor]
Life is too short to not enjoy the area your living in.[/quote]
How true, how true!
Participant[quote=BoomerAang]You can rent out your existing Temecula home while renting a place in North County.
I was debating between Temecula and North County as well back in 2009, but ended up getting a townhome in Carlsbad. Loving the fact that work is only a little bit away, but wondering how big of a house I could have had. I have a couple friends in Temecula that are trying to get back to a place nearby in North County as well.[/quote]
That’s good advice and we seriously considered doing that. Unfortunately the going rate for renting out our house is 500 dollars less than our mortgage. So renting an apartment back in San Diego County plus the extra 500 dollars would come to more than what we pay now. So frustrating!
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