We bought a condo in 2020 for $190k with $10k down. We could sell it for $240k right now if we wanted. There are two views on this.
Bet on the market declining so sell now. Rent. Sit on the equity. Have cash to deploy so we can pounce on a house if the right opportunity comes up.
The con: Rent is higher than our mortgage. Also there is no guarantee the market will decline.
Wait. Keep paying our nice affordable mortgage. And sell later regardless of how the market is doing but risk a downturn meaning our condo would be worth less.
The con: Seems like everyone is talking about a coming recession and a hit to the housing market which would be a lost opportunity on buying a house at a good deal. Which doesn’t happen where we live (Greater Seattle area).
Our condo is small and we have a child so there’s a bit of fomo. Thoughts?
submitted by /u/northwesternsamurai
[link] [comments]
We bought a condo in 2020 for $190k with $10k down. We could sell it for $240k right now if we wanted. There are two views on this. Bet on the market declining so sell now. Rent. Sit on the equity. Have cash to deploy so we can pounce on a house if the right opportunity comes up. The con: Rent is higher than our mortgage. Also there is no guarantee the market will decline. Wait. Keep paying our nice affordable mortgage. And sell later regardless of how the market is doing but risk a downturn meaning our condo would be worth less. The con: Seems like everyone is talking about a coming recession and a hit to the housing market which would be a lost opportunity on buying a house at a good deal. Which doesn’t happen where we live (Greater Seattle area). Our condo is small and we have a child so there’s a bit of fomo. Thoughts? submitted by /u/northwesternsamurai [link] [comments]
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