What to do with property

Hello! My parents bought a house last year in the Summerlin area of Las Vegas for around 700k. In the past year and half property prices have risen, and we decided to call over a few agents to see what the new value is. All agents gave us a figure between 1.1mil to around 1.2mil. We also asked for rent estimates and we figured out a range of between 5.5k a month to 6k a month. We got a loan for 500k at 3.2% interest, and our monthly mortgage payment is about 2.8k dollars. We bought the house in September 2020. I have been telling them to sell as it is the safest option, and rent an apartment for a while until prices go down and interest rates lower so we can then purchase property once again. What do you all think of this situation?

submitted by /u/RZaccount
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Hello! My parents bought a house last year in the Summerlin area of Las Vegas for around 700k. In the past year and half property prices have risen, and we decided to call over a few agents to see what the new value is. All agents gave us a figure between 1.1mil to around 1.2mil. We also asked for rent estimates and we figured out a range of between 5.5k a month to 6k a month. We got a loan for 500k at 3.2% interest, and our monthly mortgage payment is about 2.8k dollars. We bought the house in September 2020. I have been telling them to sell as it is the safest option, and rent an apartment for a while until prices go down and interest rates lower so we can then purchase property once again. What do you all think of this situation? submitted by /u/RZaccount [link] [comments]

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