Over the past year or so I've been hearing rumors of a housing bubble, no doubt fueled by the excesses fo the late 90s and now currently being fed by low interest rates and it's only a matter of time before the bubble bursts and prices drop to a more realistic value.
True, real estate is a decent investment for the long term, but the short term is another issue. If you bought the house say, ten years ago, then yes, hold on to it. Now? Depends upon the price you paid and the current mortgage---is it still cheaper than renting? (And if you decide to keep it, do NOT refinance into an adjustable rate---you'll be killed when the Feds raise the interest rates). And unless you plan on keeping the house for the next fifteen or twenty years, I would probably recomend selling the place (because even the perception of a real estate bubble is enough to make it so).
Also, have you considered possibly just renting out the house and moving out yourself? The rent could cover the mortgate (plus a little extra) but the downside is that you do become a landlord and all that entails. But it is something to consider.
--Sean Conner Thu Jan 22 16:59:52 2004
re: renting the place out and getting an apt; definately one of the scenarios we're looking at. It has some complication, not so much the landlord thing (my family uses and absolutely trusts this one property managemet company that take 10% and do ALL middleman management) but in securing a mortgage with that idea, as well as a soft rental market and possibly a big tax hit.
--Kirk Thu Jan 22 17:35:29 2004
I say take the buyout deal and get a couple roommates. Then think on it for a while before making a decision.
--Eric Thu Jan 22 18:17:47 2004
Fascinating site, will be sure to visit more regularly
--Josh Peters Thu Jan 22 18:27:16 2004
from a woman's point of view... should you get a future relationship (and, rest assured, you eventually will) the house will be uncomfortable. she will NEVER feel as if it is hers because the 'ghosts' will always be there. you will always and forever remember mo there regardless of how you try to replace those memories. i think it wise to keep it for now at least, definately a good investment for the future. renting it out would be a positive solution. good luck with the final decision.
--aparajita Fri Jan 23 20:33:47 2004
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