So my wife has been beating me up about selling our house for a bigger one. We were planning on selling jut before the market to a dive. There are some fantastic deals out there to be had right now on purchasing but I don't want to lose my shorts too badly on my current house. We looked at a house last night that was valued at $435,000.00 two years ago according to the County Tax Assessor. They are asking $195,000.00.

I do not want to rent my house - been there done that.
We can't afford two mortgages


If anyone has any real insight on this matter, I'd like to chat. Let me know. Thanks.

Well, it's the amount of hit I want to take, or not take as it were. We paid $135,000.00 for the house 8 years ago. Typical first time home, 3 bedroom 2 1/2 bath etc.. I have a decent sized yard at almost 1 acre. I put $10,000 in the addition that we built onto the workshop, which has become my office/guest bedroom. You know it as the "cabin". So, I've got $145,000 in the house, owing just at $100K.

If I could get my initial investment back out ($135,000.00) I'd be happy. The issue of course, is as with most neighborhoods, we have had owners that have had to leave and or foreclose on their homes, bringing the values of all homes in the neighborhood down. My house is one of the larger houses in the neighborhood, as most are single story ranch style homes. Mine is a split level and there are a few two full levels in the neighborhood.

Another thing to keep in mind is the 3.8% tax on profits over the capital gains. I don't think I would fall into this category but I still want to do the math.

http://www.snopes.com/politics/taxes/realestate.asp

lol. as I said, I didn't think it would affect me.

for me it would be, what can I get for my house and can I swing the new one.

lets say you get only $125k for your house, yes less than what you really want, but your getting the other for $195k and you can afford the difference. Yes you're taking a little less than you hope for, but man are you getting a great deal on the new one.

Or

You can wait, and odds are that everything will be raising at the same time, which way is a better deal?

My wife and I are refinancing our house, going from 8 years left to a new 30 year note, plus I plan to sell in 3-5 years. But we are lowing our payments and putting money in our pockets. Plus it gives us money to buy a home in NM, where prices are at an all time low and where we are planning to retire to in a few years. Prices are not as good as the new place you are looking at, but very good. I am guessing something that will not be around in 3-5 years.