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Originally Posted by x54.4blue
The only question in my mind is where do you stand with your existing home; you might be better off going to contact with that house before you sign contract on a new one.
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I bought my home in 2003, right before the market surge. I also put about 70% down in cash and secured a 30 year, 5.75 interest rate on the rest.
- My point is, my monthly nut on my current property is considerably less (about 1/2) of what I could reasonably rent my home for. - Since I have a great interest rate for 30 years and can use my current home as an income property, I see no reason to sell at this time. I'd rather wait for the market to rebound. Worst case scenario, I rent the house at cost and sit on it.
In response to X5guyinLA,
Please don't take offense but I would no sooner let a real estate agent negotiate on my behalf than I would allow my dentist to pick my stock market portfolio. - Real Estate agents have NO serious qualifications or educations that would prepare them to negotiate million dollar deals on my behalf. A real estate agent might be an ADVISOR but more than anything, they are a messenger. They do not have Power of Attorney on my behalf and I do not authorize them to negotiate for me. Real Estate agents are never interested in getting their customer in a home at the BEST price, their primary concern is just getting them in a home so they can move on to their next sale. And any way you slice it, the more the home costs, the more money the agent makes.
- Agents can pull comps, be familiar with schools in the area, suggest trends, but they are certainly not going to offer any more or less than the exact dollar amount I tell them.
Again, I'm just talking hypothetical anyway. Unless I can pick up a home at that is as good a bargain as stocks are now, FORGET IT, I'd rather keep my money invested. If stocks have dropped 50% and home values have dropped 20%, I'm better off staying in the market. But I still have my eyes open for a phenomenal opportunity, should one arise.