An Owner (& Wannabe Move-Upper), Foreseeing Price Moves, Debates Sell Versus Stay-Put

We suspect that the vast majority of such owners who have hunches about price drops will initially decide to stay, but that many will start to liquidate once price drops start, and, particularly, once the drops establish themselves fully (by dropping below the early 2009 trough). -vreaa

These two posts from sarenka at RE Talks 13 Feb 2010 11:14 pm & 14 Feb 2010 12:39 am

[Question:] “I have been living in my condo for a long time. I have it paid off. No more mortgage. I have a child so it would be nice to have a small yard so my child can play there. I believe that the prices will go down in the future. When? I don’t know. It can be a year or it can be two. There is no way I would buy a house now. I have been thinking about selling my condo soon. However, if I sell it, I will need to rent something. What would you do? Would you sell your paid of place and would you go to rent???? or would you stay where you are saving your money for a down payment when the market will go down so you can buy a house?”

[Answer:] “I like my place. It is in great location. It is very close to our works. We have 2 bedrooms so one more bedroom or den would be good. However, what if the market will not go down than I would be stuck renting. I am not sure what to do. Maybe I should just stay and see what will happen.”

2 responses to “An Owner (& Wannabe Move-Upper), Foreseeing Price Moves, Debates Sell Versus Stay-Put

  1. Best place on meth

    Sell your condo now at peak prices, rent for 2 years, then buy a house for the same price that you sold your condo.

    Now that’s flipping done right!

  2. I sold my condo in July of 2009 and we’re now renting. I didn’t time it exactly right – probably could have gotten more for the condo at another time – but close enough for me. And i didn’t even have the whole thing paid off. However, I sold it for $100,000 more than I bought it for and now that cash is invested and waiting for house prices to come down. Just think if the questioner sold – they’d have $300,00 – $400,000 (maybe more, depending on where they live) to invest and grow.

    Bloody well sell now! How could you not?

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