There are many scenarios, like renting the home out, that would also work depending on your goals.
My advice would be to speak with a trusted Realtor and make a plan.
The last two answers are the best scenario for you - to rent your property out. Yes, you'll likely have to rent at your next destination, but unless you like losing money, renting your present house is the best idea. The rental market is good in South Orange County, at the moment.
You might even find that you'll be able to purchase a home at your next destination with no money down, or, if things are tight, it would probably be best to rent there, for a year or so.
It also depends on whether you will ever be coming back to Lake Forest. If there's any chance that you would, it would be best to have a place of your own to come back to.
I started my career in Lake Forest over 32 years ago, and have numerous local clients that I work for in getting their places rented. I would be pleased to sit down with you to discuss all the merits of each choice, to help you make the best decision. Please feel free to call me at 949-643-2100, or send me an email to Bob@BobPhillips.net.
Good luck in your decision making!
Since the Market has gone down in the past few months its a safe bet to say you would lose money if you chose to sell your property at this time. if you chose to move to a diffrent location your are better off renting your property out even if you have to rent it for less than of the cost of your mortgage, HOA, and Taxes are.
Property values will start rising in the next few years and you would be very happy with the amount of equity you have gained in your property.
It doesn't hurt to ask.
As others have said you need to give someone the address to get the answer how much?
To give you a precise answer I need to know your address, size of property, the price you paid for the unit and then a much better decision can be made on your part.... The market evaluation that I would e-mail you will show you what other similar units in your subdivision or building have recently sold for, and we can go from there.
Edith Karoline Jasser
Century 21 SGR
if I can help further e-mail me email@example.com or firstname.lastname@example.org
Obviously, it really depends on what you paid at the time and what other units are now selling for. If you want, any of us can do a quick CMA (Comparative Market Analysis) if you send someone the address.
Best of luck,
Broker & Realtor