Marie Harlow, Other/Just Looking in

I have a home that I built on the coast of Oregon as a vacation home (possibly retirement.) I own a home in

Asked by Marie Harlow, Sun Jan 27, 2008

Fair Oaks that is probably worth 110k less than when I bought it. The home in Oregon ison the coast with beautiful views, great area, etc. My busines is established and doing very well in El Dorado County. Should I get out of the Fair Oaks home and rent for now? If I can?

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Selling now is selling at the bottom of the real estate market.. (my opinion is we are near the bottom)
It really depends on your personal financial situation. If you can easily afford to keep the Fair Oaks home either as a rental or as a residence, it will regain its lost value over the long term ( four to five years from now )

Or you can "cut your losses" by turning the loss you already have on paper into reality.
That sale will also destroy your opportunity to recover that loss unless you purchase another asset that will gain in value over the next several years.

If you can't afford to keep the home in the short term, the favorable long run aspect of the investment does not help you. - The massive numbers of owners that cannot hold property for the long term is a major reason why prices are so depressed in Sacramento County now.
0 votes Thank Flag Link Mon Jan 28, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
Yes follow your income until we see if the government programs now being crafted will make any difference. Rent on a month to month basis so that you have flexibility
0 votes Thank Flag Link Sun Jan 27, 2008
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