>Bought house almost 4 years ago >70K equity already >Scared of nearing economic collapse >Decide to sell, right as market appears to be rolling over. >Friends and agents all say, "It's only slow because of this time of year." >I "know" it's slow because things are rolling over. >Peter Schiff >"Mini ice age coming" >SHTF-o-meter seems to be screaming >Got a buyer somehow (Thanks God). Closing Dec 17th >If this deal goes through, I will be 100% debt free including college loans plus about 10K leftover in the bank. >Only risk is that I'm wrong, and just sold a house that's gonna keep going up in value. >Will be a renter now >Had a 3.5% interest rate
Its good to sell for a profit, my house is worth the same it was 10 years ago after dipping down from 08 then recovering to its old price. On the other hand you have to live somewhere. The longer you live in a house the more you risk a large expense coming up like hvac or roof replace.
Cameron Long
Stick this on your rented fridge. You can check yourself in 1-3-5 years.
Benjamin Young
I actually like this idea.
Nathaniel Jones
You and peter schiff will be laughing all the way to the fucking bank, You'll be able to buy 3 houses at least for what you offloaded this one for.
Nicholas Hughes
In how many years? You might want to sticky your comment on your fridge too.
Cooper Sanders
My dumbass friend bought a house this summer at the literal peak of the market, I told him to just wait
Carson Sullivan
>70k equity in 4 years Assuming you took out a standard 25-year mortgage and placed 35k deposit down at 90% LTV, that would value your house at 350k. If you paid 1050 per month in principal, then you would have had to pay approx 643 per month in interest payments. These payments amount to 30,870 and your equity increased by 35k (principal payments + deposit). This is a return of 16.6%, or 3.8% compounded yearly (4 years). If you simply put that 35k in the S&P 500, then you would have gained 33% over the same time frame, and that's not even counting dividends reinvested. That would have given you a profit of 11,550. With dividends reinvested, you would have gained 45%, and had a profit of 15,750. Paying 20% flat rate tax/fees/other expenses on this you would have still netted a 12,600 profit. So, in answer to how did you do: not good. HOWEVER if you saved on rent and used that money to reinvest then maybe you could have gained higher economic rents. This still does not take into account the various taxes and other expenses you will have to pay when you sell the property, though.
Wyatt Myers
Taxes alone, make owning a home a shit investment, I love when people talk about 200-300% profit after 20 years only to never mention a word about property taxes
Asher Watson
you housing crash fags are as bad as link cultists. quit coping over not being able to afford a house.