Want to buy new house - keep first house or sell it
There are lots of smart real estate savvy people on here.
The answer to this may be more of an opinion than clear cut, but here is my situation.
We want to buy a new house, our salaries have increased significantly since 5 years ago when we bought our first house, and we'd now qualify for a bigger mortgage.
Do we keep the house we're in now and rent it out, hoping the market will come back up to reach the value we paid for it (paid $399K in 2007 for a bungalo that's now appraised at $350K).
Or do we cut our losses because our current house may never reach its peak value again?
Anyone have thoughts on this situation?
All input appreciated.
Thanks!
My Karma ran over your Dogma