Quote:
Originally posted by techweenie
Remember: when the market goes down, you don't lose unless you sell.
|
Additionally, you make money when you buy. You capitalize when you sell.
I would look at it from a standpoint of what the mortgage payments + taxes and insurance will obtain if you rented. If buying is not a great premium more than renting, stay. Since this is your home (as opposed to an investment), you'll have to define "great premium," as there are some fringe benefits to owning vs. renting.
Personally, I would not hang onto any paper profits unless I had plans to stay put for 5+ years. Historically, housing slumps have lasted 3-5 years.
Good luck with your decision, 930