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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: y2kate who wrote (5214)9/11/2002 3:48:42 PM
From: Paul SeniorRead Replies (1) of 306849
 
y2kate. Ah, I see more info. about your situation after my post.

I write this, but I can't tell if I'm intertwining my own baggage or issues. Which I probably am.

I'll move away from real estate ups-and-downs and holy-cow-we're-in-a-bubble-what'll-I-do? comments.

Perhaps this is your first and maybe only chance to capture $500K.

For me, "either-or's" are a little harsh. (Move or do nothing) So I like your "compromise" situation. Take the money out by refi. You'll get to see a Big Amount resting comfortably in the bank. Sure, you'll have a bigger mortgage, but you can comfortably make the increase from the principal and interest from the banked funds. You get to stay in the house/area you like. And having that money allows you options. Esp. as you might be starting a family. Options you might not otherwise have if your house drops in value or if mortgage rates rise.

(I'm not understanding though what you mean when you say refinancing as a hedge -- if you stay in your $800K home and it drops in value, I'm not one to suggest or condone skipping away from the home and keeping the refi money.)

Alternatively, there's this: A free lance person in the entertainment business and an actor prospect and wanting a family. It's like couple just starting out. Is an 800K home too much home for the situation? Even in LA? Maybe. Maybe not, because you "can easily make the payments".

You do seem to have a tough decision ahead of you. I'll guess though that whatever you decide will wind up okay.

Paul Senior
(just my opinions and musings)
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