Quote:
Originally Posted by Yadkin
Yet you failed to answer my simple question.
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The value of a home is irrelevant until decided to buy/sell. Regardless, let's discuss.
My beach home was purchased during the last downturn when no one was buying. I got it a discount for 1.1 million. Its now valued well over 2 million, approaching 3. EVEN if there is a pull back, with a mortgage of 500k, how exactly am I screwed?
My primary was purchased using funds from my previous home. I also bought it slightly under current market (about 60k under). Even if it were to pull back to 2014 pricing, it would still trade at something like 750-850k. Any losses I would incur, would be paper losses from the paper gains on the previous home. In short, it would wash out, meaning technically, I would have sold the previous home at a lower price as well.
In either case, I am well ahead, as I have places to live, accrued value, and on the other side a million bucks on the sidelines from previous sale, earning 2% interest, defrayign the carrying cost of the current mortgages.
please, tell me how I am screwed......