Sold my house in Frb 2023--the worst time in American history to do so
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Anonymous
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Sold our house in Feb 2023 due to relocation. It wasn't evident at the time that increasing interest rates wouldn't mean price decreases (yes, it was clear by Spring 2023 but in late 2022/early 2023, sellers were under assumption that prices were going to go down in our DC exurb). I have huge, consuming, nightmarish regret. If I knew then what I knew now, I would have never sold and would have made home a rental. A 2k per month mortgage payment, squandered and gone forever. Proceeds from sale are fine but our course do not have as much value as they would have a few years ago due to rising prices and interest rates, so I feel like I actually made no money from sale, any mortgage payment I get now will be 3k +.
How do you all deal with BIG regrets? Looking for advice. If this happened in my 20s fine, but at mid age, I feel so stupid for having to start over on the property ladder again. |
Anonymous
| What are you going on and on about? |
Anonymous
| Really? Worse than, say, the fall of 2008? I don't think so. You sound greedy. |
Anonymous
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How old are you? That was not even close to being the worst time in history to sell a house. 2008 and pretty much any year in the 1980s, and even most of the 1990s were worse.
You sold because you were relocating, and rental property is overrated as an investment, especially when you don’t live nearby and have to pay a property manager. Unless you’re in a market that is appreciating at a very rapid rate, taxes, insurance, maintenance and property management expenses will eat up your profit. From a purely economic standpoint, you’re better off investing your equity and renting. |
Anonymous
46 |
Anonymous
| I feel dumber for having read this post. OP, invest the money in the market, and in the long run, you'll come out ahead. |
Anonymous
| Seriously— the stock market has done way better over the last year than anything else |
Anonymous
| Those saying "just invest"--invest where? I should just rent till retirement (20 or so years)? |
Anonymous
| How do I deal with big regrets? Accept that I can't change what happened and move on. If there is something I can do to prevent it from happening again, I do that. No use dwelling on something you can't change. |
Anonymous
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You didn’t make any mistakes.
You sold because of relocation not market timing. Life happens, move on. |
Anonymous
Do your own research, and this is not advice, but look into something like SPY (assuming you don't need the money soon). I don't get the "rent till retirement." You moved and sold your place. If you want to buy a place in your new location, do that. But there was nothing wrong with selling a house in a place you were relocating from. People hang onto investment properties without actually doing their research as to whether they would simply do better taking their tax-free capital gains. Real estate tends to be a pretty bad investment. |
Anonymous
| My neighbor rented his house to a nice young man who then brought in a revolving bunch of characters that completely trashed the house. The grass is not always greener. |
Anonymous
| I live by, It.is.what.it.is. No point in regrets, ever. |
Anonymous
| Yeh interests rates are insane right now , king boomer ahole Powell needs to move the rates to get mortgages in a normal range to like 3-4% |
Anonymous
3-4% is not “normal” fwiw |