When some people are asked to describe a certain economic situation or topic that effects them right now, people usually answer with stock market woes, or investments woes. These two answers are good examples of economic topics that affect everybody who is trying to get ahead in the world. I have a particular dilemma to deal with when it comes to making an economic decision, which is to sell my house or to keep it.
Looking at today's housing market you would think that a desicion such as mine is easy to make. Well, it is not as easy as people think. According to Bradley Ball, who tracks the mortgage insurance industry at Prudential, he says " Home prices have been on the rise for decades, with annual gains averaging 6% to 7% over the past five years. Mortgage originations, predictably, also have been similarly robust, up about 9% to 10% a year since 2000."
English: Condominium Price Depreciation in the sou...
NAR 2008 Day 2
Logo of the National Association of Realtors.Therefore, I may make a profit unless I get some insider info as to when the market will level out or come down. Then I will end up in the same situation as I was before the housing market went up, but the only difference is there will be more money involved.
I had my house appraised about six month ago and I was told that it's worth 245,000 dollars. I purchased it 4 years ago at 122,000 dollars, resulting in a rate return of about 200 percent. I am faced with selling now or kicking myself later because I refused to sell. It is not easy though," According to data released by the National Association of Realtors (NAR) on Aug. 25, July's existing-home sales reached an annual rate of 6.12 million (seasonally adjusted), up 5% from June and 14% from July, 2002. " I...