Moving after 16 years..

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ChadTower:

Take that mortgage payment, bank it, and wait for the market to turn back down. No point in jumping in high. By the time it swings back you'll have enough banked to jump in hard.

dkersten:

--- Quote from: fallacy on April 28, 2017, 12:14:48 pm ---I will be paying off my house this year, it took 9 years but it will finally be done. Part of me wants to sell and by something really nice and big but another part is just like I won’t really get anything I don’t already have. Probably end up doing is buying a second place for an investment, sucks that everything went up 30% in just one ---smurfing--- year at the time I am ready to expand.

--- End quote ---
That was my dilemma - live in a house that is paid off and have most of my paycheck be slush money (or savings), stay in the paid off house and buy investment property, or sell and upgrade. Ultimately for me the choice came down to whether I would be content staying where I am when I can afford to upgrade, and I know myself enough to know I wouldn't be.

Yes, if you are looking to invest in rental property, now is probably not the best time. At least wait until Winter when prices drop a little. With the potential changes due to Trump's new tax policy, you probably won't be able to itemize unless you have a pretty expensive mortgage, so investing your slush money in the market may be a little more lucrative than investing in income property right now. Of course, it all depends on what changes are made to the tax structure, if any. That should be weighing on your decision between investing in property and investing the same money in something else. It's a bad year to do anything that has a significant tax event.

fallacy:
Ya I will probably have to wait now; also because nothing in that price range stays on the market longer than a day. Hate when the housing market starts bubbling up like this, what posable good comes from it? higher property tax, higher interest and then the inevitable crash after dealing with the price hikes for several years. Even if you are selling your place it does not mean much assuming you are buying a new place that is also priced hiked up. I say keep it low with a 3 to 5 % a year for inflation.

ChadTower:

Keep it low? It's a free market.

Le Chuck:
I've only moved household 11 times in the last 16 years.

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