Wanna sell my home. Worth more than I owe.?

Question

My house is worth more than I owe on it. About 10,000. But im a single man and have no kids living with me. Im a 27 year old single man. Good credit. But cant see any good keeping my house. Would like to invest this money in other ways. Would it hurt me to sell this house? And what would be the best way for me to do this?

Answer 1

I'd look at historic real estate investment returns versus whatever else you plan to put your money in.  Have you considered renting the place?  If your local market will allow you to rent for more than what your mortgage is, that sounds like a win-win.

I'm 25 and own my home with about $15,000 in equity and I plan to rent it out for when I decide to move to just let it appreciate with time.  

I'd only say to sell if you really think owning a place is a drag and think your area will continue to fall in value for the foreseeable future (aka you live in CA or FL).

Real estate is the best long-term investment as far as I'm concerned.  Don't believe the media, they're all kooks.

Answer 2

At 27 years old and with the real estate market the way it is I would stay where you are. Why cant you see any good in staying, you are young, own a home and already have equity!! When the time comes for you to get married and have a family you will be all set.

Answer 3

You are still responsible to the lender.  If you value your credit, sit tight for a couple of years.  The market will turn around eventually.  Besides, with the tax write-offs, it's not as bad as you think.  Maybe you could get a room mate, or just rent the house out.  In any event, it's not like you are going to put any money in your pocket by selling.