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Depending on how well you financed the purchase, you might be able to rent it and cover the mortgage and expenses.
If that is the case, you could rent another place in the city at the same level of expense and keep the house for now. It gives you optionality, and might be cheaper.
Probably not sell at a $100k loss. Also going to have to pay a ton in selling fees + cost of purchasing a new home. I know some banks won’t look too fondly to turn around to try and sell only 4 months later
Rising Star
S1. Yeah but a 100k loss in 4 month. Plus the hassle of a move before you have even lived there long enough break in the lawnmower. I am wondering what prompted the move?
The comment on getting an apt was a bit of hyperbole, but if the move to the suburbs was rash, selling in 4 months is even crazier. A little self reflection is in order for OP before they make another rash decision.
For real? You had no clue about how the community would be? How suburbs are like?
Rent it out. Do not sell at a loss - especially not a $100k loss.
If you can’t rent it, pick one weekend a month & go into the city. Get a hotel, do dinner, etc. It’ll cost MUCH less than $100k to do that for a couple of years while you wait on this place to ROI.
It’s natural. You are going through buyer’s remorse and it’s more common than you think. “It’s not the home I always dreamt of”. “I spent a lot and now have to put up with it for 30 years”. “I miss the flexibility of being able to move whenever I wanted”. Trust me, you made a good decision. 5-7 years down the road, when the community will grow, you’ll make new friends and have a life here, you will be glad that you didn’t cave in and sell.
If you are willing to take that loss, why don’t you spend $25k on taking up a really interesting hobby instead?
OP seriously gonna take a 100k haircut on the basis of “vibes”??
Terrible idea. If anything, treat it like an investment and rent it out and use rent revenue to subsidize your own rental to get back to the city.
That 800K will turn into over a million in 5 years and then sell. The margin you make is tax free up to 500K. However, if you rent it you’d lose the tax free up to 500K since that time only applies to primary residence and you need to live there 3 out of the 5 years. Hold it for 5, live in it for 3. Otherwise you’d pay passive income tax on the profit you make when you sell.
Rent the house out or spend the weekends in the city with friends or in a sublet of sorts.
Part of life. I’d keep it. When you have kids, city life becomes harder!
Chief
Welcome to suburb hell
Your first home is $800K? We either pay you to much or your levered.
How many people pay cash for their first home, let’s be real.
I doubt it’s dropped by 100k. Rent it out for sure. Even if your cash flow takes a slight hit each month appreciation will cover it and then some. Rates are dropping prices WILL go up eventually in almost all markets.
That place will be gold when you get kids. Don’t rush…think long term.
How did your house lose 100k value in this market?
It’s probably not necessarily a $100k loss in value. Some loss in value, some loss in closing costs. Selling too soon usually means losing money.