“I really need to sell my home in Clairemont and move on, I only owe $152,000 so I still have a lot of equity, but I won’t sell if it means losing money from what I paid…”
Answer:
I understand how you feel. Obviously no one likes to lose money. Here’s my blunt but honest advice:
What you paid for your home is no longer relevant.*
It’s really pretty simple…
Given today’s value, how much you’d get from the sale, and your personal situation, if it’s better for you to sell the home—even if that means losing money—sell it.
If it doesn’t make sense, don’t sell.
Though this is your home, you should make the BUSINESS decision that’s best for you, not an emotional decision based on not wanting to lose money.
*NOTE: Unlike real estate held for investment, loss on a principal residence isn’t deductible. Please consult your tax advisor.
