“I could have sold my San Diego home in 2005 for $600,000, but now it’s only worth $475,000. I don’t want to take such a big loss.”
Answer:
(Question from reader who paid $290,000 for his home in 1998.)
You need to have a short memory.
What you could have gotten was an unrealized number that existed for a moment in time. You can’t let that “fantasy” figure drive your decision now.
You should do whatever is best for you given your goals, circumstances, and your current home value.
That may mean keeping your home. It may mean selling it.
By the way, you can’t say you lost money if you can sell your home for $185,000 more than you paid for it.
