Originally Posted by Sam
So, why didn't you?
We are not sure we want to leave southern California, we certainly are not ready to now, son entering last year of high school. We have to live somewhere and it would cost more to buy. If we were planning to move in the next year or so we could maybe handle the disruption of selling and renting for a while before moving. But we may be here a while and we like our house, its paid for and taxes would go through the roof if we bought something newer/bigger/more expensive in California. And we expect to stay somewhere in the state with older boy with our grandchildren and younger one still some time to go in school.
It will be painful to ponder that we could be sitting on something like a cool $100K from a cashout and the main "cost" would be the inconvenience of moving and renting. But I have gone through the real estate cycles and things do work out over time. I'm in a good position, I paid $96K for my house in 1986 and refinanced it for $200k in 1990, price dropped for several years after that and only shot up the last few years. But even now if I sell I will have a pretty good return and whatever I want to buy should also cost less. And I still need to live somewhere.