“My sellers both work at the same company, which told them they have to be in the office three days a week or they’ll lose their jobs. They have six months to make the move. They’ll probably have to take a $100,000 loss on their home,” Pendleton said.
Pretty sure I would rent out the home instead of taking a $100,000 loss? Rent something to live in where you’re moving to until it’s more favorable to sell.
In a lot of these WFH communities, the rental market softened with the rest of the housing market, so you might not have renters or have to take a hit on the rent. Also, being a landlord more than a commute-able distance away from your property sounds like asking for trouble, unless you hire a property manager, but that’s another hit to your income.
Even if the market in some of these more remote areas softened a bit, I think taking a $100,000 hit over one year is crazy, though. Even if you lose $100 or $200 per month renting it out, that’s a long ways from $100,000. Meanwhile, you’re paying off the mortgage and building equity.
I’m pretty sure I’d stay put and not move back. Let’s be honest. An employer can and will terminate you for practically any reason or no reason at all. Selling a house you bought in a place you want to live in hopes of maintaining a toxic relationship that will end on a whim (your job) barely makes sense from an economic perspective and makes no sense from any other.
To put it in perspective… if you had an emotionally abusive boyfriend who insisted you had to sell your house and move in with him, would you do it? If you relied on him for half your income, would you do it? If the answer to those questions are “yes” then you’re gonna love selling your house because of RTO. If you have any self respect, the very notion of this would make you dust off your resume and resignation letter.
I definitely agree. I was just commenting from a purely financial perspective. Doesn’t really make sense to take a $100,000 hit when you could rent it out and move and probably at least break even while continuing to build equity.
Pretty sure I would rent out the home instead of taking a $100,000 loss? Rent something to live in where you’re moving to until it’s more favorable to sell.
Six months is plenty of time to find a new job these days.
Right?
In a lot of these WFH communities, the rental market softened with the rest of the housing market, so you might not have renters or have to take a hit on the rent. Also, being a landlord more than a commute-able distance away from your property sounds like asking for trouble, unless you hire a property manager, but that’s another hit to your income.
Even if the market in some of these more remote areas softened a bit, I think taking a $100,000 hit over one year is crazy, though. Even if you lose $100 or $200 per month renting it out, that’s a long ways from $100,000. Meanwhile, you’re paying off the mortgage and building equity.
Yeah, that’s nuts. Also, as a couple you both probably shouldn’t be working for the same company from a risk reduction POV.
Rent to own is also an option.
That assumes you can get a back to ground be you two mortgages though.
This is an excellent opportunity for corporations to buy up homes.
The rich will only get richer until we stand up.
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I’m pretty sure I’d stay put and not move back. Let’s be honest. An employer can and will terminate you for practically any reason or no reason at all. Selling a house you bought in a place you want to live in hopes of maintaining a toxic relationship that will end on a whim (your job) barely makes sense from an economic perspective and makes no sense from any other.
To put it in perspective… if you had an emotionally abusive boyfriend who insisted you had to sell your house and move in with him, would you do it? If you relied on him for half your income, would you do it? If the answer to those questions are “yes” then you’re gonna love selling your house because of RTO. If you have any self respect, the very notion of this would make you dust off your resume and resignation letter.
I definitely agree. I was just commenting from a purely financial perspective. Doesn’t really make sense to take a $100,000 hit when you could rent it out and move and probably at least break even while continuing to build equity.
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