Re: Evaluate my real estate situation (very long)
Points to think about:
-What kind of refi could you get right now?
<font color="blue"> Not sure exactly, but I think around 6% or something, with no closing costs from ING. This is for a 7/1 ARM </font>
-You say you could sell it in a year. Things seem to be heading down quickly--are you sure you can sell it for 285K in a year?
<font color="blue"> Not sure. I just don't know how the overall economy would fuxor with the Portland market. </font>
-What if you can only sell it for $250K--would you still sell in a year?
<font color="blue"> Again, I have no idea. We'd like to get back into a place right away when we return, so we don't have to rent or stay with relatives. If we can't capture much profit by selling next year (250k is close to where I'd be pretty undecided), we'd be more tempted to rent it out. If it looks like things are going this way, I'd be more tempted to re-fi now, so we have longer to ride out the market downswing. </font>
-At what price point will you hold on to the house while you are traveling.
<font color="blue"> I don't know what this means. Once we're traveling, we either will have the house rented or sold. We won't be making decisions on it while we're gone. </font>
-Is it required you rent the place out while on your trip?
<font color="blue"> Not necessarily, but I don't want to blow a ton of money paying for an empty house all year. </font>
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