Housing Market (& Mea Culpa)

[loonguy]

Another option, which might work for some, is rather than sell and rent for a couple of years, refinance your current home while rates are low and take some cash out to serve as a down payment on purchasing the home you want now with a low interest rate mortgage. Your current residence could become a rental property that might generate some excess cash flow and you could enjoy your next home now. Alternatively, you could rent out the new home until you are ready to make the move. Of course, there are risks as a landlord and the couple of times I moved and converted my prior residence to a rental property I had the misfortune of having deadbeat tenants who did not respect the property or their rent obligations. I still do not regret the transitions, however, because they enabled me to improve my then current and future home situations at a time when I really did not have a better alternative.