Property Management

Market Conditions

According to the latest report from the U.S. Commerce Department, sales of new single-family homes were down in October. "The drop in new home sales last month comes as no surprise, said National Association of Home Builders (NAHB) Chairman Sandy Dunn, a home builder from Point Pleasant, W. Va.  "Housing starts in October and NAHB"s most recent Housing Market Index, which gauges builder sentiment about the market, were at record lows. And the extreme turmoil in the financial markets in October definitely undermined consumer confidence and served as a drag on demand for housing." The biggest regional decline was seen in the West -- down 18 percent. This large figure doesn"t accurately show that sales actually rose in the Northeast and Midwest. Click here to view current Market Conditions in your location.


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Question: I currently own a property worth around 500K but I bought it for 300K two years ago. Since I have 200K in equity I was thinking about taking out an equity line of credit for about 100K, leaving 20 percent in my current property. With this 100K, I would like to spend 60K (10 percent) as a down payment for a 600K new home. I would then use the other 40K to subsidize some of my income to make the new mortgage payment and at the same time give me a little spare cash in case my current residence doesn"t rent. I estimate that the 40K will subsidize my income for about three years. I am hoping that in three years time my new primary and rental homes" values would have risen enough to allow me continue this same process. Is my thought process sound? Is three years a good time frame?
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