Sell and Rent
[Still, anecdotal evidence suggests that some people have cashed out and many more are thinking about it.
"It is something that we may start to see a little bit more of" as prices keep heading higher, Cook says.
Consider Penny Dorneman. She and her husband recently sold their Connecticut home and moved to Boston. But instead of paying top dollar for a home in Red Sox nation, they banked their $128,000 profit and rent a $2,885-a-month apartment. "Prices are insane," says Dorneman, 47. "Is Boston really a 20-times-better place to live than someplace else?"
Art Munson, 64, of Toluca Lake, Calif., also opted to take the money and run. He pocketed an 800% gain on the home he lived in for 25 years. He now rents. "Things were getting out of hand with real estate prices," he says. "I lived through a number of real estate dives, so we decided to take the risk and sell."]
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"It is something that we may start to see a little bit more of" as prices keep heading higher, Cook says.
Consider Penny Dorneman. She and her husband recently sold their Connecticut home and moved to Boston. But instead of paying top dollar for a home in Red Sox nation, they banked their $128,000 profit and rent a $2,885-a-month apartment. "Prices are insane," says Dorneman, 47. "Is Boston really a 20-times-better place to live than someplace else?"
Art Munson, 64, of Toluca Lake, Calif., also opted to take the money and run. He pocketed an 800% gain on the home he lived in for 25 years. He now rents. "Things were getting out of hand with real estate prices," he says. "I lived through a number of real estate dives, so we decided to take the risk and sell."]
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posted by Little_Silvered at 6:33 PM
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