cutting our losses and sell up?

[RobAMerc]

hi all,

We have had an offer of 385 on our house.
We bought it in December 06 for 525.
We bought our first in 04 and made 140k on it, so we are out 40k ( the stamp duty )

We are considering cutting our losses and bailing out. Although we have our eye on another house - but expect it to drop ( its dropped by 30% since it went on at 800k.)
Other houses ( not in as good condition as ours to be fair ) went for the same or maybe 5k more in December.

Should we cut our losses and go ?

 

[Padraigb]

The best thing is to try to put the price you paid out of your mind (not easy, I accept). You are selling in today's market.

The house you are thinking of buying seems to have dropped in price even more than the one you are selling, so the price difference between the two houses has fallen. And that's what you should focus on: the difference between the prices of the two houses.

If you have the finance sorted, and can get your target house for €500k or less, I would say go for it.