You can only really count on real estate to appreciate in the long term. When you purchased, you were likely anticipating to hold onto the asset for a long period, but now you have to sell-out early, during a dip. You're doing so because your personal preferences dictate that this move is "worth it" to you.
In this way, it's both a loss to your investment (which, like all investments is a gamble), and also a reflection of how much you personally value leaving NYC.
Why do you need to sell? It’s the bottom of the market so if you can wait to sell your loss will be lower. Also you wil automatically lose 10% due to closing costs
Maybe she wants to move out of the city. Is there any way you could rent out the apartment for a year or two? Or do you need the $ from the sale for a down payment?
If moving within NYC, just try to give the same discount you expect to get on your new place. It actually makes sense to trade up during a downturn! However, if you are moving out of NYC this could be a real loss as RE prices are up outside of the urban cores.
You can only really count on real estate to appreciate in the long term. When you purchased, you were likely anticipating to hold onto the asset for a long period, but now you have to sell-out early, during a dip. You're doing so because your personal preferences dictate that this move is "worth it" to you. In this way, it's both a loss to your investment (which, like all investments is a gamble), and also a reflection of how much you personally value leaving NYC.
Why do you need to sell? It’s the bottom of the market so if you can wait to sell your loss will be lower. Also you wil automatically lose 10% due to closing costs
Maybe she wants to move out of the city. Is there any way you could rent out the apartment for a year or two? Or do you need the $ from the sale for a down payment?
Could be argued, she's found a cheaper place so it evens out...
If moving within NYC, just try to give the same discount you expect to get on your new place. It actually makes sense to trade up during a downturn! However, if you are moving out of NYC this could be a real loss as RE prices are up outside of the urban cores.
We sold at where we bought. The 10pct in costs, I will make up in the 11k a month that I’m no Longer shelling out... lots of factors here. Good luck.