Zillow Advice: Market Conditions - Am I stupid to consider selling our Palo Alto home to buy a new home in Irvine or other O.C. city? http://www.zillow.com/advice-thread/Am-I-stupid-to-consider-selling-our-Palo-Alto-home-to-buy-a-new-home-in-Irvine-or-other-O-C-city/353938/ Zillow Advice | Zillow Real Estate If you can afford both homes, ... http://www.zillow.com/advice-thread/Am-I-stupid-to-consider-selling-our-Palo-Alto-home-to-buy-a-new-home-in-Irvine-or-other-O-C-city/353938/ <p>If you can afford both homes, you can purchase a second home while the taxes will be assessed at today's level and then sale when the values are higher in Palo Alto in the&nbsp;following 5-8 years.<br/><br/>Then if you change your mind about living in the Irvine area you still have your home and can always not renew the lease and then move back in.<br/><br/>There are many good management companies that can assist you in finding the perfect tenant. Go with one that specializes in Leases (runs unlawful detainer searches, recognizes scams), not an agent that does it as a side job.<br/><br/>Selling now, you are actually taking a loss since homes will appreaciate in the coming 5-8 years, if you can afford to take on a second home. If you can not afford two homes, moving straight across will save you money through taxes. Your home is down and so are the homes in Irvine. So this may be a great opportunity to get into a home while the assessment will be low, rather than buying and selling later when assessments will be high.</p>Good luck. Wed, 16 Jun 2010 15:52:00 GMT http://www.zillow.com/advice-thread/Am-I-stupid-to-consider-selling-our-Palo-Alto-home-to-buy-a-new-home-in-Irvine-or-other-O-C-city/353938/ 2010-06-16T15:52:00Z "long term" anything will ... http://www.zillow.com/advice-thread/Am-I-stupid-to-consider-selling-our-Palo-Alto-home-to-buy-a-new-home-in-Irvine-or-other-O-C-city/353938/ "long term" anything will do fine. 25 years from now, you'll see these homes double at least once if not twice over Tue, 15 Jun 2010 09:34:00 GMT http://www.zillow.com/advice-thread/Am-I-stupid-to-consider-selling-our-Palo-Alto-home-to-buy-a-new-home-in-Irvine-or-other-O-C-city/353938/ 2010-06-15T09:34:00Z Badmukh;We were both born ... http://www.zillow.com/advice-thread/Am-I-stupid-to-consider-selling-our-Palo-Alto-home-to-buy-a-new-home-in-Irvine-or-other-O-C-city/353938/ Badmukh;<br/><br/>We were both born and raised here in Palo Alto, and have been selling real estate here for quite a while. I think what you need to consider is, will this be permanent. If you're sure it will be, it would probably be the best course of action. Your home has appreciated well over the seven years, and it is not easy being an absentee landlord. You're right about the quality of you investment. You have the chance to take $500k of tax free&nbsp;appreciation while&nbsp;you can, and we don't know how much longer that will be an option.&nbsp;<br/><br/>Best of Luck,<br/><br/>Derk Tue, 15 Jun 2010 05:18:00 GMT http://www.zillow.com/advice-thread/Am-I-stupid-to-consider-selling-our-Palo-Alto-home-to-buy-a-new-home-in-Irvine-or-other-O-C-city/353938/ 2010-06-15T05:18:00Z