Sell house now or hold and wait to see if market improves
We bought our house 2 years ago and our monthly payment was 4,500 (3,600 mortgage 900 escrow) a year later our monthly payment is 5,200 (3,600 mortgage 1,600 escrow). We had no idea we would see that kind of increase so quickly. We make good money but things are starting to feel stressful with that kind of change. We want to have another kid and it feels like we can’t carrying that kind of cost and not know if our house payment is just going to keep going up and up on us and take on the cost of an additional little one.
We’re considering downsizing just to get the monthly payment in check but I think we would have to sell at what we bought it ( I really worry about the high interest cost and escrow cost alone is a hurdle for the next buyer making our house a potential slow mover) for which means we would have to eat likey the 70k in fees.
I feel so ashamed losing that kind of cash but we had no idea our monthly payment could increase that much so soon and I feel like having to choose between having a bigger family and a house makes me feel like a prisoner to my bad financial choice.
Do we wait to see if we can sell at a little higher price or just call it what it is and sell?