By Low. Sell High.
Back in 2001 my wife and I purchased our house for $118,500. We just signed a contract to sell it for $192,000.
Tell me... my good liberal friends... Does that qualify as "excessive profits"? Should I, in the name of fairness, sold my house for say.... $150,000? Just you know... because I really don't need that much money?
Hey... I said there was a housing bubble. I didn't say you shouldn't be taking advantage of it. For crying out loud people... if you live in one of these area that real-estate has gone psycho... in the name of all that is good in the world... SELL! SELL NOW!
People lose their butts, more often than not, because they don't know when enough is enough. They get greedy.
Casinos count on it. You never get up 500 bucks and walk out. You stay. And you end up giving it all back, and then some.
In terms of the market people get so caught up on selling at the exact peak that they hold on to long, and get left holding the bag. Think about where these people could've been if they'd had the sense to cash out of the tech boom in the 90s? Well.. here's a hint... Mark Cuban did it, and ended up buying an NBA team with all the cash he made.
He was one of the few though... most folks were left with a bunch of worthless paper.
What's the housing market like where you are? Do ya know what your house is worth? Maybe its time to cut and run. Maybe not. Something to think on though.