Former Homeowners Ponder When To Re-enter Real Estate Market

In hindsight, Scott Feldman's decision to sell his first home in late 2006 could have been a case study in a textbook called "How to Time the Real Estate Market."

Feldman, who works at a private equity firm, sold his two-bedroom apartment on Manhattan's Upper East Side for $879,000, about 40 percent more than what he paid for it in 2003.

But whether Feldman's return to homeownership proves as financially savvy remains to be seen. After weathering the recession in a rental unit, he bought a five-bedroom house in a New Jersey suburb last spring for 30 percent below the original asking price.

"We probably overpaid for it -- but we're happy here," Feldman said, adding that he and his wife's decision to buy had less to do with calling a market bottom than settling into a community their two young children, nearing school age, could grow up in.

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