Is it a good idea to sell my condo in this market?
Answer:
If there has been little appreciation, then you probably could not sell it at a high enough price and cover all your expenses. No, it is not a good idea to list it at a higher price. By doing so, you would limit yourself to cash buyers only and those are mostly investors who know what the market is and they won't pay more than fair market value for a property. If you list it high, the property won't make appraisal and therfore a bank will not finance it.
Unless you have substantial equity in the condo, you're probably better to just hold onto it until the market improves. Other options might be to re-finance with an interest only loan to reduce your monthly payment or, if possible, take in a tenant to help pay the mortgage. Can you rent the condo at a price that would cover your mortgage and expenses? You might want to do that then move into a rental that you can afford.
I hope you found this information useful.
Please feel free to visit my website at www.flwaterhomes.com if you have any other questions.
Jim Reske, Realtor
ERA Advantage Realty, Inc.
Port Charlotte, FL
Where would you move to?
If you need the interest on your mortgage and the real estate taxes for your income tax return, then you need to be in real estate.
If you can not pay the bills it is best to sell and get out and look for a good place.
http://www.realtylinkdirectory.com.
http://www.dollarbackrealty.com.
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