Tho only one who can or should answer questions about your loan is your mortgage professional. Anything else would be a guess.
I suggest crunching the numbers.... what are your total carrying costs (mortgage, hoa dues, property taxes) vs. what you can rent it for? If you are are break even or better, there's a strong argument for keeping it. If you are losing money, then the only reason to hang onto it is if you are certain it will be worth more in the future.
Another big factor is your loan - if you have a 30 year fixed rate loan, you'll always know your costs. However, if adjustable (now or in the future) you are at the mercy of the markets, and chances are rates will be going up since we're at near-all-time lows.
This also leads to the question of what are your long term plans? Would you ever come back and move back in? Or are you planning to sell it no matter what and just want to correctly time the market?
If you are trying to time the market, I'd suggest selling now because we know what the market is doing now, and it's impossible to predict the future. With the stock market back up, interest rates low, and lots of pent up demand, there is a market for your condo right now. We just don't know what the future will bring.
For a home valuation report please visit my site www.Evaluate-my-home.com or contact me directly and I can help you make a fully informed decision.... more