Rosalind and John are both right. There are several aspects for you to consider when trying to decide whether or not to sell a home. Real estate is a good investment over time, so you are probably better off keeping it.
I personally own a couple of townhouses in the area and I decided to rent one and sell the other. The one I decided to rent, I got under a lease agreement pretty quickly, but the one I wanted to sell sat, and sat, and sat in this market. Eventually, I decided to do a rent-to-own and I am happy to say that I have a tenant moving in today!!! If you have any questions about how to do a rent-to-own please give me a call.
If you need the equity out of the condo, the best thing to keep in mind is that good pricing is key in this market to getting something sold. If you would like a Realistic Price Analysis on your condo, please call me. I also live in Hampton so I am close by! Or if you would like a rental analysis, I can do that for you as well!
Have a great one!
Liz Moore & Associates
The best thing to do is have an agent to a thorough market analysis of your condo. Not only should you be looking at sales price and how quickly condos are selling, but also look at the rental history in your community. Compare the two reports - if you are going to make more of a profit renting it out than lowering a mortgage amount, I would keep it as a long term investment.
if you wish additional information feel free to contact me directly .
John R. Beavers, Realtor