Can you sell it now and at least walk away even or are you taking a loss?
If you rent and hold, are you taking a loss monthly?
The numbers are impacted so greatly by location and which complex you are in...feeel free to contact me directly and tell me which complex...I can give you a better estimate that way.
Balboa Park Realty, Broker/Owner
California License #01730524
Im here to help
None of us can predict accurately, if we could, most would be retired and very wealhty! :-)
What I keep hearing by local economists is that the shortage of inventory is driving prices up right now, but as soon as we enter summer, more inventory will pick up, which will stabilize prices again. The other rumor that is floating around right now, is the fact that the Fed may ease the "Quantative Easing Program" sooner than planned, because they are concerned about inflation. Should they end the program too soon, could end the recovery.
Where is my Crystal Ball?? The fact is right now there is a housing shortage and prices are going up pretty rapidlly and selling very quickly and usually above the list price. If you are negative $300 per month and have a HELOC, you may want to take a look at what your home is worth and see if it makes sense. Tierrasanta only has 2 active 2 bedroom condos on the market. That's IT!! Let me know if you want a Comparative Market Analysis with no obligation. Let's msee if it makes sense to get out of your monthly loss or hold for another year.
if you want to sell now or later, is up to youre financial needs.
If you believe it's the right time, then call me 619 392-5747.
Right now, there's not a lot of inventory, so it's a seller's market. Just have an agent on hand to keep you updated on the market. If you want, l can send you listings of all the comps in the neighborhood of your condo. Then, you can keep abreast of all the market activity that will affect the value of your unit. You'd be able to see how many units that are similar to yours pop up on the market, if list prices go up or stabilize, how fast they get an offer, and of course, keep track of sales prices and if they sell higher than the list prices. Just let me know off forum, I'm happy to help.
I don't predict the future well so won't attempt to do that...the market is good for sellers right now - that's all I know!
The decision to sell vs. rent is basically one that hinges on how much it costs you to hang onto the property vs. taking a loss when you sell.
Homes in the lower price ranges are selling like frigging hotcakes and you can expect to get top dollar in this market.
I offer some innovative listing programs and even help fsbo's to sell their homes. Feel free to give me a call to continue the discussion. I am known for being honest and straightforward.
Cindy Davis - 619-379-8616
Don't get too caught up trying to time the market. It's definitely a seller's market right now but it could turn on a dime. A jump in interest rates coupled with more supply will put the brakes on rising home value. From being in the trenches I see things going strong into the summer. A year from now is anyone's guess. Understanding your personal financial goals/needs is key to determining if it's good to sell or not. There can be tax consequences you might need to consider as well. Everyone's situation is unique. If you want to take advantage of a quick sell then now is the time to do it. Tierrasanta is a good location in strong demand!
That's a tough decision. You can find projections from the experts ranging from 10% increase in home prices in 2013 up to 15% or so. The problem is, you have most likely already seen a 15-20% increase in the value of your home this year. That means the prices could likely go down the 2nd half of the year to have you end up between 10% and 15%.
Just based on that information alone, you might have a 50/50 chance of having the value go up vs down between now and the time you decide to sell. To help decide if you should sell or not, the questions I would ask are:
1.) What is your cashflow on the property as a rental. Does the rent cover all expenses to hold it for another year?
2.) After you sell, what do you plan on doing with the money, or for that matter, why sell at all? Why not keep it as a rental property?
Feel free to contact me to discuss in further detail.
Keller Williams Realty