Susan, Clearly, you want--and may need--to divest yourself of the Port Jefferson Station property. Now or later? There's no quanrantee that the market a year from now will be substantially better than it is today--and it could the same and even worse. In the meawhile, you'll have the burden of carrying two mortgages and managing the properties. My advice? Get a CMA, . If the numbers work, put the home on the market w/an aggressive pricing/marketing strategy. Call me at 631.338.7392 if you'd like assistance from our Port Jefferson office.
GerryV

Susan,
The current market does not indicate that homes will escalate in price between now and next year. My suggestion is to sell your home if your interest is in liquidity. If you choose to rent the home, and then choose to wait for the market to rebound, you could be waiting 5 years to be in this position of being a landlord. If you sell and take the money and put it into a secure investment, you will gain interest. Your home in PJ in this market "may" continue to depreciate. We are now dealing with a very healthy number of buyers and good marketing will get you a "real" market value. I can be of help to you if you would like.

Is Port Jefferson Station your primary home or are you renting it out? Where is it you wish to live?

There are no crystal balls, but I personally believe the prices are correcting and will not go up for a while. In Florida, you must be a resident to get Homestead Exemption from your taxes, otherwise you will be paying a great deal more!

Also, if you are not living in the Florida house, you will face issues with your homeowner's insurance and the state will take over with their own tax which is very costly.

If you would like a realistic idea of what Port Jeff property can hope to get in the current market, I will be happy to provide an analysis for you. With that information, you might be better able to make an informed decision. Contact me offline at Gail@GailGladstone.com.