I agree with Rick. You really need to figure out your total costs and don't forget to incude property taxes and the chance that you don't find a renter for a few months. I would then compare this to the amount of equity you think you could reasonably collect in the future and depending on how long you want to hold the property this will give you a better idea of your burn rate. Hopefully the the numbers will be so significantly different that it will allow you to make the choice between selling and renting. Also, don't forget to factor in the interest rate that you can claim on your taxes.

It is a tough question. to answer it right, one would have to have a crystal ball. if the price is expected to go up of course you would want to hold it, but nobody knows. If it will go up how long will it take for the price to go up and for how much more. Your expenses is way more than $400/month. you should use the following free online calculator to figure out how much is it you are exactly paying before you make the decision. also make sure you are valuing your property correctly. you can read my other blogs for the answer to that.

http://www.mortgageinvestment.com/Investors_in_Real_Estate/i…

Hi Suzanne,

Two of my Specialist Associates know Watermarke like the back of their hand. We were talking about Watermarke this week and I remembered your question so I asked them what they thought. If you don't have to sell right now, don't. They have probably 23 other homes, not yet listed, that want to sell there.

Unless you are willing to price it to sell next, which will be lower than current SOLD comps, you are better off renting it out for the time being. Call me if need more specific information at (949) 278-4807.

Suzanne:

I think it depends on what you are thinking about doing. Are you trying to rent something for yourself, or are you thinking of purchasing a new home?

If you could sell your condo and walk away after all of your costs etc. and either break even or turn a small profit, then you may be better off than trying to hold off until the market gets better. The reason being is, say the market continues on as it is right now, and keeps going down for another 1 to 2 years; once the market has reached "rock bottom" (which who is to say when that will really happen?)then you will also have to wait for the market to come back up and get you back to where you either break even or turn a small profit. It is hard to say without knowing more about your situation. If you would like, you can call and or email me personally anytime for more information on the market and you can also access my website for more information as well.

Sincerely,

Tiffany Mueller
Prudential California Realty