Hi Pra,
What is your loan? Overall market did much better this year from Jan to now. Do you want to be landlord or it was more to move up and you converted primary to rental.. What are your short term and long term goals. It all can be sorted out and then advised. If you are just trying to get the feel that If market increses then you will hold on to it then Yes, market did do better, if you need ratios or data please email Info@realtygeeks.com and I will send you Pdf .

hope that helps a tiny winy bit :)

Monika
Keller Williams

Hi Pra,

The answers below are accurate in that no one can give you an accurate appraisal of any specific property without knowing what the property is first, where it is, it's condition etc. I can make a couple of general comments though, and if this is of help to you, I'm glad.

When the real estate market tanked a few years ago, for those of us in the business, it was like someone turned the light switch off. The change in the market direction happened that fast. Up until the end of May '05, the market was flying. Homes were selling in a week, selling for more then they would have 2 weeks before and with few if any contingencies. Starting in June '05, homes started taking longer to sell, and the prices stopped flying upwards. The statistics that confirmed all this, weren't public until later that year, which furthered buyers concerns, and the buying dried up even faster.

Today, people in the real estate business will tell you that a switch again has been flipped. Not all around the country, and not all over Virginia, but here in NoVa, we have bottomed and the statistics are bearing this out. I don't expect prices to go running up like they did a few years ago, but they've certainly stopped falling, especially in Oakton. Oakton is a wonderful and desirable town to live in. No one knows for sure what kind of appreciation we'll see in 2010 or 2011, but most will acknowledge that we should see low single digit appreciation. This applies to condos as well. If you're near the Nutley Metro station, all the better.

There are a lot of issues to consider as you evaluate your decision. The agents below are correct when they suggest you consult your accountant. I would also speak to a good real estate agent or two to get an assessment of your property. They'll be able to give you better feedback if they know where the property is, and better yet if they get to see it.

I hope you find this helpful.

Regards,
Andy Krumholz, GRI, ABR, CDPE (Certified Distressed Property Expert)
Keller Williams Realty
(703) 599-4755 - cell
ajkrumholz@yahoo.com

Pra,

I agree totally with Lauryn. There are many details to consider. I know people with larger negative cash flows that are perfectly happy because of tax reasons. I suspect your best answer will come from your accountant.

Does your $600 month negative take into account whatever increase you are getting in your equity position? Location matters alot as well because that determines the type of tenant/risk you will have as well. Typically the better location..better appreciation..better tenants. Happy to meet with you and go over hard numbers..buying or renting. I have a few rental properties and could also provide you some insight on how best to handle yours. Have a great day!

Kind Regards,

Erik J. Weisskopf, ABR,CRS,GRI
(C) 703.216.1222
Erik@AskMeAboutHomes.com

Pra,

I would need more details about your property to give you a better answer, however, it is important to not just think about the money you could make if waiting to sell for another 2 years or so, but the money you could be losing! If you are losing $600 per month over 3 years that is $21,600 minimum assuming you have included taxes, condo fees, hoa fees...and that is not including the cost of maintenance you will incur while being a landlord for the property. As well, buyer expectations change on what they are looking for as far as updates. You might be okay now, but in 3 years, there might be upgrades that you need to make to be competitive in the market. I would love to see the condo and sit down to give you a real analysis of the market for your condo.

As well, you would want to speak to your tax accountant to see what the ramifications/benefits could be...

Lauryn Eadie
Long and Foster Realtors
Direct: 703-898-4771
Email: lauryn@lnf.com http://WWW.LAURYNEADIE.COM

The answer lies in a thorough market analysis.
Work with a good buyer agent to do an analysis.
rgds,
Ramesh Chandra
703 635 8209
mepcigroup@gmail.com
Saab Realtors Corporation