I would consider selling it at this time. You have a great rate, if your wanting cash for your business then you can make two moves. reduced your payment around same interest rate and recover your equity.... more
I don't obviously know all of the details of your situation so it is really hard to say. In general I have seen values increase since January by about 10% so you may be right on target with your estimates.
For my money, I would sell and downsize now. Interest rates are moving upward and as a general rule you would need to save about 1% to justify a REFI. Current rates for good credit are about 4.5%, We are in a sweet window where you can capture some appreciation and lock a good interest rate on the new place freeing up capital for the new business.
I hope this helps and am happy to run some specific comps for you if would better help you decide.
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With buying your home so recently in 2009 it would be difficult to say if you should sell or wait a year or two. I would have to do a market analysis on your home but I would think it may be hard for you to come out ahead with all of the transaction costs involved.
What you need to look into is what is your motivation for selling now? Why do you want to move out of a home you purchased a year ago? Is it more than you can afford? Do you not like the area? If you are looking to trade up into a larger home it may be a good time because if the home you are in now has not gained value or has lost some value the larger home you would be buying would typically be under those same pressures. So you lose $10,000 on your current house but you are able to buy the larger house for $20,000 less. if you wait for the market to rebound you can sell your home for $10,000 more but the larger home you want to buy is now $20,000 higher than if you bought it a year ago.
Granted these are very general examples but I am giving them to you so you can think about why you are wanting to move. I always put my clients best interests first as all Realtors are supposed to do. Unless I honestly knew your situation in detail it is impossible to say for sure and in the end it is your decision to make. From a standpoint of buying a house and living in it for a year before selling that just does not make economic sense because of the transaction costs involved.
Life sometimes throws you curve balls so look at your motivation and make sure it makes sense. If you are going to buy another home you can lock in the lowest rates we have had in over 40 years. I am also a mortgage broker and 30 year rates are almost at 4.25%. As an added service to my clients I do not charge them origination fees on purchase transactions when I represent them as their Buyers Agent.
I wish you the very best of luck and if you would like to talk about your situation in greater detail please feel free to contact me.
REALTOR | Keller Williams