nobody truly has a crystal ball to know exactly when what will happen in the economy, the stock market or the real estate market for that matter. Furthermore different areas, different cities and often different neighborhoods and subdivisions within cities are depreciating and then appreciating in different ways. So there is not even a standard answer for the Miami area, were we to know what is going to happen in the next 5 years.
But there is some general understanding out there as a general market development, that prices may still go down a little during 2009, then become more stable during 2010 and thereafter depending on property, location, upgrades and the areas individual economic standings (employment etc.) real estate should slowly start improving, i.e. we should start seeing some appreciation over the then following 3 years.
How much appreciation nobody can even guess, we just know it will not be anything close to some hikes we experienced in some areas some years back.
But if you can continue to rent the property and keep it in good shape you may want to wait out the next few years if you need not sell.
Hope this helps you a little. Hopefully a Miami Realtor will chime in and give you his or her expertise and thoughts. We all can only hope that things will change soon, and the sooner the better for all of us.
And good luck to you!
Edith YourRealtor4Life Working always in the very BEST interest of her clients!
if you ever know anyone moving to Chicago and Northern Illinois have them contact me......