If your estimation is correct, you would sell your home for $250K, which would bring you about $17,000 short on your obligation to the bank. If you have additional funds in the bank that could cover your shortage, that would be great. But you will still need money for a down payment on your new loan. It would be ideal if you could walk away from your existing home with a zero balance and not having to pay anything out of pocket. Then you could start fresh with your new home. If that is not an option, then you may want to consider refinancing if it allows you to save more money toward a down payment. The housing market is beginning to pick-up just a little. It is possible that in 2 years, your home will be worth more than you owe.
I hope this information is helpful. If I can be of further assistance, please feel free to contact me. I would be more than happy to run the comps on your home for you.
Coldwell Banker Residential Brokerage
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With your interest in the property such as that and others that have built or purchased in that type of property. Know that the property is going to fit someone's criteria as it did yours. What many aren't realizing is that Maryland's Market hasn't depreciated below the national market which is between 4-6%. It just stablizied with and appreciation still higher the national average(which is between 4-7% depending on location).... more
You'll get some agents who will show your condo because of the bonus. However, knowing nothing about your condo, location or its price... I can say with some certainty that after six months on the market it is probably overpriced if it has not sold. You should have a frank discussion with your agent, ask to see updated compararble sales and determine what the market says your home is worth. If you want to sell it, you should reduce the list price to reflect its actual worth. That can be tough in a slow market - especially if the number is less than you want to accept (or, worse, less than you paid or have invested). Good luck!