Am I better off waiting to sell my condo for prices to maybe rebound some?

Asked by Condoforsale, Sun Prairie, WI Sun Jan 24, 2010

With so many condos on the market in Sun Prairie, I know I will have to probably take a substantial loss to sell mine. I don't have to sell, I own it outright. Am I better off to maybe wait for the market to improve vs sell now? I will probably lose 35,000 if I sell now. My yearly cost to keep it is around 5000.00. Thoughts? It is currently empty.

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Brent Dorner, , Sun Prairie, WI
Mon Jan 25, 2010
Hello Condoforsale,
Depending on what your price range is on the condo may change just how many are available at this time. It also may be in a first time buyer range and they will be looking hard through the next 3 months. if you own it outright and it is empty you obviously live at another location, maybe own another home? So the repeat buyer credit does not help you, but the first time buyer credit does. If you happen to be looking to purchase you may lose money on a sale but you may make it up on a good buy and if you add in the potential repeat buyer credit along with low interest rates, it may be a perfect time to sell and move on. You may need to hold it for years to make back that 35k, and each year costs you another 5k. You could rent it to someone you really trust and have it cost you nothing to hold, even make a few bucks. I guess it really depends on your entire situation.
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Ron Rovtar, Agent, Boulder, CO
Sun Jan 24, 2010
Hi Condoforsale:

You don't mention a time frame, but, assuming you are thinking about a period not more than a year, you may be better off selling it now while interest rates are low and the federal income tax credits are still available to buyers. There is a good chance the market will slow down again after the tax credits go away, which would keep prices down for at least the summer and maybe longer.

Have you considered renting the condo? I don't know what rentals command in your area, but with carrying costs at $5,000, there is a good chance you could generate some positive income from the unit while you wait for the market to improve. Leaving a home empty is usually not a great idea.

Ron Rovtar
Boulder, CO
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Paul Spoerl, Agent, Appleton, WI
Sun Jan 24, 2010
What the future brings is a big question mark. My hope is that it will improve but the tax credits currently available may help sell your property sooner and at a better price. Contact some local agents and get some information. Decide your next move with all the information you need!
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Anna M Brocco, Agent, Williston Park, NY
Sun Jan 24, 2010
If you have to sell don't wait, list your condo--who knows what tomorrow will bring. Why not contact a few realty offices, interview some agents and choose the one you like best--you need to be aware of recently sold similar properties in the immediate in order to determine a fair listing price--the information is free--without looking at the data first, too early to determine any loss/gain. Your agent will guide you best.
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