Should I Sell my condo at a loss, or will the market pick up in the future?

Asked by Eric I Farness, Madison, WI Mon Jan 5, 2009

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Edwin Gerace, , 29072
Thu May 21, 2009
Great question, I have marketed a condominium in Lexington community for over last 3 years.
(I agree with some with David)
1- Do you need to sell due to economic reasons? If that is the case and you have to stop the bleeding. I would do it fast and Get out.
2- Do you just want to downsize you debt? I would look at other options 1) leasing 2) Lease options 3) Straight out rental 3) Owner Financing of some type
3- Just want to move or sell? I would go with option 2 and wait for the market.

Other Factors are
1-Builder still have inventory (Man with the deepest pockets wins)
2- Amount of inventory
3- Where you would fit in the inventory based on price and type
4- Time frame of other houses?
5- Mortgage amount
6- ** Side note Mortgages for 2nd homes and Condo's are TOUGH

Hope that helps.


Edwin Gerace
http://www.EdwinGerace.com
http://www.EdwinGeracesRealestateBlog.com
0 votes
David Patter…, , 29229
Tue Jan 6, 2009
E. -

Should you sell your condo at a loss? Let me answer that question with a question.
Do you HAVE TO SELL? If you don't have to sell......DON'T SELL until the market can meet your expectations.

That would be my advice to any past, current and future client. If you are in the Columbia/lexington/Irmo
area and need an agent to track the market for you. Please don't hesitate to email me.

Have A Happy, Healthy and Prosperous 2009!

Sincerely,

David A. Patterson, Broker CRS
Keller Williams Realty
4400 Saint Andrews Road
Columbia, SC 29210
http://www.DavidPatterson.net/
(803) 217-0948
Visit My Blog - Your Comments are Welcomed
http://www.ThePattersonFiles.info/

Search for Homes throughout The Midlands!
http://www.realestateinthemidlands.info/

"A journey begins with a designation in mind."
0 votes
Pat Grissing…, Agent, Greenville, SC
Mon Jan 5, 2009
What part of SC are you in? As everyone else is saying it depends on the location as well as other factors. I really wish we could tell what the market is going to do but we are wondering as well. We still have some selling and some sitting.
Web Reference:  http://www.pgrissinger.net
0 votes
Chad Mustin, , Greenville, SC
Mon Jan 5, 2009
As these others have said, there is no general answer to your question; any advice you base your decisions on should be after careful consideration and only at the advice of a real estate professional who is familiar with your specific market. Condo sales are different than traditional, single-family housing in that buyers are often buying into a lifestyle concept as well as the property. Unfortunately, much of the appeal of that lifestyle is in the hands of the community itself and not with the individual owners. To say the market will pick up is true, but the pace of that pick-up is what's at issue, and it varies greatly. Some neighborhoods will rebound in 24 months, others will take a decade. That's why I can't stress enough the value of a professional counseling you through the process.

Best of luck to you for what's ahead!
Web Reference:  http://www.chadmustin.com
0 votes
Randall Sand…, Agent, Charleston, SC
Mon Jan 5, 2009
Hi E - It all depends on your personal situation. If you would like to email me some more details, rsandin@carolinaone.com, I will be happy to take a look at your situation and give you my honest opinion. I would need to know location of condo to start?

Thanks, Randall
843-209-9667
rsandin@carolinaone.com
0 votes
Kevin & Moni…, Agent, Ocean City, MD
Mon Jan 5, 2009
Real estate always bounces back. The question is how long will it take. Depending upon when you acquired your condo, you could be looking at a lesser or longer amount of time to get into the black.

Obviously right now if you sold you would be taking a loss. If you can afford to keept it... do so. it will take some time, and since I do hot have a crstal ball...I do not know how long "a while" will be.

You need to speak with a local real estate professional who is well versed in your market in South Carolina. If you are not currently working with anyone, I have an excellent source and would be happy to get you a name and number.

My best.
Monica McNamara
Ocean City, Maryland (which is also a condo market)
877-480-7653
0 votes
Laura Sargent, Agent, Awendaw, SC
Mon Jan 5, 2009
Tough question for anyone dealing with owning and selling right now. The interest rates available to potential buyers right now is a huge incentive to buy. I'd love to help you by giving you as much information as I can regarding your area. If you are in the Charleston area, please contact me anytime and I will run the numbers with you.

Laura Sargent
843-509-2375
lsargent@carolinaone.com
Web Reference:  http://www.laurasargent.com
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