Asked by Brian, Mountain View, CA • Tue Sep 16, 2008
Hello. In early 2006 my fiance and I purchased a 2br/2 bath condo in Mountain View using a 7 year interest only loan with 22% down. We primarily bought because we really liked the home, but we were aware that the price appreciation seen at that time could not be sustained. Over the first year and a half to two years, our property gained around 11% in value, but over the past year, it has declined (based on comparable sales) to less than we bought it for (~ 3-7%). I am trying to decide if it is best to try to sell now (even in this tough market), take a loss, and recoup some of the down payment in an effort to avoid a negative equity situation. Other options would be to do nothing and keep the property hoping that the market turns over the next 4.5 years. We would like to refinance to a 30 year fixed once I am out of school, but I am worried that this won't be an option if property values don't recover. Any advice is welcome.
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