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Sell Now or Wait |
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I bought a condo in 2005, not knowing the market would drop, I planned on selling in 07 to purchase a house. However, with the economy the way it is I will lose quite a bit of money on the property (~30,000) but, in turn be able to purchase a house for a very good deal. Should I do this? or wait it out? I really don't WANT to wait it out. |
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If you're selling and buying in the same market, it doesn't really make much difference wether it's a good or a bad market. No point in waiting. What you lose on one end you gain on the other. My only caution would be that you should explore ahead of time the financing of the new property. It's harder to get mortgage loans these days so you want to be sure you can swing the deal. |
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Edith
Originally published on April 24, 2008 |
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