“I own a condo and am thinking of selling it versus holding it for awhile. It’s worth about $300,000 and I owe $314,000. Do you see a turn around in the market anytime in the future?”
Answer:
My crystal ball is cloudy today.
With all the government involvement, the market is not following normal cycles and is thus unpredictable.
But if the market does follow its current trend, your value should exceed your loan balance some time next year.
On the other hand, I’ve heard there may be more foreclosures hitting the market in a couple of months.
But on the OTHER other hand, I’ve been hearing THAT for a year.
So it’s basically a crap shoot.
