Selling or Holding?

[Kelly L.]

This is for my DC / Arlington / NOVA people.

Here's the story. My brother and I bought a condo last year (March 2013) 5 mins away from courthouse. We both thought we were giving to stay for more than 2 years.

Anyway, a lot has changed since then. There's a high chance that I will move to Jacksonville Florida this year. My brother is taking a leave of absence for 3 months and there's a chance of him quitting entirely (we are not sure yet). We got the place at a decent price. 460k and we put 20% down. it's up to roughly 480k this year. We are considering either rent it out for a year or selling it now. Our mortgage for 30 yr including HOA 460 a month.

If we sell now with 6% commission, we would probably have to sell at 489k to break even (and lose the money we pay monthly).

Either way, My brother will most likely stay in dc area for a long time and just rent somewhere cheaper and I will do the same and then move to Jacksonville when the time comes.

Question is: should we sell now or should we rent it out for a year?

I will even give you my address:

It's one of the 2b 1b in 1276 n Wayne st 1050 sqft