To sell or to rent, what would you do in this market?

[Sam Stout]

Alright, here's the delema. I bought a condo on a ski mountain last year for 304k, owe 273k on it. My family needs to upgrade to a bigger home, we have an FHA loan ready for 3.5% down. We have the money for the downpayment already. The similar condo's, maybe not even as nice as mine, are selling for 375k-400k. My total monthly cost on the condo, including taxes, insurance, HOA is $2500/mo. I could MAYBE get 3k/mo on a year lease, but that would be a stretch.

     Would you take the 60k profit (after tax/broker fee) now, or take 500/mo net with the chance that the market could correct itself next year and the condo would be worth 305k again.  AND if the market corrects, it could take 5-10 years to get back to where it is now.

    BUT, if we sell, we would be buying a new home in the high market right away, with the chance that the new home could go down in value in one year.  Their are no deals to be had right now, this market is limited.

Thanks....btw, I have 10 SFR and Multi's, some with mortgages, some owned outright.....