Co-Owned House in East Whittier, CA: Sell or Hold?

[Justin Gutierrez]

I co-own a property with my brother, and after 6 six years, we're looking to sell, mostly because we hear the market is reaching a peak soon.

The property is a single-story, single family residence in East Whittier (Unincorporated Los Angeles County), CA. We bought it in 2012 (short sale) for $300,000 with an FHA loan, which was converted to a conventional mortgage because of the property value increase. According to Zillow, the value is around $570,000, when you look at Zillow comps. We have remodeled the kitchen, and slightly remodeled the bathroom, added pavers and rocks to the back yard, new gates.

East Whittier is a hot area, because prices are distressed, but it's close to everything, good schools, crime level is low.

Agents are contacting me like crazy to sell (could be the season), but I'd like to know if it's a good idea to sell for top dollar before the meltdown, or hold tight with our low-ish mortgage payment ($1,848)? We're both single men, looking to move forward with life, but moving out present the fact that California rent is $1,500+ for a single bedroom apartment...

[Erik Bottema]

Justin,

A lot plays into it. We have a housing shortage, wages are up and there will continue to be appreciation unless something stalls the economy. Your personal needs play into it also , owning vs renting. You can cash out and reinvest the money and probably do better. Let's chat somemore if you would like. I sent you a PM