first-time home-owner-- where to go from here?

[Ray Egan]

Hello,

First time here..

I closed on my first single family home 3 weeks ago in North MIami. I bought for $100K and prices are rising here. Rents now in the area are around $1,200 and my PITI is $760/month with only a 3.8% mortgage...

The way the markets are going, in 3 years my house may be worth over 150K (already in the last 8 months of my waiting to get in this place I have seen a 15K rise)....

What would all of YOU do in my situation... wait 3 or 4 or 5 years as this price-rise seems to be happening and then 'take the deal' (and then look around for other interesting ways to buy and sell whatever), or rent it out at that time, potentially at a larger than the present $1,200, refinance and move into another house, albeit a smaller one...All this would be part-time as I work in other areas of interest..

Thanks for any input

Ray
North Miami