To Sell or Not to Sell in Salt Lake City

[Kaleb Larsen]

Hi everyone,

I'm pretty new to this site. I've been reading and listening to the podcasts for a while, and I need some advice about my condo. I bought this place a year ago planning to stay here for a few years, but the other condos in my building keep selling for crazy prices. I'm getting mailers from realtors explaining how much money I could make by selling mine. The last one that sold was an identical unit to mine, and it went for 35,000 more than my purchase price a year ago. I don't really want to sell because 1) the market is so hot, it would be hard to find anywhere else to live for a reasonable price, and 2) I was hoping to hang onto this property long term as a rental when I move out.

So my question is: how do I access the value or equity in my home without selling it? Refinance? Can I do that after only a year? Do I just watch the for sale signs go up and get taken down? Any ideas?

Thanks!