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!

[Jordy Clark]

Hey Kaleb, With an FHA loan, you will have PMI for THE LIFE OF THE LOAN. The only way to get out of it is to REFI. you have about 20% equity now depending on how the appraisal comes in.

The market in UT is hot right now, Good job growth, lots of startups and tech companies. Soon the Prison will be moving from draper to by the airport, and with the development of that land, we should see great job growth. you are in a good area. keep it.