Selling my condo, now what?

WPOZZZ · 09-23-2022, 04:56 PM

I bought a condo 10 years ago in case my mother wanted to live in town, and be close to the hospital. Well, instead of living in the condo, we have a house in town that my mother wanted to live at. I used the place for rental income, but could not live there as no pets allowed. At the time, mom had no pets. Mom passed at the beginning of this year and I decided to sell. It closes in a couple weeks and I have been looking at replacement properties.

I need some input from the Pelican brain trust. Should I immediately reinvest in another condo, or is it better to hold on to the money during the recession. If I held onto the money, I could wait for bargains.

fanaudical · fanaudical's Garage

My opinion - Wait for another real estate bargain and buy in. Now that interest rates are up, you could put it in short term CD's while you wait.

WPOZZZ · 09-23-2022, 05:36 PM

Yeah, I was thinking about that. Interest rates are on the rise, and will hamper sales. So, sellers may have to reduce their price.

LWJ · 09-23-2022, 06:01 PM

Same opinion here. The market is going to dip.

HobieMarty · 09-23-2022, 06:23 PM

Sort of in the same boat. My sister and I have inherited a nice townhouse from our father who passed away earlier this year, probate is finally wrapping up. We had initially thought we would sell the property but have reconsidered being that the rates are climbing now. There isn't a mortgage on the property so, makes since to hold onto it for a while and it is rented for the time being.
Not meant to hijack this thread by the way.

Sent from my SM-N950U using Tapatalk