Your mortgage is probably the same as it costs to rent, so I don’t see any benefit to selling. I sold my house to cash out equity, and also had the advantage of paying less in rent than my mortgage.
Do you have a fixed rate loan? A job that is recession proof? If either answer is no, you might be trying to sell and move at the worst possible time.
In any case, you’ve got to be mentally prepared for that condo being worth $125K in a few years. It sounds like you’re going to be underwater on your mortgage by next spring. Condos are hit the worst in any housing downturn, and the downtown condo construction is adding to more supply. You could end up with $275K mortgage on a $125K condo. It could take 15 years or 25 years for that condo to get back to $275K.
