giacona

After talking with some people I have decided it's time to sell my house and downsize to a condo. I own a 4 bedroom 2 bath home which is just so overwhelming for a single person like me. I paid 337 back in Nov of 2004. I did refi since then to a 30 yr fixed at 5.625. My taxes have also gone up significantly since I owned the house. When I purchased the home taxes were 4800 now they are close to 6,000 a year.

I want to downsize to a 3 story condo/townhome with a 1 car garage and basement. I am looking for 3 bedrooms. The prices are pretty reasonable since the market has declined. Now I can't afford to sell my house tomorrow b/c I borrowed money off of the equity to pay off some CC's which should be paid off within a year or 2 at the most.

Now my neighbor who has an identical house to mine just sold his back in may for 365. However his is a little newer built in 96 and compared to mine built in 92 and he has central air and I don't.

I know it's hard to predict the future in anything, however I am just wondering if anyone has an idea on where we stand with housing over the next 2-3 years. Does it look like we will sill be in a buyers market? I know the gov't is going to try and lower rates to mid 4's and I am not sure when that is going to happen, but since my time frame to sell/buy is not anytime soon I may miss that boat.

I have heard from a realtor that it's possible we may see 4% sometime in early 2009 but who knows.

With the market today I can probably get around 350 for my house. My last appraisal back in 2006 was 389, but that was when the market was pretty hot. I owe approx 315 and if I wait a year or 2, I will have paid my mortgage down to about 300.

Can someone advise me here what the best option is and any advice on where the market/rates may be within the next year or 2?

Thanks