Dan and Ted bring up good points. I personally advise my clients that trying to time the market will more often than not make one look foolish. You need to decide on the overall picture and ask yourself does it make financial sense right now and if it does then you should act. The risk reward scenario is not in your favor. Everyone wants to buy low and sell high but that is just not possible someone has to be on the other side of the transaction so like I said before if you run the numbers and it makes sense then act and don't look back! I wish you well and please keep me in mind for any home financing needs you may have.
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I suggest you sell he property. I have been a Realtor for over then years and being a landlord is not for everyone. Besides the worries that you will have about how the tenant is caring for your property, there isn't even a guarantee that the tenant will pay what was agreed upon. I have seen applicants that looked great on paper, with good credit history, sound employment and referrals turn out to be horrible. You never know what you are going to get. If problems occur and the payments stop, the time it takes and the stress of evicting the tenant is not fun. If you are close to breaking even on the sale, do it and save yourself from a possible terrible experience. You could wind up with a great tenant but it is a gamble.... more
I am late to the party and I am sure someone gave you my answer but here goes anyway. If you are thinking of selling your property and though the roof is not causing you any problems, most buyers hire home inspectors to review the house prior to closing. There is a good chance the inspector will advise the buyer that the roof is in the last years of it's expected life and it will need replacing sometime soon. The buyer will request that it be replaced or they will request a credit at closing. This probably will occur even if the agreed upon price is a good value. In this market, buyers are expecting a turn-key home in newer condition so I suggest that you replace the roof now so that when you place it on the market, you have stronger offers and a less stressful transaction.... more