Just like everyone is saying, this is for you to decide whether you can afford to move without selling or not. Do you want to keep this as an investment or do you want to just move on. Any one of us will be willing to give you price at which your Reservoir Hill home will sell for, then it will be decision time for you. All I can say that rental market is very strong due to financial conditions and rental is easy to find.
Thank you and have a pleasant day.
Things to consider are:
Why are you selling?
What are your future plans? Are you planning on moving from the area? Are you planning on purchasing another home and need to sell this one because of your debt ratios?
Have you had a change in your financial situation and owning this home will put a drain on your personal finances? Or, do you forsee a change in your personal situation that could cause a hardship?
Do you have equity in the home? Or, are you upside down?
Do you have the intestinal fortitude to deal with a tenant? Can you afford to pay the mortgage if the tenant leaves and you are faced with repairs?
Does the home need repairs before it can be rented?
Will the rent you get cover the mortgage and holding costs?
Will you manage it yourself or hire someone? And, if you hire a property manager will the rent still cover both the management fee and the mortgage?
There are so many things to consider.
I would be happy to sit down with you and discuss your situation in person and go through these items and help you focus on what your needs are.
June Piper-Brandon ePro, CDPE, CIAS
Century 21 New Millennium
410-292-0100 - Direct 410-730-8888 - Office
A number of people are choosing to rent houses they own because they owe more than the current value, and the rental market in a number of areas is very hot.
That being said, others do not want to be landlords!
How much you owe on the home versus the prices of what is selling in the neighborhood, and if the value is less than what you owe, if you can bring money to settlement or would qualify for a short sale, plus the choice of whether you want to become a landlord are things only you can know.
How long is too long on the market? That depends on how long, on average, it is taking for homes similar to yours to sell, and if a home has been on the market for longer than that time.
I realize these answers are not specific, but everything depends on your personal situation, which we do not know!
Thank you so much!
Keller Williams Excellence Realty