Home Selling in 12205>Question Details

snowflower51…, Home Seller in Albany, NY

Help ! We are trying to sell our home, we already bought a new home. Should we think about renting our home instead of selling it ?

Asked by snowflower5163, Albany, NY Mon Sep 24, 2012

Hello,
My financee' and I have our home up for sale it has been on the market for about 6 months now. There has been no activity on it. Meanwhile just recently we bought a home out of state, we paid cash for it. We would like to move in a month or so,but we have a dileema. If this home that we are in now doesn't sell in a months time, we are thinking about renting it out for a year or so. We have someone to check on it periodically and if any problems occur they would take of it. My question to you is, should we consider renting our home or selling it.

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Answers

16
Le Ann Dunne’s answer
I concur with much of what Teri Cranston said. I can not recommend that one pursues a renting their property as opposed to selling it. I have seen several clients rent their property because they were in a financial bind only to have so much damage done by the tenants that it actually cost them more to refurbish the property when the tenants vacated.

You really need to explore exactly why the property is not selling. It has to be one or a combination of the big three....price, condition or location. Seeking the advice of trusted advisors and/or real estate professionals is a great idea.

I hope this helps. Best wishes in getting your property sold!
0 votes Thank Flag Link Tue Dec 11, 2012
Keep it listed and rent it out !!!

Empty houses cost you money!

Good Luck!
0 votes Thank Flag Link Tue Feb 19, 2013
When listing your home for sale pricing it correctly is critical. If you did this and the home still did not sell renting it might be the way to go. The rental market is very strong for single family homes right now. I would recommend using a qualified Realtor to help getting your home sold or rented. Good luck!
0 votes Thank Flag Link Tue Feb 12, 2013
I Live In Albany,NY. I have $7,000. to put down on a option to purchase and a portion of my monthly going towards that purchase in 18 months. Can anyone help me?
0 votes Thank Flag Link Thu Feb 7, 2013
I would like to purchase a home with an option to buy in 18 months. I want to put $7,000. down and make monthly payments. I am very clean and handy. I need this by march 31st.
0 votes Thank Flag Link Thu Feb 7, 2013
Good Morning,
Renting is always a good second option. I guess I would have to understand why your property is not getting showings? Is it the price,condition or location? Not sure where your property is. It appears you are from Albany and I taxes are high in Albany. Perhaps you should interview other agents for their expert opinion on the three main factors for listing and selling...price, condition and location.
The other thing is...we are in the holiday and winter months now and your home may not rent as quickly as you would like. We do credit checks on tenants and unfortunately many cannot pass the credit check. So...rentals can take a few months be become occupied.

I would keep your house listed for sale and also list it for rent. Get opinions from other agent and possibly change the listing price if it is overpriced.
Please give us a call if you would like to make an appt for me to do a free current market analysis on your property. Thank you.
Teri Cranston
Associate Broker
Realty USA
518-376-8532
http://www.homescapitaldistrict.com
0 votes Thank Flag Link Sun Dec 2, 2012
Renting is an option some sellers turned to in a rough market. This is something you need to consider carefully and should consult your accountant.

A local real estate agent can give you information on the market condition which should help you in the decision making process.
0 votes Thank Flag Link Sat Dec 1, 2012
Hi snowflower5163,

There are a lot of complications that come with being an out-of-state landlord and many people find that it is more trouble than it is worth. In my experience, the property is usually damaged from renters more than the landlord expects or would allow had they been in-state and finding a good, reliable tenant is a challenge if you are in-state or out-of-state. Make sure you are fully prepared to accept the challenges and entrust someone to the care of your home if you decide to rent. Above all, you need to protect your investment, and that is definitely not an easy task when you are not there to care for it.

Do you have a real estate agent working to sell your home? Have he/she run a current market analysis on your home to see if your listing price is reasonable in the current market? I would be asking your agent his/her advice and go from there.

If you are not currently listed with an agent and would like more information, I would be happy to help. I am available 8am-8pm every day and work all over the capital region.

Good luck,
~Tori Romeo
Bliss Properties of NY
NYS Licensed Real Estate Salesperson
tori@blisspropertiesofny.com
518-788-8865
0 votes Thank Flag Link Mon Sep 24, 2012
The choice is yours. I do not know where your property is located in the area code 12205. Does your agent tell you why there is no activity? Does the property need to be reduced? You can have the property listed for sale and for rent. Then you can take whichover comes first. You would want someone to run a credit check on the tenant, especially because you will be living out of state. Our company also offers property management for rental properties.
I would be happy to take a look at your home and run current market analysis for sale and for rent if you are interested. Call or email me anytime. Thanks.

Teri Cranston
Associate Broker
Realty USA
518-376-8532
http://www.homescapitaldistrict.com
tcranston@realtyusa.com
0 votes Thank Flag Link Mon Sep 24, 2012
Your agent can better advise, therefore you really should should consider a consultation...ultimately the decision rests with you.
0 votes Thank Flag Link Mon Sep 24, 2012
You want to ask your realtor how they are marketing the house? What is the quality of the pictures? Is there a customized property website? Is your realtor advertising online?

Selling houses in 2011 is no longer about the old tricks of the trade. In a competitive buyer's market you need sophisticated marketing tools and aggressive online advertising.

Best,

Alexander

Alexander H. Monticello, Esq.

Principal Broker &
Licensed Attorney
Monticello, L.R.E.B.
P: 518.227.0718
F: 518.223.8001
http://www.MonticelloNYS.com/
0 votes Thank Flag Link Mon Sep 24, 2012
I think your biggest dilemma is that you don't know who to ask this question to. You should be asking your Realtor. He should help you make that decision. If you have "no activity", it probably means you are priced too high for your market. If your Realtor hasn't told you that, you have a new dilemma.
0 votes Thank Flag Link Mon Sep 24, 2012
I think the simple answer will be what choice do you have if it does not sell?
RENT right?

Are you working with a REaltor where your home for sale is located? You should.... The Realtor would be able to market and advertise your home for both
a) for sale and you may have to prepare it stage it in some way for faster sale, and may be adjust
the asking price a good realtor will help you there with a good market evaluation
b) that same realtor at the very same time, immediately also put the home on the market for rent
So you market it both ways, something will take hold

For both though you need the expertise and experience of a good local Realtor who is familiar with
homes for sale as well as the rental market.

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Mon Sep 24, 2012
CONTINUE TO SHOW THE HOME. IF YOU HAVE TO RENT WHEN THE TIME COMES IT CAN BE A MONTH TO MONTH DEAL UNTIL YOU SELL THE HOME

KEITH WOODARD
376-2948
KELLER WILLIAMS
0 votes Thank Flag Link Mon Sep 24, 2012
Hi Snowflower,

It seems to me that you have two issues; the first being why you don't have any activity on the home you are trying to sell and the second is about renting the property. If there is no activity on the property for sale you need to be talking with your realtor(I assume you have it listed with a realtor) about marketing strategies to get more traffic and eventually sell it. If you had had showings, offers etc. and it still hadn't sold that is one thing, but no activity begs some inspection. That is the solution to your problem and I would certainly look into that first, before you make a decision on renting it.
0 votes Thank Flag Link Mon Sep 24, 2012
Have you had an up to date market analysis done to see if you are accurately priced? Are you exploring all means of marketing the property? Call, text or email me if you'd like to discuss. 518-810-2324 adam@mycaptialregionrealtor.com.
0 votes Thank Flag Link Mon Sep 24, 2012
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