Home Selling in 74008>Question Details

Rhonda Reed, Both Buyer and Seller in Tulsa, OK

I am in a larger home adn getting ready to downsize and move closer to town. Should I rent out my home or sell. I will lose money if I sale now

Asked by Rhonda Reed, Tulsa, OK Fri Jun 11, 2010

because I have only been in the home for 4 years.

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Answers

9
Hi Rhonda:

This seems to be a familiar occurrence in these times. Really, you should sit down with a calculator and look at real figures side by side in reference to Selling vs. Renting. As Anna suggested you really need to figure out what is most important to you. No one can determine the future of the market, so either way is a risk. Have you considered moving a friend or family member in to the home and splitting costs? That might be the best option for you.

Good luck to you, I hope it all works out to your benefit!

Jennifer Henning, Realtor
405-625-1576
1 vote Thank Flag Link Fri Jun 11, 2010
I'm writing from my mobile phone but I can tell you that Bixby is Oklahoma's fastest growing city. Anna's right that being a landlord is a different lifestyle. Also, affording any vacancy period might not be feasible for some landlords. Legal expenses or property management can decrease net profit. The most important part of being a landlord is qualifying a good tenant. I can help with any of your real estate needs. Check out the big blue button on my homepage if you would like to see local numbers.
Web Reference: http://www.cliffpaulick.com
1 vote Thank Flag Link Fri Jun 11, 2010
As the other replies have said, it is really up to you whether to sell or rent. One approach that I absolutely agree with is to look at each option with accurate financial numbers. One thing I am curious about is your statement that you will lose money if you sell now. The market is still good and there is a possibility you wont have to take a loss. I would be happy to discuss this with you further, in order to help you make the most informed decision possible.
0 votes Thank Flag Link Sat Aug 31, 2013
Clay Butler
Chinowth & Cohen
(918)720-9761
Flag Sat Aug 31, 2013
The market has certainly taken a turn for the better recently. If you would like, I will sit down with you and we can take a look at where you are sitting with your mortgage and what your home is worth right now. Depending on the size and price of your home, things are selling pretty fast these days. With the right marketing, and the correct pricing, you may be able to sell your home quickly. I can also give you some tips that will help sell your home more quickly that are very inexpensive.

Call me, text me or email me anytime.
Dynette Jones
McGraw Realtors
djones@mcgrawrealtors.com
918.810.9725
0 votes Thank Flag Link Sun Jul 14, 2013
Hey there I am just checking in to see if you had any luck on the decision to rent or sell your home.
Sharyn WIllard
Coldwell Banker Select
918.605.1480
swillard@cbtulsa.com
0 votes Thank Flag Link Fri Mar 18, 2011
Rhonda, I am wanting to upsize. Send me the details on your home.. I have a real nice 3B,2B home for sale in Tulsa. You buy my home and I will buy yours! Just a thought.
You can email me at: scott.weisberg@sbcglobal.net if you want to discuss further.
0 votes Thank Flag Link Sun Nov 7, 2010
Rhonda,

You have posed a difficult question, and there are no solid answers. Much will depend on your personal situation -- both financial as well as psychological.

There are many issues which you -- and your family and your financial advisors -- should consider before you take the plunge into those murky waters called "rental" or "sale." Here is a link to some of the various matters which you should investigate...
0 votes Thank Flag Link Sun Aug 8, 2010
Yes, get a localized market analysis for your home! Market trends in Oklahoma have remained stable, in the least, and have improved in some areas. But, it sounds like you may answered your own question.

Leasing for a few years, with "good renters" is not a bad thing, to avoid any potential losses on a sale. Our team has suggested this on a few occasions this year. We would also suggest checking on Lender requirements with owning two homes, (if you choose to do such), as they have changed drastically over the past year or two.

We have also suggested "taking the hit", where financially and logistically feasible or required, to avoid any potential drains on the account down the road, as may be expected with most Landlord/Tenant situations. Also, if you have a current mortgage, (which it sounds like you do), review and verify the occupancy and/or assumable requirements AND Landlord/Tenant rules for Oklahoma. Some Lenders may not be "happy", if they discover you are leasing the home you originally agreed to occupy as your primary residence. Again, verify all of this with a local Realtor!

Best of luck!
Web Reference: http://www.ubhometeam.com
0 votes Thank Flag Link Fri Jun 11, 2010
A decision only you can make based on your finances, wants, needs, lifestyle, being ready to become a landlord, etc. If you need to determine a value on your current home in order to help make your decision, any local agent(s) can help you with comps--recently sold similar properties in the immediate area--review the data and make a determination.
0 votes Thank Flag Link Fri Jun 11, 2010
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