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
Call me, text me or email me anytime.
You can email me at: firstname.lastname@example.org if you want to discuss further.
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...
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!