Please contact if you wish to have a comparative market analysis done on your home. I can be reached at 847-436-0065. Thanks,
Cary Woods is a nice community near the train station and town...I have sold many units in there over the years. I had clients that had 2 BR Hanbury units on the market at what seemed to be good prices ($160-$170K) at the time, (now it may be a little lower) but a few opted to rent them in the neighborhood of $1200-$1300 or so. There is no wrong or right answer...If you sell for less than what you owe, you may be in a short sale situation. If you are able to find a decent tenant and can cover most of your payment (or even close and only have to pay a little) then it may be a good idea. We don't know how long the market will take to recoup...it may be several years, so it just depends at some point when you want to take a hit on the value.....There is always a risk that you may not be able to collect your rent, or the tenant may do some damage, but then again, you may get someone that will take care of it. The $102K ones and really cheap sales have been foreclosures and or short sales in your area....Not everyone is going to sell that low...condition, etc.......Get an accurate evaluation and either try to sell and/or rent at the same time....check references, get a credit report, etc...and go from there.....Good Luck!
Do you want the hassle (and expense) of renting? Do you mind being called up to fix a broken whatever any time? Do you want to pay a management company to do those things for you?
Do you want your money tied up for years or have it now?
Renting has merits, selling has merits. Choice of what you want to do can override any other considerations.
One big issue is how much can you really get for rent? How much is your mortgage payment? Is there any profit in renting? Do you lose money renting or make it? What about repairs, what about vacancies, what about dealing with problems that will come up?
If you would lose money renting is the loss small enough for you to consider this an investment that a renter would mostly pay for? If you could make money do you want the hassles?
Personal choice prevails in making this decision.