Home Selling in Cherry Hill>Question Details

Louise, Home Seller in Cherry Hill, NJ

I have rented it for the last 4 years. My renters have moved so do I rent again and wait for the market or sell the house in a betsy Ross in Barclay

Asked by Louise, Cherry Hill, NJ Tue May 3, 2011

The house backs up the hunt tract, has three bedrroms hard wood tile through out an 750 patio in the back with a built in summer kitchen. Down fall is the upstairs baths are original but the kitchen is new. I am in florida and the house is empty

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I believe in the advice that you shouldn't own investment property more than 15 minutes from where you live, so you can keep an eye on it and meet wiiht contrcators and tenants, if necessary.

New Jersey is probably one of the more expensive states to own property, high insurance costs, sales taxes, and real estate taxes. You can find a list of top states for business friendliness by searching the internet. That is where you might have a better chance for appreciating rents and property values.

Never the less, if you feel comfortable with the property and can get the rent to provide you with a satisfactory return, that would be a factor influencing you to say and invest the money in improvements.
0 votes Thank Flag Link Thu May 5, 2011
Hi Louise. Great question. As an agent, and fellow landlord there are pros and cons to any decision. Being an absentee landlord has its own set of challenges. Your financial plan and goals will help you best determine the correct strategy. Perhaps a market analyis would help you decide. I would be glad to tour your property and send you an analysis. Feel free to visit my website: http://www.CherryHillHouseSeller.com and to learn more about me please visit http://www.RobertGreenblatt.com
Thank you in advance for the opportunity,
Robert Greenblatt
856-575-1818
0 votes Thank Flag Link Thu May 5, 2011
Louise,

Your home sounds quite desirable. You are in an area that is selling and renting, so actually the choice is yours. Would you like to be done with it? If so, Please let me know and I will provide you with accurate information as to it's value in today's market. If that price does not suit your needs, then renting is also a good opportunity. Whatever you decide, you can be sure I will provide you with individualized service and excellant marketing.
Susan DiAmbrosio
Long & Foster Real Estate, Inc.
Cherry Hill, NJ
856-495-1810
susan.d@lnf.com
0 votes Thank Flag Link Wed May 4, 2011
Hi Louise,
What you really need? If you HAVE to sell, then the time is now and a Market Analysis is a great idea. If you don't Have to sell, and the rent is giving you some cash flow, then rent it for few years. Once the market turns around, then sell it. Either way, I will gladly provide free consultation and market analysis with no obligation what so ever. Just give me a call @ 856-685-1976 and we can discuss it further.
Thank you
Andy Obeid
Keller Williams/Cherry Hill
Realtor
0 votes Thank Flag Link Tue May 3, 2011
Hi Louise,

Cherry Hill has been a desirable place to live in. I lived in Cherry Hill for more then 20 years. It is still one of the best selling areas around. Having lived there, I understand WHY. I still live and sell homes in Cherry Hill area. I love my town and I'm sure My Buyers will love it to. Your next step should be to get a market analysis of the home and based on the numbers that an experienced real estate broker provides, make your decision to sell or rent. You can always do both ways - put it up for rent and sale and see what happens first. I would be heppy to provide you a Market Analisis. If you need more information please call me.

Good Luck!

Lana Katsnelson

Prudential Fox & Roach
609-980-7891
lanakatsnelson@verizon.net
0 votes Thank Flag Link Tue May 3, 2011
Hi Louise,

Barclay continues to be a desirable place to live and, depending on the price and condition of your home, it would probably sell, if that is your preference. Your next step should be to get a market analysis of the home and based on the numbers that an experienced real estate broker provides, make your decision to sell or rent. Rentals are in great demand, so there will be no problem renting it again. Though the market has picked up, the prices have not and the consensus is that they will not come up in the near future. If you decide to wait for a higher price, it will be at least a couple of years.

If you would like some help, just give me a call.

Nancy Schumacher, Broker Owner, ReMax
Web Reference: http://NancySchumacher.com
0 votes Thank Flag Link Tue May 3, 2011
Louise,
I would first ask myself a basic question about my personal goals: Do I want to continue to be a landlord or would I rather be free from those responsibilities? Do I want to manage this property myself, or should I use a property management company? Then, I would run a financial analysis on the situation and determine what renting vs selling would mean.

Some of the basic factors you want to consider are: What is the general feeling about market trends in the area of the home. If prices are still going down, how long would it take to get back to today's prices and what is predicted for the appreciation uptick of the market when it does start turning up after stabilization. What would the home sell for. What are rents in the area now? What are my monthly and annual carrying costs for keeping the home [mortgage, taxes, insurance, utilities, management fees, upkeep . . .] - Will the rents [with a vacancy factor] cover those?

You will also want to consider what money would need to go into the home to rent it again and what money would need to go into the home to prepare it for sale. How much do you owe on the home? If you sold, what would you net out of the home after closing costs? If you have a positive net, what would you do with the money? Can you make more by selling or renting. If you are not a financial analysis type, your CPA can probably help you out.

In summary, determine your personal goals and find out what the financial impact is of your choices.
Good Luck to you.
Web Reference: http://www.ProsperAZ.com
0 votes Thank Flag Link Tue May 3, 2011
Hi Louise,
I lived in Barclay and raised my children there. It is still one of the best selling areas around and seems to beat the odds in this challenging market. Having lived there, I understand why. I'm still in Cherry Hill and still sell homes in Barclay because I loved living there so much and know my clients will be happy moving there. The Betsy Ross model is unusual and so few were built. You can always put it up for rent and sale and see what happens.

Good luck with your difficult decision!
Web Reference: http://www.ElisaDewees.com
0 votes Thank Flag Link Tue May 3, 2011
Hi Louise,
Cherry Hill has always been a desirable town to live in. You really need to find out the market value in todays market and not judge the value from 4 years ago. I would recommend you call a local realtor and let them take a look at the floor plan and condition of the home since the tenants moved out to determine how much you could sell it for or rent it for in todays market. discuss your options & perhaps you can consider listing it both for sale or for rent aqt the same time. Honestly if you are not planning on moving back to NJ it doesn't make sense to hold on to the house & rent it again unless you are carrying a hefty mortgage more than the market value. Like most homeowners in NJ you will not see any significant appreciation for several years. There are just too many foreclosures & short sales out there from distressed homeowners that are affecting the market value of communities everywhere. As a landlord you will continue to carry the taxes,insurance pay for maintenance & repairs on a house for someone else to live in.
0 votes Thank Flag Link Tue May 3, 2011
There is a lot of inventory in Cherry Hill but Barclay is still one of the more popular developments which works in your favor. You have nothing to lose by having a full Market Analysis completed so you can gage whether or not the profit is where you'd like it to be. I also think it's important to use an agent very familiar with Cherry Hill who undertands what areas and develpments are really similiar to ensure a realistic market study. I'd be glad to provide you a no obligation Market Analysis.
0 votes Thank Flag Link Tue May 3, 2011
Sounds like a nice home!!!! Great summer addition. Should you consider selling, now is the time! The question you need to ask your self is ....what is your motivation? If you NEED to sell...will you be upside down? Short sales are a challenge. If you are not in a negative position and you don't want to wait 5 more years for the market to start to come back then....now is the time.

I would be happy to share all the info you need to help you in your decision process.

Best of Luck.
Donna M. Herb
Re/max of Cherry Hill
856-424-4040 x142
0 votes Thank Flag Link Tue May 3, 2011
The market has been stagnant for years now. But the good thing so far stabilization of prices has occurred. Some price drops are still ongoing but mostly in distressed areas. As the distressed sales sell, so does the need for price dropping.
With that said, understand the reasons homes sell in this market ow is due to price. A correctly priced home will sell, but and overpriced home will sit.
People want the most they can get for the money they have to pay for... up dated everything at current market or a discounted home with some work.
Price Price Price is the motivator of most buyers today. It used to be Location, Condition and Price. Although a unique home has some significant value, buyers will sacrifice and buy down the street.
From what you are saying here your home has a good location but in avg condition... The outside kitchen sounds like a real selling point with the summer buyers in mind. That should be a selling feature but will not add extensive value mostly appeal. So if you really want to sell and get out while the buying season is here now... then price it right or you will wait until later.
Many sellers today ponder whether to sell now or later. I personally do not see the market going anywhere in the next 2 years. So many homes for sale now and more to come with banks in NJ just starting their pressures on those in pre foreclosure.
The longer you wait the more it costs... taxes, insurance, sewer, water, maintenance and interest if not paid off.
Get a clear sight of what homes are selling for. Still look at your competition in Barclay. 21 homes in barclay avg 3 bedroom actives is around $275k - $300 16 sold last 6 months avg selling in same range with some slightly higher if totally remodeled. There are 8 pending sales in similar price ranges. Pricing in those ranges should yield a sale price very close to your asking price if your home is in good condition with few flaws. Needing an updated bath is not necessarily a bad thing as long as the rest of the home is in good condition and the bath is in good condition. My information here does not depict your homes value but a general value for the area.

Larry Sarlo
RE/MAX Preferred
LSARLO@comcast.net
609-868-1171
LarrySarlo.com
0 votes Thank Flag Link Tue May 3, 2011
Hi Louise:

Would be a good idea to get a Market Analysis and then decide what would be the best thing for you to do at this time. It would give you an idea of what homes are selling for in that area.
Let me know if you need more information.

Thank you
Gina Fagnani
Realtor Associate
GinaFagnani@aol.com
0 votes Thank Flag Link Tue May 3, 2011
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