Home Selling in Denver>Question Details

Scott Osborne, Real Estate Pro in San Francisco, CA

I own a luxury condo in Denver which is currently for sale. I have someone interested in renting it from now

Asked by Scott Osborne, San Francisco, CA Thu Jan 3, 2008

until September. Any thoughts on whether it is better to sell now or wait until september in the Denver market? Its a condo not to far from DU.

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Scott - I would concur with Charles and Kurt - I would either

1) ask for a 14-15 month lease (so that it will be over in March or April of 2009 - a great time to put a home on the market or a better time to be looking for a new tenant),

2) follow Kurt's advice if you think the tenant will cooperate easily with the showing process, keep it looking great and be willing to move if you sell it (I have tried to show a rental home on 4 different days right now for a Buyer I am working with and we still have not gotten in the home!!!) or,

3) follow Charles advice, make sure it is looking "Wow", and if it doesn't sell during the Spring or early Summer, you still have time to find a 12 month tenant.

Best of Luck!
1 vote Thank Flag Link Thu Jan 3, 2008
As a Realtor/ Property Manager, I would recommend trying to sell over the summer months. The April though August window is the widest there is and you will be giving up prime marketing time for immediate gain. This is no time to panic and fall into an accidental landlord situation.

Have the property looking 10+, as there is a lot of competition with condos at this time. Have your Realtor take great pictures and put 10 of them on MLS. (Pictures sell!) If you are unable to sell before late August, the rental window is still open for another 4-6 weeks.

Before deciding to rent a home that you will want to sell, however, keep in mind that there may be damage in your 10+ home and ask for a deposit that is enough to cover the damage. Make sure to have a professional carpet cleaning provision in your lease as well, and a clause allowing your Realtor to show the home once it is back on the sales market next Spring.
0 votes Thank Flag Link Wed Feb 6, 2008
Scott,
Also, are you/do you live here in town? Or do you have somebody or a company to manage the condo, if you rent it? Just things to think about. I do not do rental properties but used to run large apartment complexes and renting or selling in the start of the winter until about February is most often very difficult. So, like was said before, if you can rent it until next Jan or Feb then great. Otherwise, things are picking up in home sales.
Web Reference: http://www.KennaandCo.com
0 votes Thank Flag Link Mon Jan 7, 2008
The good news is that are at the beginning of the seasonal market which will only pick up between now and summer. If you wait until September you will be putting your house on while the market is moving away from you. If you truly want to sell I would recommend putting your best foot forward in terms of price and presentation now. Staging has proved to be absolutely vital in all of my listings along with enhanced marketing tools such as single property web sites. If you give it 90-120 days and it does not sell you should still be able to take advantage of the summer rental season.
0 votes Thank Flag Link Thu Jan 3, 2008
Are you going to cash flow with the rent?
If it is placed back on the market in Sept, and doesnt sell right away you may end up holding it through the Winter months until Spring '09.
I have placed a renter, and kept the home on the market for sale at the same time before, just be up front with the potential renter and let them know.
0 votes Thank Flag Link Thu Jan 3, 2008
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