Home Selling in Williamsburg>Question Details

Williamsburg, Home Seller in Williamsburg, VA

Selling or keep it rented out

Asked by Williamsburg, Williamsburg, VA Sat Aug 15, 2009

We have property in Williamsburg, Va. Single family home, 3-4 BR (bonus room over garage), 2,5 BA, double car
garage, LR, DR. Approx. 1700 sq.ft, good condition, good location. The house is rented out until 11/2009. Would it
make any sense to put it on the market for about $ 275,000 or is keeping it rented out the way to go ? I will not haggle much, I want pretty much the price mentioned above. Closing cost assistance in a reasonable way is
ok and that is it. What would anybody recommend ? Is it still a strong buyers market with unreasonable offers and
wanting this and that ? I am interested in every opinion. In the end this might save my time and the time of an real
estate agent, they have it hard enough these days. Thanks for any input.

Help the community by answering this question:


It depends on what the market in your area is doing. What are homes like yours selling for? If they are at or above the price you are looking at, then you may be ok. The key here is what are they "selling" for not what people are asking for it. If the market does not support your asking price then it may not be a good time to sell. If you can continue to rent it out and keep above water then renting may be the better option until the market picks up and becomes more stable.
1 vote Thank Flag Link Sat Aug 15, 2009
It all depends on your financial situation and goals. You should consult with your CPA or tax advisor and understand the impact of each of the scenarios.
With this said, although I believe the market is slowly getting back to "normal", I do not believe that you are going to see a big rise in prices over the next year or so. Interest rates are possibly going to go up and some of the incentive are going to go away ($8000.00 tax credit on December 1st) which in turn will reduce the number of buyers.
Furthermore, houses are still selling in the area and as long as the property shows well and is priced correctly, there is no reason why it should not sell pretty close to the list price.

Feel free to contact me directly at (757) 879-8811 or cyril@cnprealty.com if you need more specific information on your property.

0 votes Thank Flag Link Sun Aug 16, 2009
Is it worth the tax hit if you sell it? I agree with Keith below, talk with a tax accountant first.

Good Luck!
0 votes Thank Flag Link Sat Aug 15, 2009
I suggest that you talk with a financial planner and/or CPA regarding the tax implications and financial consequences. I was in your situation. In the long term we kept it many years, should have flipped it in a 1031 and bought a duplex.

IOW, never sell real estate. Leverage it to create a great retirement program.
0 votes Thank Flag Link Sat Aug 15, 2009
Keith Sorem, Real Estate Pro in Glendale, CA

It is I who thank-you and you've earned my respect. (Not worth much but hey!)

Best to ya
0 votes Thank Flag Link Sat Aug 15, 2009

I apologize for the unclear post. I've deleted it. Let me re-phrase it this way.

If you're interested in selling as a Lease-to-Own, I'm interested in buying. Please contact me if you're interested.


Web Reference: http://www.hhiinvesting.com
0 votes Thank Flag Link Sat Aug 15, 2009
Without more detailed information and actually seeing your home, I can only offer my opinion; the price range in the Williamsburg area should support an asking price in the range you're looking for. In addition, this price range is seeing a lot of activity with first time buyers and young families moving into the type/size home that fits your home's general description. That being said, make sure it's in keeping with the home values in the immediate area and that it's as "show ready " as you can make it. When you're ready, interview a few agents and go with the individual you feel will work hardest for you as well as someone you feel you can trust. Good luck and by all means feel free to contact me if you'd like me to give you a more accurate market value for your home.
0 votes Thank Flag Link Sat Aug 15, 2009
Think Patrick said it all and said it well. Become as informed as possible on the Market in that properties area and the decision may be easier for you to make.

Thumbs up Patrick...Nice job.
0 votes Thank Flag Link Sat Aug 15, 2009
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