Hi CK,

Sorry to hear your leaving us here in Denver, but you will love Salt Lake...as for selling your property, you should discuss several topics will a qualified agent to determine what scenario will have the better outcome. Depending on the location of your current home and your "rental" will have considerable impact of which choice your should make.

Be sure to talk with agents that not only "sell" real estate, but also have knowledge of "property management"...they are going to be your best source of knowledge. I will tell it to your straight...most agents are completely unfamiliar with the "rental market" and that alone could cost you in the long run.

Please let me know if my partner and myself can assist you...we do "property management" as well as "resale"...and our advise is "free". kim.olson23@gmail.com

Kim

If you will list your properties below $500,000 it is a very good time to sell. The upper price range is very slow and looks to remain so.

CK,
Congratulations on the move. I spent some time in Salt Lake during the olympics. Beautiful area.

As with any financial decision; pros and cons, cost vs benefits, risk vs rewards would need to be made. To begin hard numbers must be gathered. The first step is to assess value on both your propeties then the questions and/or next steps will start to show themselves.

If you would like my assistance in helping to gather market value I am happy to assist.

Derrek
303-470-9880

Dear Mr. Home Seller in Denver-
Best of luck with your new job and move.
Of course the answer to your question is not a simple one...they never are.,,, but here goes. The rental market in Denver is strong if you can tolerate being a landlord. My Keller Williams office has a full service management company that could handle your rental(s) while you are out of state.
The big question is what price range are these properties....IF... your home or condo is under $250K, it will sell quickly if priced correctly. 69% of homes sold are in this price range. If your home is $550K or more it will sit for up to six months if priced correctly. 6% of homes sold are in this price range. If I new the where and price range, I could crunch the numbers and give you something definitive. One last note. We are heading into a "balanced" market in many areas which indicates that it is neither a "buyers" or "sellers" market.
My advice? Call me directly. Call your Realtor directly so one of us can consult with you on specifics.
I hope this helps a a bit.
Kimberly Ryan
303-523-8333
Kim@BuyDenver.net

CK
I would suggest that you consult with your CPA regarding the tax implications. The best advice should come from professionals that know your properties, the local market trends., and your personal situation.

Just from my experience, here is what I would review
1. Local market value trends - (see link below). Overall values are 4% up from last year. That could have more to do with market mix and actual increase in values.

2. Look at the consequences of each property separately. The tax implications of selling your rental condo might cause you to keep it a rental. You'd need to locate a good management company, perhaps a local Realtor could make a recommendation. A good management company probably charges 5-10%.

3. Your principle residence may offer more options:
a) if you were to decide to keep it as a rental - if you have a mortgage based on owner occupancy you may need to re-finance into a loan that is based on non-owner occupancy, which may not be possible with your debt to income ratio. That would pretty much force you to sell it.
b) If you decide to sell it, does your employer have a relocation package? By selling now, at the end of the spring season, it probably cost you 10%. Most families have already found their homes and are moving now so their kids can start school in August. I would try to negotiate some sort of assistance.
c) If you decide to sell, figure out your bottom line so if it sits on the market and you need to make a price reduction that hurts you financially, how is your firm going to support you in this move?

4) If you can keep both as rentals I would do that, and try to negotiate a preferred rate with the management company. Long term appreciation could make this move very lucrative down the road, eventually selling both in a 1031 tax deferred exchange and buying a small apartment building.

Values in some neighborhoods are beginning to rise, sales volume (month over month) is also on the rise, so homes in certain (not all) areas are easier to sell today than they were a few months back, and at better prices. Indications are that this trend will continue into the future.
My suggestion would be to talk to a Realtor, find out the current market value for your home, weigh the risk vs. the reward of gaining additional $ in the future if your home sells later. Further, if you need that equity to purchase a home in SLC,then now might be the right time to sell. What you might lose on the sale side now (vs. what you might sell for a few years down the road) you will gain in the purchase of new home in your new market.
Good luck.
Chuck Strauss
Keller Williams DTC
720-318-7598
CStraus@kw.com

You should also consider whether you want to buy a new home. Already owning properties could mean you won't qualify for a loan on a new home.

CK

It is very hard to be a long distance land lord, but depending on your payment and what you could rent the homes for it would be wise to consider using a management company to rent one or both for you.

Personally I would think about selling the house and renting the condo, however it's all in the numbers and hw much risk you are willing to deal with. It will cost you approximately 7-8% of the purchase price to sell either place. If you could sell and walk away with a little money, that is what I would seriously consider.

I would also seriously consider renting one or both for 6 months and see how it goes. I would only do that if it the rent would cover mortgage or if I was financially comfortable with a small loss each month. I would also consider this option becuase the market should be just a little better next spring so you might get a little more out of the homes.

If it would be helpful, call or email me and we can talk about rents and values of the homes. I've got a great recommendation for a management company also.

Good luck,

Daniel Herron
Keller Williams Realty
720-323-9178 cell
Danielherron@kw.com

If you have low tolerance for risk, you should sell now.
We are seeing the prices in the Denver area rise, so if you can stand to hold to one or both for another couple of years you are likely to see some healthy appreciation on price. of course, it depends on where the properties anre located and what they are.