It all depends on your personal goals!

Hello Danae -

You have a difficult decision to make, and you are very prudent in considering all your options at this point.

What I am finding in the Summerville market is that the two extremes of homes are selling - the really nice homes that are completely move-in ready, and the real "dogs" that a buyer can get at a bargain price and fix up. I'm also finding that showing activity in the Summerville area has recently increased dramatically! Most of my listings are showing 3 or 4 times a week. So the market right now is heating up, and you will want to continue to explore the option to sell. Don't react to "market news", as real estate is truly very local!

Danae, I'd be glad to take a look at your unique situation - your home and its condition, the balance on your mortgage(s), and the rental market in Ashborough East - and help you explore your options. You may want to consider that you can try to lease and sell it at the same time, and see which happens first. You may also want to consider a lease with option to purchase.

Contact me, and we can discuss what steps you may want to take next, and what options you may want to consider.

You might want to do a couple of things:
1. Look at the link below for another view of the market. It is a strong buyer's market.
2. Have a Realtor provide you with an updated CMA of the local market activity.
The truth is that homes are selling. Just not yours. it might be interesting to have your
Realtor show you all the homes that sold during the last year, just to get an idea of the overall market.

3. Talk with your CPA. Look at the tax implications of selling your home as a primary residence (occupied two out of the last five years) and retaining it as in investment property for , say, ten years. Ask them what will the tax consequences be when you sell the property in ten years?

I know this can be painful. My family had to go through this. We became accidental real estate investors and when we sold 18 years later, we made a lot of money. Knowing what I know now, I never would have sold it.

Good luck.

The analysis of Ashborough is bleak. There are 8 actives in the similar size and age of your home. the average price per square foot is $114.25. The ave. days on market so far is 159.
BUT the sold market lists 4 houses at an ave. price per square ft. of $91.23. This puts your house far below what you paid for it.
Sell or rent? Selling now before it gets worse is a good option if you need to sell. Because renting it till the market recovers maybe a long wait. The current trend indicates the bottom of the market may be Nov. 2010. The recovery will therefore be around 2015.
So if you are willing to rent long term, that is your best option. But I don't want you to make a decision based on thinking the market will be back any time soon.
Sincerely,
Foster Smith
843-974-6029