Here are a couple of options.
1. Lower the price with a lease purchase option .
2. Lease with a lease purchase option.
You determine what the option money will be. That was you can stil have it on the market for a while and see what happens.
The answer is real simple. I would not sell my home for anything . If when you decide to sell it what you paid for it has little to with what you sell it for. A buyer makes that determination just like you did.
Whether this is a good time for you as a seller to consider selling is determined by your need and by your action alone.
I started with a personal comment my home is not for sale for any money. Why? I like it too much to give it away.
Now it's your turn.
As I'm sure you already know, we are in a price-driven market. You are competing with short sales and foreclosures. Deerfield Beach was hit pretty hard in the past few years.
This is really a personal choice you are going to have to make. Houses will continue to sell around you at lower prices. You can either lower your price and move on with your lives (hopefully not taking a loss or too much of a loss) or you can rent the house. Please remember to take into account that you will be an out-of-state landlord now and that comes with its own possible issues.
Elyse Berman, PA, ABR, ePro
Realty Associates Florida Properties
9174 Glades Road
Boca Raton, FL 33434
You have two choices. Lower the home to market value, or take it off the market. If you can wait another two or three years, inflation will probably kick in, since the dollar is so devalued as it is. And at that point you can at least get out the number of dollars you put in.
I hope I am not redounded in answering your question. I am not reading the posts bellow so that i could give you my own take on this matter.
Since you were good enough to disclose your equity and your present asking price it gives me the basis for my answer.
Most people who purchased within the last two years will gain little or nothing on the property they bought. Values as you have noticed further declined. There is no true indicator that they will stabilize within the next six months. Waiting is always a choice and like you we hope that this market will improve. The real answer is with you.When hope is not wort the risk, than you act rationally and face the music. A loss may be smaller now than later. But like you I have no crystal ball.
Food for thought ...
Most of the buying market has left the building, the rest are on their way out - and you know what happens after spring break and Easter .. you'll be able to fire a shotgun down East Hillsboro and not hit anyone after 9 in the morning ... so you've diminished the buying market by 75% if you wait much longer.
Renters are great, when you can find good responsible ones with a strong credit history and a very decent deposit ..
The negative part.? .. Florida laws fall in favor of the tenant and trying to get the bad one out is like having a 4 month root canal ...
So ... where in North Carolina are you moving.?
I am in Michigan where we also have a high foreclosure rate. I am not trying to be funny, but I use this analogy with my sellers. You need to be in front of the train and not running beside it. If you run beside it, you are going to have a harder time selling since 50% of the houses being sold are bank controlled purchases.
Ultimately, it is your choice. I hope this information helps! Best Wishes!
The sad reality.....since the market is so flooded with owners such as yourself, it might be difficult to find a renter.
As many smart investors are doing..."Stop the Bleeding." Investors are selling at a loss and moving on. To accomplish this your property must be aggressively priced to get the buyer's attention. The way to sell fast is to be the absolute, best opportunity, for the buyer.
The "Eckler Team"
Century 21Almar & Associates
Venice, Fl 34285
I like J. D.'s answer. It sounds as though renting is the best bet right now. My wife and I became accidental landlords the same way...it was a big financial benefits. Check with a CPA regarding the tax consequences and implications. It may be this is a great opporunity disguised as a problem. We experienced a lot of stress, then it worked out better than we had hoped...over time.
You need to look at long term goals, and realize that in the long term values historically have gone up....
Personally I would have asked you to have your home sold before buying..but life is not perfect.
I have several customers in similar situations to yours and we have been renting their unused homes for the very reasons you say.
If you embark into the rental arena please download for your own records Florida Statues Chapter 83. This is the Landlord Tenant Law in Florida and I make sure each of my owners have a copy so that they will be able to know what can and cannot be done regarding the tenants.
Also, since you will relocating you will want a property manager. Some real estate companies only do property management others only do sales. We do it all but, alas, too far away to help. Let me suggest that you keep the agent you presently have if they have been trained in Property Management and their own brokerage policies regarding Prop Mgmt. I say this because with the knowledge of a future sale the agent should work harder to make sure you are satisfied throughout the rental period.
Good Luck to You
JD "Dan" Weisenburger, GRI
Vanguard Realty, Inc., GMAC Real Estate