Home Selling in 60062>Question Details

Dean Clark, Home Owner in Brentwood, TN

We've been a little out of touch with the market for the past three years because we've been living in India. Is it really getting better?

Asked by Dean Clark, Brentwood, TN Tue Mar 12, 2013

We own this house: http://www.trulia.com/homes/Illinois/Northbrook/sold/622244-… and are just about to put it back on the market after three years. It's been rented, which has been good for us to date. Now we feel it makes sense to sell as the market appears to be getting better... at least that's how it appears from here. Should we suffer through the selling process or just continue to lease it out? We do have a good renter.

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Answers

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Home values are increasing, but if you have good tenants, it makes sense to keep renting to them. The market improvement will take several years--if you hold on to your house a bit longer, it will probably be worth more than if you tried to sell it now.
0 votes Thank Flag Link Thu Nov 14, 2013
So glad to hear that you have a good Realtor who is looking after your best interests.

Good luck with everything!
0 votes Thank Flag Link Wed Mar 13, 2013
Great we love you, as a Realtor I always appreciate buyers or Sellers to be loyal to their Realtors, when they have worked with one before, or connected with one....
LOYALTY IS GREAT and a wonderful trusting relationship. Bravo....
Will look for your listing in Northbrook once is comes on the market....
Good Luck to you :-)
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Wed Mar 13, 2013
The selling process should be much easier now than it was 3 years ago.
Glad to hear you have retained a professional to guide you.
0 votes Thank Flag Link Wed Mar 13, 2013
Good Luck! I'll watch for your listing.
0 votes Thank Flag Link Wed Mar 13, 2013
Great! I have someone who may be interested. I'll talk to Emilia. Good luck!!
0 votes Thank Flag Link Wed Mar 13, 2013
Thanks everyone... really appreciate your guidence and perspectives. When I say the selling process is painful, I'm not talking about the realtor... I'm talking about what we went through three years ago. But at that time there was a lot of foreclosures on the market... and a lot of inventory in general. Sounds like it may be a better experience this time.

We do have a realtor in Northbrook who we've worked with before and trust. Emelie from Koenig and Strey has been very attentive and supportive. The house should enter the Market this week, but we have an Exempt Lisitng Confirmation in place due to some needs of the renter.

Again... thanks all for the help.
0 votes Thank Flag Link Tue Mar 12, 2013
I understand your situation well.... We have an active rental market and the problem with renting is usually when you are far away that the property is carefully taken care of and what if repairs are needed etc.
But you seem to have a good renter at the moment,

Therefore you need to look at your personal situation, what would you do with the proceeds from the home sale, do you own it or do you still have a loan on it? Financial and Personal reasons should be the
ones influencing your decision. I gladly would provide you with a free market analysis of your property
in Northbrook to give a you a bit of a better idea what has recently sold similar to your home, and once
you have that information you certainly will be able to make a better decision...

I am wondering why you consider the selling process to be a suffering process? With a good Realtor
here in Northbrook you should be fine, you want a Realtor who will be able and ready and willing to
keep you informed about the activities and who will have a good relationship with your tenants for the
purpose of arranging showings and open houses etc.

Let me know your thoughts and we can further discuss it to assist you in making a well informed
decision.
Good Luck to you

Sincerely yours,
Edith
EdithSellsHomes@gmail.com
YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Tue Mar 12, 2013
Dean,

Since we are experiencing both a very active selling market and an active rental market with fairly-priced properties moving quickly, the decision of which choice is best comes down to what is best for you since you will likely succeed in selling and already have a "good renter". If money in hand from a sale works better for your needs and plans, then selling now should be considered without the concern of "suffering". As long as the home is prepped for market and priced correctly, it should sell quickly. Other homes in your area have already done so and you should too.

If I can assist in helping you determine an accurate price, provide more market-specific information or customize a market plan for your home, please feel free to contact me anytime. Additional information for prospective sellers is also available at http://www.realestatenorthernillinois.com/Free-Presentation.

Best of luck!

- Allyson
0 votes Thank Flag Link Tue Mar 12, 2013
Dear Deanclark,
The answer depends 100% on you. If you need to get your home sold, sell it. If you don't need the money or you are making money on your rental, keep it rented. Whether the market is getting better or not has nothing to do with your individual situation. Rental properties are wonderful additions to retirement plans.
0 votes Thank Flag Link Tue Mar 12, 2013
HI,
The market has picked up a lot in the last few months, the houses are selling within days if they are priced right and there are not enough new houses for sale which started to drive prices up. Never know is this only temporary or we are back on track and the prices of homes will keep on going up.
You have a good tenant and if this situation is leaving you some cash in our pocket that is great and why mess with something that has been working out good for past few years but if you will need the money in the near future it is a good time to think about sale.
Please feel free to contact me I will do a free market evaluation on your home and a calculation on how much money you will walk away from closing table if the your home is sold. This will help you make a better decision.

Paul Fijalkowski
Coldwell Banker Residential Brokerage
847-532-2093
paul.fijalkowski@cbexchange.com
0 votes Thank Flag Link Tue Mar 12, 2013
Dean,
What you will do with the proceeds should help you decide to sell or rent. If you need the cash to pay bills or purchase another home, that will lead you to a different conclusion than if you are just going to
put your money in a savings account. The market to sell or lease in strong right now but mortgage rates are moving up and there is little inventory on the market for sale. Without knowing your reasons to
make a decision, It's difficult to offer more guidance.
Best,
Art
0 votes Thank Flag Link Tue Mar 12, 2013
The market is definitely getting better. There is low inventory at the moment which is increasing demand...so, if you were to sell now, you may be just fine. That being said, if you have a good renter, the strength of the market will only increase in the next year or two. So, if you hold on to your property for a little while longer, you may get a better price...

I am happy to help you in any way that I can.
0 votes Thank Flag Link Tue Mar 12, 2013
HI, Dean

I actually focus on Northbrook real estate and there was a house that went on the market at 917 Suffield Terrace for $629,000 and it went under contract in one day. That house is bigger than your model, but it needed some updating.The other house at 3848 is also under contract. It's list price was $650,000.

While the market is super hot because there is no inventory, the rental market is just as hot. I think that the word 'suffer' through the selling process probably isn't accurate at this point. Because homes are selling within a matter of days if you price your house correctly.

It may be somewhat difficult if you have renters in there that make it hard to show or haven't kept up the house as nice as you would like, but if your renters are good and want to help you out, I don't think you should have much of a problem selling your house this summer.

Let me know if you would like to get a free market evaluation of what price you could list your house for. Good luck!!!
0 votes Thank Flag Link Tue Mar 12, 2013
Dean,
There are many factors to consider. Are you just plain tired of being a landlord? If your good tenant wants to stay, and the rent is covering expenses (or close to it)? Then, having someone pay your mortgage and/or allow you to write off some of the carrying costs might be attractive. Also, what you paid versus what a current CMA would indicate as a fair market value might sway your decision as well. Have you made your target margin on this asset yet? There is no question that the market is heating up, but Case-Schiller and the other market analytics groups project a continuation of the growth trend. These considerations are all good things to weigh, in consultation with a real estate professional, when making the decision in question. If you don't have a real estate broker, I would be happy to be of service.
0 votes Thank Flag Link Tue Mar 12, 2013
Osh: The landlord part has been pretty easy because the renter is good. The house is in great shape now, but obviously will need upkeep over time, which is a pain. And we haven't lived there for three years and hear that we will get hit by high capital gains taxes if we don't sell fairly soon. I was sent by my company to India, which is a good tax reason to lease the house. But coming back to the US we will not be in the IL area and could use the sales funds as a downpayment on a new place. So... multiple factors to wanting to sell.
Flag Tue Mar 12, 2013
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