Home Selling in Killeen>Question Details

Huesito1, Home Seller in Killeen, TX

should i sell or wait?

Asked by Huesito1, Killeen, TX Sun Jan 2, 2011

i have a rental property in the north side of killeen. i live in austin and plan to move out of the state next year. should i sell it now or wait to see how the market is in a yr or so. i pais 100k in 2006 but i beleive its now worth around 83k

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Justin, if you need a hand getting down from your soapbox let me know. Out of the 7 responses (you answered twice so only counting one) only 2 agents offered to do a CMA, and 1 suggested one, which I think is a valid response as Huesito said he believed it to be worh 83k. I think he would be interested in knowing its value so he can make an educated decision. Perhaps you need to reread the responses he got some pertinent information.
1 vote Thank Flag Link Sun Jan 2, 2011
Huesito1:
It seems to me that the Fort Hood is the largest player in the economic indicators for Killeen TX. Yes, we are just agents, we are human, but for crying out loud, can't we use our brains and give you some predictions with supporting documentation...UGH....it seems agents are just giving you a blanketed answer hoping you will call them to Get the standard CMA to give you a Picture of today what your property value is, but you know that, $83K. You want some insight as to where the market is going. If Fort Hood is the major economic indicator in town next to a bedroom city for Austin, then look at what the Fort is doing? Are they growing? Are they brining in new research labs, or a biochemical research, or are they just training more men and women to fuel our current wars, which seem not to be going away so the need for more recruits would suggest that the Fort will be increasing demand to live in the area. Also, there are cycles for everything. In my market the height of the market is winter time, when everyone is "flying" south to hide from the cold. It would think your market is similar or your peak might be late spring early summer. Knowing that simple fact would let you know if now is the right or wrong time to list. Trust me, you don't want to be the house that has been on the market for 6 months, you become the redheaded stepchild, that you no one wants to touch with a ten foot cattle prod. Unless sellers and buyers demand more expertise from agents, we will be stuck with the nonsense answers…I digress.

If you have found this to be helpful, slightly offensive as it may be, please mark it as best answer or thumbs up. Thank you.
Ps. If you want me to run a realtor through the ringer for you to ensure you get the best agent, email me through my website. House-Guy.com I have nothing to gain or lose as I am not an agent in your marketplace.
1 vote Thank Flag Link Sun Jan 2, 2011
Hello, I'm a licensed Realtor here in Killeen with Coldwell Banker United. I will be happy to do a free market analysis for your property so you can make an informed decision without any obligation.
Please feel free to contact me,
Jeanette Harris
254-319-1316
jharris@cbunited.com
http://www.cbunited.com/jeanette.harris
1 vote Thank Flag Link Sun Jan 2, 2011
Hi Huesito1;
If you plan to move out of the state next year, list the property for sale.
You can get a "feel" for the market now; and if your Realtor feels that in 6 months the market is or is going to change, than you can change the price accordingly.
Good Luck!!
Web Reference: http://www.321property.com
1 vote Thank Flag Link Sun Jan 2, 2011
While each local market is different, most of the national economic projections from economists at B of A, Moody's, S & P, Morgan Stanley, Case Shiller, etc. are projecting prices sliding another 5-10% in 2011. This is due to the huge shadow inventory of distressed properties which the banks will be releasing into the market in higher numbers this year and for the next 2+ years that will drag prices down and keep them down. When you couple this with the recent increases in mortgage rates, now is the time to sell.
1 vote Thank Flag Link Sun Jan 2, 2011
The best way to see what you home will sell for is to pull comparables in the neighborhood you own. There are many other factors that could influence your decision like condition of the property, crime, neighborhood, schools, future development, the loan amount you have on the property, and cash flow of the rental property. Are you losing money renting it every month? Killeen is growing so that is one good thing for values but if you are losing money every month it may not be worth it. I am an active real estate broker and investor in the Killeen and Austin area, I would be happy to pull some comparables for you to help with your decision. Please feel free to call me with any questions you might have.
Regards, Jay Parham
Real Estate Broker
254-833-4002
1 vote Thank Flag Link Sun Jan 2, 2011
To sell or wait is a matter of personal choice--unfortunately none of us can say for sure as to where the market will head tomorrow, or down the road--if you are curious to see what your property may be worth today, consider inviting a few local agents from different realty companies and ask for CMA--comparative Market Analysis--if you decide to sell, you may wish to hire one of those agents, or consider hiring a professional appraiser.
1 vote Thank Flag Link Sun Jan 2, 2011
Hello Huesito,

That is a difficult question to answer not knowing all about your circumstances. Are you currently coming out of pocket to pay the rent? If the home is cash flowing or close to cash flowing it probably makes sense to hold on if possible to see if home process rebound in the months and years ahead.

Can you afford to write a check to sell the home and if not are you prepared to damage your credit by going the short sale process? Maybe you put enough money down to still be able to sell and not have to write a big check at the closing table.

I think if you can hold on to the property for a couple of years you may very well come out ahead. Again, without additional information on your circumstances it is difficult to give any specific advice to you.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
512.669.5599
listings@dongroff.com
0 votes Thank Flag Link Wed Jan 5, 2011
Just depends on so many things.
If you bought for cash flow and it is still cash flowing...why sell?

Just because the value has gone up or down to me does not mean you should sell.
Just becasue you move away does not mean you should sell.
Lots of people own rental property in different places.

I would like to know more about the reasons you are considering selling?
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Mon Jan 3, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
I think Lyle summed it up - the prediction is for the market to continue going down. So the longer you wait the more equity you are losing., Have you considered keeping it as a renta;? I know that is a pain when you will be out of state but if you hire a management company they can lessen the hassle.
0 votes Thank Flag Link Sun Jan 2, 2011
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