Market Conditions in 23838>Question Details

Veena, Home Owner in 23838

is it better to rent or sell the house now?

Asked by Veena, 23838 Fri Jan 20, 2012

I have had my house listed below market value for approx 8 months. The listing is about to expire. I am denbating between either continue to list to sell or rent it unitl market improves?

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Answers

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What a great question. It really depends on your situation. Do you need to sell in order to purchase something else? Will the rent cover your holding cost? Are you prepared to managed the property yourself or pay a property management fee. Also consider the cost to prepare the house for sale once the lease is up. You may also want to consult with a tax professional.

The question about the market is a tougher question. We are seeing some signs of stability but would not expect HUGE market improvements anytime soon. That said, it will certainly depend on your particular home, location, competition, etc.

Once your listing expires, consider obtaining a 2nd opinion of value from another licensed Realtor/Broker or appraiser to re-assess market value along with interviewing another Realtor on marketing your property. The spring market is coming. It is a great time to re-evaluate and leverage the market condition.
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0 votes Thank Flag Link Wed Jan 25, 2012
Renting is a pain and easier said than done. Talk to your agent about this. If she feels another price drop might help you might as well if you plan to remove it from the market. You will have to figure how long you would have to wait until you can get more for the home vs how much you will bank from rent.
you could also consider a rent to own.

Good luck.
0 votes Thank Flag Link Fri Jan 20, 2012
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