Market Conditions in 71301>Question Details

Blair Woodma…, Other/Just Looking in Sherman, TX

Is it a buyer's or seller's market in Alexandria, Louisiana?

Asked by Blair Woodmansee, Sherman, TX Thu Sep 27, 2007

I purchased a home in Alexandria in March of 2006. I had to move out of state shortly after and I have been renting it out since. I would like to sell it, but I don't want to lose my shirt on it. I have the principal down to about 7500 below appraised value as of March of 2006. Should I try to sell or continue renting it out?

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It does appear that it's a buyer's market now. It is still able to make a small profit on the real estate here. As always it's location has a lot to do with the sale. ( I heard today that it is rumored that the interest rates are going up even higher.) If you would like for me to work up a CMA for you I would be glad to. Just give me a call.
0 votes Thank Flag Link Mon Jun 22, 2009
It is definitely a buyer's market in Alexandria. However, updated homes in good locations at good prices continue to sell, and interest rates are good. In general, buyers want move-in ready homes in today's market. They do not want to do any updating. They want it already done. Appreciation rates run about 5% to 8% per year, so take your appraisal and add appreciation (providing your renters haven't done any damage). That is what the house is worth today. Is someone managing it for you?
0 votes Thank Flag Link Sun Nov 11, 2007
I would continue renting for now...check with your accountant to check the tax implications of selling though..if you wait, and then continue taking depreciation right offs, it could hurt you later on, because your capital tax gain will hit you on the profits from not what you owe, but where you are with sales price minus your tax basis.....the IRS will not be concerned much with what you owe..

So, at the end of the day, it is what your CPA says may mean more than your Realtor.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Thu Sep 27, 2007
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