You will have better luck selling your home if it is in tip top condition and priced 15% below your competition.
In my opinion I see two basic options:
1. Make a long term commitment as a rental
2. Sell it now.
We do not know what the market will be like the future, next week let alone in two years. We do know that in the long term the value will rise, however I do not know how that might fit into your plans. My wife and I became accidental investors in this way and in the long run (18 years) it was a very positive experience, however at the time it was very stressful.
Altadena is in my service area and I would be happy to send you a market report so you can see what the market looks like.
As you know the current market is not easy for sellers. you are best bet is to get it into spotless condition by un-cluttering, updating, and staging whatever you can with the least investment and sell it at cheaper than other homes in the neighborhood. And, offer to pay for the first year payment (a year of free Payment sounds much better than $50k deduction on the price) a flat screen tv if you have to do it.
what you don't want to do is to put it on the market over priced and reduce price later because the first 2 or 3 weeks when the home is on the market is when it will get the most exposure, after that buyers will never come back to an over priced home even if it is reduced. good luck.
Unfortunately, most of your competition will be short sales and foreclosures. If you don't absolutely have to sell it would be better to wait this out. We will be glad to answer questions for you.
All the best!
Yes the market is St Louis is pretty good now , especially the condos converted from old apartments. If you think you could get better money out of California and invest in these old apartments to convert into the condominium that is also good move. You might like to look at the area near by Grant avenue close to the Missouri Botany Garden in those commercial buildings. They are good investments to since the Asian town there is in the early forming attract lots of tourists there. If you can not sell then you can rent it out. I am helping other investors in Cape Girardeau nearby suburb areas like Jackson, Sikeston, and Marble Hill are very good areas to invest too since Cape and Jackson are growing pretty fast in the last few years. If you'd like to discuss more about the investment opportunities, I would love to help you more.
If you do not have this property rented and are tired of worrying about the maintenance of this property it might be worth getting a local agent in your area to give you a FREE Market Value on your home and avedrage days on the market to sale a home in the area. At that point you can make a soud decision on whether to sale or not. don't believe everything you read in the paper. Some areas are selling their just taking little longer.
Hope this helps.