There are several factors that you need to consider. First of all, our current housing trend doesn't show any signs of changing anytime soon. Every market is different, but the avg rate of market depreciation for the N. NV is is around 2% a month (based on past 6 months of sales). So if the market continues on its current path, you may be looking at a much lower value. Also keep in mind that when we do see a rebound, it will be nothing like what we were seeing during the boom. You may very well have to wait several years before you recoup your losses.
However if your decision is to sit on it as a rental, you will want to make sure you are at least generating some income from it. If you're current interest rate will not allow you to justify renting the property out, then you may want to see if it is possible to refinance the current mortgage.
There are also several other options that may be available to you. I'd be more then happy to offer you a no obligation consultation to discuss you current situation. At the very least, you may walk away with more information to help you come to a decision.
As many have pointed out, the market is still very volatile (decreasing in average price this month while last month we had a slight increase from the previous month) and it does not look to be stabilizing anytime soon. No one has the answer to when or how high the market will rebound.Therefore, there are a couple of questions you need to answer for yourself:
Are you willing to wait and gamble on an increase in value within 2 years?
Would it be more profitable to take the profits from selling now and possibly investing that money into numerous great opportunities available at great interest rates right now?
Are you prepared to manage that property for the next 2 years? Remember this is much more involved than simply getting it rented.
Once to answer those questions, you should be in a better position to make this difficult decision.
I'm advice to you would be to sell NOW and not wait for 2 or 3 years. Here's why: We know what your home is worth today and this market still has some correcting to do so prices are going to continue to drop further. Even if the market got better a year from now the home isn't going to appreciate 20% in a year or anywhere near that figure. So sell it NOW cause todays great interest rates that are allowing more buyers to qualify and inticing more buyers to look WON'T last forever. That's my honest, sincere advice to you.
I'm born and raised in Carson City, NV. I LOVE my town and I LOVE my career. I would be glad to answer any additional questions and provide you with recent sales in the area to better help you make your decision. I'm never too busy to help you in anyway!
The market varies from area to area. The question is how long you want to hold on to the property to get more money and would the money get a higher return in a differnt investment. There are a lot of specialits that you and your sisters to discuss this decision with to make sure everyone is on the same page.
Probably not the best time to be selling.
You could certainly try selling it for 90 days for what the market will support, that is if you can afford the payment.
Ideally you should find a great renter that will take care of the home and make the payments on time. Then hold on to the home for a couple years or so.
Another option might be to do a Lease / Option to buy. Then the potiential buyers may have more interest in maintaining the home. Offer to contribute a portion of each payment towards closing costs etc. Lot's of possibilities. A good realtor could help with this.
The answer is... it depends. Since every person's situation is unique, it is very important that you and your sisters sit down with a Realtor that can give you a current evaluation of the market in your area. You have to weigh all the pros and cons. Decide whether you are ready to be a landlord, and can deal with eventual repairs.
Don't make a hasty decision one way or another. Make sure you gather all the facts so you can proceed, in whatever direction you choose- fully knowledgeable of the situation.
You may also want to talk to a Tax advisor to determine what your tax liability may be if you sell now vs. later.
All the Best to You and your family!