Nancy, It is a question for a mortgage lender to answer. The market has improved and if your home is priced correctly professionally marketed, it should sell within 60-90 days. Market price may not be a number you can or are willing to accept without a personal loss and or your lender sharing that loss in a short sale.
Many sellers we work with conclude they do not want to experience the equity loss and/or do not qualify for a short sale. These sellers become reluctant Landlords. We can assist you determine the rental value and net income you can expect from leasing your current home. Your lender may give you partial credit for rental income but in all likelihood not, particularly since you are still occupying the property while qualifying for a new home and there is no rental history.
For many owners leasing their present home is the best option. In some instances it covers their mortgage costs. Interest, taxes, insurance, repairs are now all tax deductible and you can depreciate the rental property which may allow you to reduce your personal income tax due to the non-cash depreciation deduction. Your tax advisor can provide more information.
Just as virtually everyone in 2005/2006 thought real estate appreciation would never stop, and 2011/2012 people think real estate values will never return, the masses are generally wrong. We can expect prices to return to no less than the replacement costs as the economy recovers as it always does. Selling at the bottom of the market only makes sense if you have to.
Feel free to give me a call or e-mail for additional information.
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
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2050 Roswell Road
Marietta GA 30062
404-386-3682 Assistant Robin
678-760-6266 Buyerâ€™s Agent Adam