I'll take a shot at this one. First let me say, you are asking a "specific" question and all I can give is a "general" answer. 1) What will you do for a home in houston? Can you own 2 homes? 2) Consider the tax liabilities. 3) How will the rental be mnaged? 4) After costs what will the net gain (cash after taxes and expenses) of the rental be, if any? 5) What "appreciation" should you anticipate over the next 1-2 years? That's off the top of my head.
Today the market is strong but trending slower than our peak of this year. There are many factors to consider in making the right decission. My suggestion, have an interview/discussion with 2-4 Realtors to gain different prospectives. I suggest you make Guy Gimenez one of them for sure. I know him, he is an investor, landlord and an outstanding Realtor. Of course, I'd be honored to meet with you too.
The home values in Windsor Park are at an all time high, so I would recommend capitalizing upon this now, as there are no guarantees for future values, although this area has maintained its property values.
My approach would be to List the Home For Sale and For Lease together, as this would capture all possibilities and also provide you with the option to lease or sell.
As mentioned below, the key factor is ... can you afford to own this property, manage the rental/repairs/etc, and also purchase your new residence in Houston? Will you be leasing a home in Houston or buying?
Should you lease, will you handle the lease agreements and manage the property yourself or hire a representative?
As the others have mentioned, the first step is to sit down with a knowledgeable real estate professional that knows the area. Then together you can determine what options are best for your needs and desires.
I and my team of professionals are always available to answer your questions and assist you.
Shannon T. Schmitz,
Representing Properties of Distinction throughout the Texas Hill Country
I'd love to talk to you more about selling your house today.
Keller Williams Realty
Kristee Leonard, REALTORÂ®
Broker, GRI, SFR
I would suggest working with a local realtor and ask her/him to run a CMA for both selling and leasing. Then you can determine which one works for you. The realtor should be able to come up with your estimated net proceed if you are planning to sell the home. If you are leasing, you have to calculate how much you can lease it out for. Remember that you have to pay insurance, taxes, property management company if you decides to hire one, maintenance of the home etc.
No realtor can tell you whether your property will increase its value in a year or two. Having said that, we all know that everything is going up because of inflation but we don't know when the home price will go up or whether it will go up significantly in a year or two. Nobody knows how to time the market.
Best of luck,
Susie Kay, RealtorÂ®
GRI, CHMS, SFR
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
Servicing your real estate need is my priority!
Good day to you. You ask a great question and you really have some good answers below. The truth is no one can really answer your question exactly except for you. Everyone's particular or personal situation is different. You must consider several variables as they relate to the impact of either renting or selling. Each scenario will offer certain advantages BUT also disadvantages. In the end, only you can best answer those based on your particular situation.
Windsor is and always has been an attractive area. Generally speaking historically it has held its value and seen positive growth over time. While the market place is certainly not in a stagnent situation nither is it blown "wide open". Simply modest absorption and growth. Available inventory has begun to be absorded over this past years buyer's season but we are entering into what is traditionally the slower time of the year. There will always be a certain amount of inherent demand for the Windsor area but most buyers this time of year are deal shopping. Rental demand is definitely up and rental incomes are at a five year high given the mortgage industry collapse and the current approval process for single family residential mortgages. While there is no crystal ball of certainty holding the property should logically mean increased value and return over the additional holding period.
That said you must weigh this against your relocation situation- the intrinsic cost of the relocation. Those costs should include the cost of new housing in Houston, the level of debt you are comfortable with or able to carry. Your monthly obligations, tax implications, the cost of maintenance on the rental property and several other factors that should all be considered.
You really need to sit down and discuss your situation with a real estate professional who can assist you with evaluating and weighing the alternatives for your situation. The greater and more accurate the information you have to evaluate, the more educated a decision you can make that is best for you.
I would be happy to further discuss your partcular situation with you and learn more about the goals you are trying to achieve. Feel free to visit our web site at http://www.CornerstoneNewHomeSolutions.com where you can see what the values currently are for your area.
Best of luck in your relocation,
Stephen B. McClain, Broker /Owner
Cornerstone New Home Solutions
Finally, there has been talk in the White House and in congress of passing another stimulus package. If that were to pass and they were to include something along the lines of the 8000$ home buyers tax credit that they did apply in 2009, then that could cause another spike in the market. Unfortunately, they've been a bit tight lipped about what that stimulus package would look like. It's an election year and the details will hopefully begin to come out in the debates. Until then, there is no crystal ball (as one of the commentators mentioned), so it's impossible to tell a) if it will happen and b) what effect it will on real estate have should it happen.
One good option for you to consider would be to perhaps put your home on the market for a while at a competitive price and, if the offers don't roll in in the way you want them to, you can always pull it from the market and rent it out. It sounds like, whatever you decide to do, you are by no means desperate...and that is the best way to sell, as you can test the waters (and decide the temperature).
In any case, I would certainly welcome the opportunity to talk Windsor Park real estate with you, so do please feel free to contact me if you think that I could be of assistance.
Karen Pagani, Ph.D., Realtor
The Gill Agency
Tel: 512 786 7224
Licensed Real Estate Agent in the State of Texas
One thing that could negatively impact your future sale is if interest rates increase. As they get higher, fewer people can afford to buy at a particular price.
Rents are really up right now and probably will maintain a high rate for a couple of years until more rental properties are completed. Will rent easily cover your mortgage?
Some other things consider are repairs needing to be made (hopefully, you have a friend here to call on) or if the tenants mess up your home. Only you can decide how those things would make you feel.
That being said, you are in such a sweet neighborhood, I would probably risk waiting to sell.
2. If you lease, will be a using a management company or handling the leasing and landlord responsibilities yourself?
3. I will surely be odd man out when I say that I firmly believe the market is headed for another significant correction and even Austin won't be immune.
Currently, rents are rising faster than home prices in the Austin area. Why? Because of the enormous number of families and individuals moving to the Austin area. Economic forecasts for the greater Austin area say we'll have 50,000+ here this year and for each of the next four years. All other things being equal, it should be positive for both the rental and resale market here. Also, because interest rates are at an all time low and are expected to stay fairly low for the next couple of years, that will help the resale market more than the rental market.
The biggest downside for you will being an absentee landlord. Do you have a family member or trusted acquaintance to look after the property and answer the phone at midnight when the air conditioning goes out? If not, then you would probably be best served by having a management company look after the property for you. They will charge you a percentage of the monthly rent for this service (the percentage varies by company) and it will have an impact on your profit from renting.
I do both leasing and sales and would be happy to meet with you to discuss all this and help you make an informed decisions. Feel free to contact me any time to set up an appointment.
GRI, CRS, ABR, CLHMS, e-Pro
Will home values increase in your area? New shops always add value to a neighborhood, but nobody can guarantee what the real estate market will look like in a year, but the way it looks right now, probably values will go up.
The best thing for you to do would be to have an agent come to your house, show you numbers for leasing or selling and give you a better idea of what to expect in either case. It's good go make a decision based on solid numbers. I would be happy to do that for you. Call or email me to set uyp an appointment.
Vivianne Dordea, Realtor, GRI'
Sierra Homes Realty