Im looking into selling my condo that I purchased in October of 2011.

Asked by sh8wn9, Middletown, CT Thu Mar 14, 2013

I purchased a 1 bed 1 bath 750 sq ft condo in a very nice, safe, and friendly condo complex. It was a short sale and I was able to get it for 80k, and it has been appraised for 100k at the time of closing. And I believe it might be appraised a little bit higher now...so I got a really good deal. Anyways, Ive been thinking of relocating at the end of the year...October of 2013 will be my 2 year anniversary here.
Any advice as to whether or not I should see or rent? Im really not looking to make money off of it, and I would like to not lose money out of it as well. Thanks.

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8
Thomas M. Ma…, , Rocky Hill, CT
Thu May 23, 2013
I suggest you sell he property. I have been a Realtor for over then years and being a landlord is not for everyone. Besides the worries that you will have about how the tenant is caring for your property, there isn't even a guarantee that the tenant will pay what was agreed upon. I have seen applicants that looked great on paper, with good credit history, sound employment and referrals turn out to be horrible. You never know what you are going to get. If problems occur and the payments stop, the time it takes and the stress of evicting the tenant is not fun. If you are close to breaking even on the sale, do it and save yourself from a possible terrible experience. You could wind up with a great tenant but it is a gamble.
0 votes
Jeff Coleman, Agent, Cromwell, CT
Fri Mar 15, 2013
I would sell if you could break even or make a profit which it sounds like you will. If you are relocating, renting while you are not nearby would not be the best situation. If you are looking to have investment properties and wouldn't mind being a landlord, you could try it but it isn't an easy endeavor. I highly recommend that your first step is a market analysis. That will help you make a decision. It would be my pleasure to work with you. Jeff Coleman (860) 471-3470 - Cell. Hagel & Associates, Cromwell, CT
0 votes
Ted Kostzews…, Agent, Stratford, CT
Thu Mar 14, 2013
As has been pointed out, how you make out financially is something eveyone wants to consider. But I want to add another consideration that you really want to put into the equation. Do you want to be a landlord? I am certain you kow the types of aggravation that can ensue from this responsibility. If you're up to it, that's great. I would recommend that you take the rental route only if selling doesn't work out the way you envision it should. By the way, with your 2 year anniversary comes freedom from potential capital gains taxes. I'm guessing you knew that already based on the information in your question. Good luck.
0 votes
Valerie Oste…, Home Buyer, Cromwell, CT
Thu Mar 14, 2013
Looks like you have done some research on your condo. Good for you. As a helping hand, when you sell 7 to 8% would be your cost for closing. I'd be more than happy to sit down with you and go over your options.

Please feel free to call/text me at 860.883.8889.

Valerie Osterhoudt
Johnson Real Estate
ValerieO.homes.4u@gmail.com
0 votes
Amanda Albert, Agent, Woodbridge, CT
Thu Mar 14, 2013
I don't agree that this is a sellers market. At least not yet. I would be happy to stop over and give you a market analysis to see how much you can sell it for in this market. Let me know when is good for you.
Amanda 860-916-2744 or Amanda.albert@raveis.com
0 votes
Edith Karoli…, Agent, Winnetka, IL
Thu Mar 14, 2013
You need to connect with a local Realtor to see your condo and then compare it similar condos that recently sold and those currently on the market competing with yours if yours goes on the market, that is the only sure way to estimate what you should list your condo for and what it could actually sell for.....
Then you consider your closing costs etc. and your Realtor will be able to estimate your net to seller, all given that your condo shows well, is well appointed and its size is in demand....

It seems that if you can cut even without having to bring money to the table you will be ok, and you would want your down payment come back to you as well right?

Careful, within a year or so, you have not accumulated a lot of equity in the property yet, so make sure
it actually will in your specific market appraise out and you can sell it for a reasonable price.

Good Luck to you
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
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0 votes
Tracy Heinz, Agent, Glastonbury, CT
Thu Mar 14, 2013
Hi Sh8wn9- The market is great now and is a bit of a seller's market. We are seeing multiple offers on homes that are priced appropriately and show nicely. If you purchased a short sale you should be in a great position. Most Realtors would be happy to come to your home and give you a real time complimentary market analysis for your condo. There will of course be variables that come into play such as whether or not your complex has FHA approval. Make sure you choose a Realtor that offers staging and professional photography as this really helps set your property apart in online marketing which is so critical today.

I'm happy to help if I can. :)
0 votes
Carl Guild, Agent, East Hampton, CT
Thu Mar 14, 2013
All you need is a market analysis to see what the current sale price is and figure out how much you will net after fees. Then you can decide whether it is better to sell or rent. I would be happy to provide one for you. Email me at carlguild@prudentialct.com and I will whip one up for you!
0 votes
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