Home Selling in 53202>Question Details

Vipin Duggal, Home Seller in Seattle, WA

Should I sell or rent?

Asked by Vipin Duggal, Seattle, WA Sat Jun 21, 2008

I have a condo in Milwaukee, WI, which is on the market to be sold. If I sell at today's listing price, I'll lose approximately $80K out of my pocket. My other option is to rent out the property and lose approximately $1000/month based on my first mortgage, 2nd, real estate taxes, HOD, etc. I've had this property for about 5 years now, and lived in it for the first 1 year and half. It has been rented 90% of the time since I have moved out with minimal maintenance costs. My 5 year ARM is up, but the rate its bumping up to is still less than a rate I could get if I refinanced so I'm staying put. Should I continue to try to sell or rent it out?

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Keith Sorem’s answer
You need to discuss this situation with a CPA. there is a large impact on your personal tax situation, particuarly if you are not planning on purchasing another primary residence.

Overall the Seattle market is very slow, values have declined, so renting it out is probably the best option.
0 votes Thank Flag Link Sun Jun 22, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
You must feel like you have to decide whether to bleed slowly or quickly! I don't have an answer, but I do have a question: Have you factored in any tax consequences (either way?) Maybe a tax writeoff could offset some of your loss - you should talk with an accountant!
0 votes Thank Flag Link Sat Jun 21, 2008
My advice would be to rent it for the next year and see how the market is doing in March, and possibly even 2 years from now.
0 votes Thank Flag Link Sat Jun 21, 2008
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