Home Selling in Cincinnati>Question Details

Perplexed, Home Seller in Cincinnati, OH

When to sell or when to keep renting out home in current economy?

Asked by Perplexed, Cincinnati, OH Mon Jul 27, 2009

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This is a situation where you really need to evaluate your equity position. If the property has a good rental history, you are in a better position to wait. The best of both worlds is to rent to a future buyer. This isn't as tough as you might think. Many people find themselves in a temporary situation where they would rather own, but can't just yet.

If you need your cash out of the home to move on and take advantage of another opportunity or a 1031 exchange, then sell. In the long run, you'll make up whatever small loss you take in order to move up to a better opportunity.
0 votes Thank Flag Link Tue Jul 28, 2009
Perplexed you need to take a look at the value of your rental compared to what you owe on it. You also have to look at your temperment for being a property manager.
I am putting a condo in Monroe on the market for one of my repeat clients. They are using it as a rental and they just received the July rent on the 24th. The tenant has given notice thay they will be out in mid-August.
When I run the comps they should be able to get out based on sold units without getting hurt financialy. By the way the tenant has shut down communication with property owner and I have not been able to view the interior of the property. They are giving a notice of entry to the tenant so we view the interior.
Remember all real estate is local at the right price and right condition we are seeing homes last just a few days before an offer comes in.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Tue Jul 28, 2009
Hello,

I understand your frustration I am having this conversation all the time with homeowners. It will take some time for the economy to come back. A lot of people are still losing homes but remember they still need a place to live. In this market it is best to hold and rent or find someone willing to do a lease option/ rent to own. The people moving into these usually need a home would like to own their own home but need time to repair credit. At least by going this method you can begin to plan yoiur future.


If you would like more detail information please send me a email.

andrea@andreatrobinson.com

Good luck!
0 votes Thank Flag Link Mon Jul 27, 2009
Hi!

The real estate market will continue to decline for the next year and a half or so and then will take at least five years to be a stable market and recoup some lost value over these next five years. You want to sell when the market is up rather than down, so now is better than in a year or so. If you don't sell now, I would say hold off for 2 years and you will meet back at where we are now with values. Good luck!

Sheri Mapes the Cincy House Expert
(513) 253-7156
sheri.mapes@cbws.com Email
0 votes Thank Flag Link Mon Jul 27, 2009
Do what I do. I put it on the market for sale and for rent at the price I want.

Whichever happens first, I take.

When/If the tenant moves out, I repeat the process.
0 votes Thank Flag Link Mon Jul 27, 2009
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