I own a house in queen creek , castle gate community, I have a tenant in for the past two years, do you

Asked by Tom, Queen Creek, AZ Sat Apr 5, 2008

advise to sell or to hold?.....

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David - Appr…, , Maricopa, AZ
Sun Apr 6, 2008
Tom - No one can predict the future. There are many in the field that believe they are all-knowing and provide a speculated wild guess at best. Roughly speaking, there is over a 12 month supply of inventory in the Queen Creek area (both in Maricopa and Pinal Counties combined) with more short sales and bank owned properties being added to the supply each month (County Recorder Data). Single family homes are selling at an average rate of roughly 140 - 150 per month based on the past 3 months. The market area is also still considered declining overall from my stats. In addition the QC market area has roughly 200 single family active rentals needing sold or leased to compete with, not to mention new construction. If by chance you are facing a rate increase in the near future or possible loss of tenants, and in need of disposing before either occurs, you may be able to find a buyer wanting a rental with instant cash flow, but you also need to consider the average market time and exposure time for sales.
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Tom, Home Buyer, Queen Creek, AZ
Sun Apr 6, 2008
Thank you David, I bought the property for 200k and now it worth about 200k after reach the 300k before couple years, when do you think it is going to appreciate again . 1 year 2 year...!!!
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David - Appr…, , Maricopa, AZ
Sat Apr 5, 2008
Due to the fact that Queen Creek has been hit hard with declining values over the past couple of years, it might be best to hold off on selling at this time. There are many distressed properties on the market to compete with which could prevent your property from selling quickly. If it has a positive cash flow and long term tenants that aren't considered problem tenants I don't see any reason to eliminate the added income and tax benefits. Anyone who purchases the property would also have to honor the lease agreement which would narrow your potential buyers to investors.
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