We are thinking of selling our condo in Home Park on State ST. 2bed 2 bath. What do you think of this area?

Asked by Aidan, Atlanta, GA Fri Mar 7, 2008

We have loved it for 5 years but now need a house and yard. Is now the time to sell or should we hold on to it? Should we expect it to sale at the appraisal amount?

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4
Lee Taylor, Agent, Decatur, GA
Sun Mar 9, 2008
You live in one of the best rental submarkets in Intown Atlanta. If I owned your property, I would ask myself 4 questions:

1. How much equity do I have in it?
2. Do I need the immediate equity cash at closing available to make my next investment?
3. Should I sell this property in the worst Seller's market in recent history and forego some of the profit potential of a sale in a better market 5-15 years from now?
4. Should I rent this property in one of the best rental submarkets of Atlanta and establish a healthy cash flow, while building more wealth as a multiple property real estate investor over the coming years?

If you are interested in a free price opinion, or advice on landlording, please contact my business partner Greg Ruis and I.
Web Reference:  http://intowninsider.com/
2 votes
Cassandra M.…, Agent, Canton, GA
Fri Mar 7, 2008
I would suggest seeing what brokers currently are selling in your area and call them. Discuss with the Proactive Agents in your neighborhood what the properties are selling for, how long they are taking to sell and what condition they are in. You want to know what your over all competition is, including any foreclosures.

Good luck!
1 vote
Lee Taylor, Agent, Decatur, GA
Mon Mar 10, 2008
Furthermore, one more question.

5. Should I speak with a reputable lender about restructuring the debt by refinancing all mortgages to reduce costs?
Web Reference:  http://intowninsider.com/
0 votes
James Dudley, Agent, Suwanee, GA
Sun Mar 9, 2008
Aidan,

I think Lee had a great response! The condo market is one of the toughest to sell in due to the competition and it's one of the worst sellers markets we have had.

If demand is high for rental properties in this area you can get a one year lease on your condo and proceed with your next purchase. Where are you considering looking for your next home?
0 votes
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