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Should I give up on selling and try to find renters?
My house is on the market and has been for about 6 months. It is on the market because I moved in with fiance who also owns a house, so the house has been completely up-dated since I had planned on living there awhile. I bought the house for $25k under appraisal value, so I should make money even with this economy, or I could rent it out for about $200-$300 over my monthly payment.
Should I give up on selling and rent it out(though I would reallly like to be rid of it) so I am at least making SOMETHING?
3 Answers
- Anonymous1 decade agoFavorite Answer
Where is your house located? That would help us better understand the market in your area.
I would suggest you rent until the housing slump is over and then market it to sell. or you can offer a lease option on it and let the renters have the option to buy it after 6 months or a year.
Something is always better than nothing...
Otherwise, lower the price on your home... sounds like you haven't gotten any bites.
- mataharirulesLv 61 decade ago
depends.. where do you live? can you find good quailty renters? Have you priced the house to sell? A house that was worth 500,000.00 a year ago (in some areas) is now only worth $445,000.00 and in some places lower or higher. The economy is going to get much worse before it gets better. The tax advantages of a rental can be huge in a market like this... I would talk with a realestate tax attorney.
Source(s): husband worked for the FHLB and severl mortgage companies as a trader.
