Special offer

Rent out your home until the market bounces back

By
Real Estate Agent with Ann Adams & Associates Realty BR544176000

If you must leave your home because of a job transfer or other extenuating circumstance, renting is an excellent option as you wait for the market to regain some heat. If you don't have the time or the talent it takes to be a good landlord, contact a reputable company that specializes in screening applicants and managing properties.

Rather than letting your home sit on the market with a flood of other houses; and if you do not have the margin to list below the current average, renting your home may help you to at least break even with your mortgage payment until the market starts to pick up or until a better selling season. If you are located in an area near a school or university, such as near ASU in Tempe or a community college in Mesa, Phoenix, etc., you may be able to rent your house rather easily. Using a good property management company can also help to find potential renters moving into the area from out of state .

While this may not sound like the easiest or best option for you, during a down market, it may help save some money in the long run and can even provide extra income in some situations:)

Arizona Real Estate Associate Broker
MR Realty - Mesa, AZ

Ann--

This seems to be the only option for some sellers, however most sellers are in a position where they are trying to avoid foreclosure or a short sale... Just today a prospective seller came into our office needs to sell his home due to relocation and is in that very situation. 

The comp's weren't even close to what he paid and infact 20K+ less just since May 07 (Johnson Ranch, Queen Creek).  There are several sellers in similar situations where they have maxed out their equity and/or dealing with high mortgages that having any positive cash flow is almost impossible...but getting some or half of the mortgage met by leasing to keep it from crushing you financially is definitely the suggestion I would go with too!  In cases where the market is satuated and inventory is an all time high makes it a tough spot to be in for many homeowners that got into the buying late..unfortuantely!! I know I have come across a lot of sellers that have no margin in selling and find that education is just one more reason an agent is most important to sellers and buyers alike!!

Aug 29, 2007 02:37 PM
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
It's not likely that sellers would get positive cash flow by renting here - too many sellers have rented waiting the market to improve. A $1.500,000 condo with $3,000/mo in property taxes and condo fees is renting for only $4,000/mo! We even have some clients who are selling so that they can rent rather than watch their equity decline month after month.
Aug 29, 2007 03:26 PM
Jayson Hoffer
Jayson Hoffer Insurance Agency Inc. - Tempe, AZ
Mesa AZ 480-948-6115 Home, Auto, Life Insurance

This also helps keep your insurance current, insurance companies hate vacant homes. Luckily I can do vacant home insurance! Its just not cheap! Happy to help! You deserve more comments!

Apr 04, 2011 07:38 PM