Are you getting alot of people asking should I sell or rent? I know I am. I hae even have the same dilema. I had a renter recently move out of an investment home. I probably could have sold the home for about $ 75,000 at the height of the market in 2005 then I could now. But we need not think in those terms anymore. Just call them "the good old days". On th eother hand I don't want to look back a year from now and go, sheesh the price has dropped another $ 75,000, I should have sold it.
Anyone have a crystal ball? Any advice? Clents are calling asking, "what should we do"? They are getting a job transfer, heading for the hills to avoid taxes and insurance, or just thinking of making a move out of town, etc... I can only advice them as I advice myself. Rent and you take a chance that the prices might drop further, stay stable or may even go up. Also you have a risk of the renters trashing your property and the repairs exceed any appreciation you might get. Then again, if you rent it long enough you can take the loss against your taxes if it qualifies as investment property. On the other hand, if you try to sell, you are up against alot of inventory, you may have to lower your price just to stay ahead of the competition.
No, I am not a naysayer (even if it sounds like it so far). I am a REALTOR. I am in the real estate industry and am here to stay. so I do believe there will be a light at the end of the tunnel. The real estate industry has always seen it's ups and downs in history. If you talk to the old timers they say all this is nothing new, it's happened before and probably will happen again. But real estate is still the safest investent in the long run.
So the answer, rent or sell? The answer is look at all the options, look at your cash flow needs then make a decision. Hey, by the way, do you have any renters for an executive home in Bradenton, Florida??
Happy Selling!
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