Profile picture for user8648363

Townhome near Neuqua... how is the market?

I'm looking at comps on Zillow and there appear to be many units like mine that sold at foreclosure prices ($30-40k below what I paid in 2004).  Looks like many sold in 2012/2013.  Haven't seen any more recent sales.  Would you advise to rent for awhile instead of sell?
  • March 27 2014 - Naperville
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Answers (3)

Profile picture for AndyLinss
It's certainly an option, but there are a lot of questions. Where are you going to live? Are you going to be local? Do you need a mortgage to buy a new home?  (If so, realize that the rental income will likely not count toward your qualification for that mortgage). Are you up to becoming a landlord?  How will you handle those calls for repairs?  Can you handle the cash flow (if negative)?  Renters are usually less careful than you probably are with your property.  Are you considering the depreciation of the property while renting it out?
I definitely would not rule out renting your property but you need to critically consider all aspects.
I've been a landlord and been in your situation (I chose the rental option which for me was a mistake), but depending on your circumstances it may be a reasonable tactic. Please get input from a strong Realtor, your accountant, and a mortgage person (if you plan to buy a home).
  • March 28 2014
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Profile picture for JohnWilt
I think the market is much better than most people think.  The data on Zillow dos not take into consideration condition, location etc etc. Most importantly, you need to know what percentage of townhomes on the market are under contract.  Yes, its a good idea to compare rent vs sale but it also depends on your situation.  Get two or three market analysis for your place (for rental and sale values).  I can send some if you contact me with your complex name.   Keep us in mind as we are Full Service and our commissions much lower than others.  -John
  • March 28 2014
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Renting is a good option and a lot of owners go that route if they are not pleased with the market price. I have a listing appointment tonight with a homeowner and they asked me to do comps for both rental and sales. If you rent the renters will be paying down your mortgage and at the same time the market is going up slowly. It's a good combination. My office is located right next to Neuqua let me know if I can be of any assistance.
  • March 28 2014
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