Zillow Advice: When to Sell - I own a house I am currently renting. How do I decide if I should renew lease for another year or li http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ Zillow Advice | Zillow Real Estate I agree, if you do not want ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ I agree, if you do not want to wait another three to five years, cut your losses and move on, get rid of the stress and worry of the unknown, move forward and don't look back! Jim Wed, 18 Apr 2012 16:18:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-18T16:18:00Z I would recommend calling ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ <p>I would recommend calling a local real estate professional in your area and asking them for a Comparative Market Analysis before you make your decision...Best of Luck</p> Sun, 15 Apr 2012 14:55:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-15T14:55:00Z If you don't want to be a ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ If you don't want to be a landlord, and given the numbers you have presented, if it were me I would sell.&nbsp; Personally I think we will be about where we are at now in 3-5 years, and will probably be below where we are now in a year.<br/><br/>I would cut my losses. Thu, 12 Apr 2012 04:12:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-12T04:12:00Z This is just my opinion, ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ <p>This is just my opinion, but I don't see the market "rebounding" to the status it was in&nbsp;pre-bubble. I do feel like we are going to be back to the point where homeowners can expect a yearly gain of 2% to 3% each year, but not a lot more. I just can't imagine the circumstances where houses double in market value in a few years time like we saw in the early 2000's.</p> Thu, 12 Apr 2012 02:44:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-12T02:44:00Z Thank you all for the responses, ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ Thank you all for the responses, I really appreciate the advice and insights. One thing I should have clarified is that. I only owe about$140k on the property, so I am not upside down on mortgage. It would not be a short sale. I will walk away with money but not I am selling for much less than purchase. I am trying to figure out if I cut my losses now or if I hold out one more year. I think with the number of foreclosures, unemployment rate, etc. that waiting another year&nbsp;will do nothing or little to dig me out of this hole. If I were willing to hold onto 3-5 years I could rebound, but I am not interested in holding out that long. If anyone thinks the market is showing signs of rebound in the next year -which is an election year - please let me know! Thanks again. Thu, 12 Apr 2012 02:29:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-12T02:29:00Z I think you need to get some ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ I think you need to get some legal advice about your options before you decide. Short sale may be an option, but you need to ask about whether or not there are deficiency judgements in your state, find out about tax consequences etc. Short sale or walking away is not a panacea, but please check into the legal issues before you do either.<br/><br/>You also need to look into whether you could use a program like HARP or an FHA streamline to maybe get a longer term for the mortgage to drop your payment. That may reduce the cost for you to carry the property each month and allow you to put that aside incase there are unplanned repairs.<br/><br/>Now is the time to look at options while you still have government sponsored programs and before the close of this tax year. Get your options, run the numbers and make the best decision you can. Thu, 12 Apr 2012 00:05:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-12T00:05:00Z This might be a good question ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ This might be a good question for your accountant, especially as you and your husband (CONGRATS BTW) will now be able to file jointly.&nbsp; Since the property is now a rental, you should also get to depreciate it, which can benefit you financially. Again, a good CPA or Realtor with a background in investment can be of assistance.&nbsp; Thu, 12 Apr 2012 00:00:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-12T00:00:00Z Hello,My name is Nichole ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ <p>Hello,<br/>My name is Nichole Lathus and I am a Realtor with Coldwell Banker Residential. I have been a Realtor for 7 years and I am expereinced in Residential Real Estate, Short Sales, Foreclosures, and Estates.<br/>Based on the information you have supplied, I would recommend meeting with a Realtor to discuss all of your options when it comes to&nbsp;possibly selling your home.&nbsp;I would definitely recommend not walking away from your home.&nbsp;That could have long term damage to your credit.<br/>We could look into a Short Sale . A&nbsp;Short&nbsp;Sale is where you ask the bank to take less than what&nbsp;you owe on the home. I would be happy to discuss all your&nbsp;options with you.<br/><em>&nbsp;[contact information deleted by Zillow moderator.]&nbsp;</em></p><p><br/>Nichole Lathus<br/>Coldwell Banker Residential</p><p><em>[contact information deleted by Zillow moderator. Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy]</a></em></p> Wed, 11 Apr 2012 18:48:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-11T18:48:00Z Per the MLS the average sale ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ Per the MLS the average sale price for Woodridge single family homes is down just over 5% <a href="https://sirius01.succeedwithmore.com/Portal/pdfs/MarketStatistics/Detached/YTD/CLOSEDYTD_MAR12DE_asof040412.pdf" rel="nofollow">https://sirius01.succeedwithmore.com/Portal/pdfs/MarketStatistics/Detached/YTD/CLOSEDYTD_MAR12DE_asof040412.pdf</a>&nbsp;However, I personlly think that&nbsp;because of impending changes to FHA loans there was kind of a run on lower priced properties.&nbsp; Therefore, I think the data is probably better than what is reported.&nbsp; That being said, if you are taking money out of your pocket every month to offest the cost of that rental, you should probably sell.&nbsp;Comapre what it costs you per year to what gain you may get if you wait another year.&nbsp; If its a break even or less, it probably best to sell.&nbsp; It's a great time to be a landlord but if you can't babysit the rental, can't carry it vacant for a few months or are anticipating numerous repairs, get out.&nbsp; If you need a quick market analysis let me know.&nbsp; We are a Full Service Discount Broker.&nbsp; -John Wed, 11 Apr 2012 12:04:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-11T12:04:00Z on&nbsp;the pure financial&nbsp;point ... http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ on&nbsp;the pure financial&nbsp;point in this situation i do one of two things raise the rent to make it even or sell.&nbsp; The problem with both of these is you may not be able to get the increased rent amount/ or sell it for whats owed.&nbsp; If you don't like the landlord end of things that might make your decision easier.&nbsp; <br/><br/>Odds are the longer time goes on the greater chance you"ll have of major repairs (especially with tenents in the home).&nbsp; Reality is in most part of the country, the unemployment rate and the # of forclosures&nbsp;are to high.&nbsp; Until those&nbsp;issues are resolved its unlikely we'll see major moves in the market values!!&nbsp; Wed, 11 Apr 2012 03:03:00 GMT http://www.zillow.com/advice-thread/I-own-a-house-I-am-currently-renting-How-do-I-decide-if-I-should-renew-lease-for-another-year-or-li/438607/ 2012-04-11T03:03:00Z