"Are you crazy? Why would I want to sell now? I'd rather rent my house than to give it away!"As home sellers are faced with the reality of the current housing crisis, many consider the prospect of renting their home in Albuquerque...but is it the smart thing to do? Several factors must be considered before you make that decision.
- Are you moving out of town? If you are moving out of the area, who will manage the leasing of your home or condo in Albuquerque until you decide to sell? What will that cost monthly?
- Are you prepared to pay the monthly payments in the event it should become vacant?
- Are you prepared to make the necessary repairs to bring your home up to rentable condition after each tenant vacates your property?
- Who will maintain the landscaping in your absence?
The reality of renting your home is that it is not so easy. It can be a tremendous strain on the family.
I would also suggest that you ask yourself if your facts are correct. For example, if you are renting "until the market comes back", you must be clear on what that means. If you are renting until you can sell it for what it would have sold for in 2006, then you may need to rent it for about 6 years, assuming a 3.5 - 4% appreciation.
Another huge consideration - Could you use the money to purchase another property that is a beautiful home caught up in the same situation as your own?
The bottom line is this: Yes, you will have to be realistic in pricing your home if you sell now. But you may also be realistic in buying your next home as well! Current inventory, tax credits, and very attractive interest rates should all be considered before buying and selling in today's real estate market.
We invite you to browse through all the helpful information on our Albuquerque real estate website, or search through our Albuquerque MLS Listings. Let us know if we can help you buy or sell your home.
Happy New Year!
Dennis Fish - The Albuquerque Real Estate Group
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