I have a realtor but no one has even called to see my property, should I rent it instead of sell?

Question

its a one bed one bath condo in the northshore of IL. On the market for 149,900. Totally remodeled, granite, stainless steel appliances, pool, garage, great location. Would it be more beneficial to take it off the market and rent it for $900 if my mortgage and assessments equal $1240./month.
How can I refinance it without living there? I don't want a high interest rate that coincides with owning rental prop vers a home you live in? IS it overpriced?

Answer 1

get a new realtor

Answer 2

2

Answer 3

That does not sound too much for the Chicago area.

If you rent it, rent it for a lot more than $900. You should at the very least cover you expenses (mortgage, insurnace, and maintenance). Also, I agree with others that renters can be real problems. Many are good people, but it only takes one bad renter to trash the house.

I would keep it on the market and get a competitive analysis and perhaps a new realtor. The market is bad right now, it may just take time.

Answer 4

It's either overpriced or it isn't being marketed effectively. Ask your realtor to come over and explain their marketing efforts to you, and to bring a "competitive market analysis" so you can figure out which it is. If it isn't being marketed effectively, look into changing realtors.

As far as refinancing, you'd have to talk to a mortgage broker. So much depends on the appraisal and your credit score that no one can get you much advice here.

Renting, you just need to be sure the lease contains a provision that they can be given notice to move out in 30 days, as it is being sold, that way you keep the options open. Also make sure it contains permission to show with notice, say 1 full day. For the $900 rent, it would surprise me if that's all a $150,000 property is worth to rent. If the rent is accurate, the price is probably high. I'd expect it to rent for a lot more.

Answer 5

My Realtor friends and the news media in California tells me that housing prices has been dropping all around the Country.
You should check with your Realtor and ask him to show you comparable sales in your area.
I assume your Realtor has access to "Multiple Listing sites"
and can look it up for you.
If you are "overpriced" then you have to make a painful decision;
Do you want hang on your property and lose the difference between your payments and rents you can get for a while,
Or sell it for a price to attract buyers, and wash your hands off.
It all depends on your current financial situation.

Learner

Answer 6

what is the conversion rate in your market area now? in Manhattan, NYC, on average can take 2-4 months before receiving an offer. is it overpriced? what is your realtors' strategy? What are comps in your area? Housing prices are dropping in small town USA, but not in LA, MIAMI and NYC, where people are willing and able to pay$$ for it. GL.

Answer 7

I manage 13 units and if I were the owner, I would be selling them so fast it would make your head spin. They are nothing but problems. I would NOT rent it out!! Find a different realtor or advertise it in a different way but I would NEVER rent it.
Good luck
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Answer 8

If you rent it for $900.00 & if your paying $ 1250.
You are losing every month $ 350.00 is it OK.
I feel selling through a realtor is better even if you have to wait.

Answer 9

i suggest you may consider renting to own. but i'd check around first. and get a different realtor

Answer 10

My advice about renting it out: Renters are usually rats. Do you want a rat living in your lovely home?