<p>Our tenants are moving out at the end of the month after 6 years. I am so nervous about the house being vacant for too long. Our property management tells me the area is really flooded with rentals which also concerns me. Part of me wants to just sell but that could take time, too. The property is OOS hard hit by the recession and we might just be able to get our investment back if it doesn’t take too long to sell. Has anyone been through this or going through it now?</p>
<p>It depends. If the house is hard to sell, you might want to look for rentals to ride out this rut. To make a quick sell, as everyone else had the same idea, you need to lower the price substaintially to attract buyers. Have your realtor check on DOM and selling price, including short sale and REO’s in the neighborhood to dertermind the proper course and selling strategy. Now a days, ppl do anything to move the product in a slow market.</p>
<p>I would sell now before the shadow inventory of foreclosure homes hits the market. It will take years, perhaps 2020 for a real estate recovery. if this is in hard hit area like Las Vegas and California.</p>
<p>We rode out the downturn in the '90’s and eventually made a nice profit on our rental but I just don’t see any relief in sight with this rental. It was a second home for a while until we decided to rent it out. </p>
<p>I think I’ll start researching the housing market by contacting the realtor who sold us the house.</p>
<p>Can you do anything to make your rental more competitive in the market? Updates? Lower rent? </p>
<p>The economy has also increased demand for rentals. If your management company company isn’t agressive, I would look around.</p>
<p>Our tenants are moving out the end of December. We decided not to sell–according to our property manager, the rental market here is better because people can’t afford to buy.</p>
<p>I think it really depends on the unique market in that area. Markets have been flooded with rentals but, OTOH, there is a much higer demand for rentals these days ad in some areas, rentals are commanding much higher prices than a few years ago. In our area, many apartments are at capacity with waiting lists at the moment.</p>
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<p>I also agree with this. It’s going to take many years in most areas to get back to pre-crash price levels. Unemployment hasn’t budged, credit seems to be getting tighter, people aren’t moving around all that much at the moment and then there’s the shadow inventory that is expected to eventually hit the market. I would talk to a realtor and go over your options. Many people are taking a hit on sales prices right now because they have no choice. It’s not a pretty market but who knows how much uglier it’s going to get.</p>
<p>I think the shadow inventory is already very much affecting price in my area. Foreclosed houses are going for an unbelievably low price. </p>
<p>I had a rental open this summer and it was very difficult to rent. I know they say there are so many more renters, but I dunno…I had lots of interest, but the quality of those renters was very frightening. This is in a very small rural town, not some crack house downtown in a big city. Also, my experience is that the people who lost homes and are now renters, and had not been life-time renters, were very demanding.</p>
<p>I’ve certainly noticed a decline in the quality of potential renters over the past 5 years or so. We own a duplex and a single family home that we rent out. Both are in upscale neighborhoods. We used to get great tenants but it seems like many of the recent applicants are downright scary. It’s not just bad credit (a lot of people have bad credit these days due to foreclosure and I won’t deny someone just because of that) but it’s prior arrests, drug use, people trying to cram 5-6 people into a 2 bedroom apartment, etc.</p>
<p>We would sell our rentals today if we could but the market is still too soft here.</p>
<p>OP, you will hear good and bad things in every diretions here on CC, because everyone of us are in a unique market and have their own stories to tell. But to you, the end results and decisions to make are all in your local markets. Analysis and due-diligence are important for you to make a decision. To sale or not to Sale is the millon dollar question you have to decide, not from stories on CC.</p>
<p>Artloversplus, I agree there ate many different experiences here on cc. We will definitely do our due diligence before making any decisions.</p>
<p>Sent from my ADR6300 using CC App</p>