[quote=paramount][quote=CA renter]If your house isn’t selling in a hot RE market like today’s, there is only ONE reason for it: your price is too high.
Never trust a Realtor to look out for your best interests, and don’t think that having a Realtor absolves you from doing your homework, I don’t care who the Realtor is. You must take charge and know what you are doing.
If you do the above, you can sell your house within a week, or less, if you price it correctly. Heck, ask one of our Pigg Realtors, maybe SDR, if they can help you or recommend someone.
I think you were right to try to sell it right now. This is a fantastic time to sell — you might even manage to sell it at/near a market peak. Not sure why you gave up so quickly and rented it out, instead. Might want to re-think that.
Good luck![/quote]
Thanks CAR for the comments.
I reluctantly decided to re-rent for these reasons:
1. Once the listing price was to high, I felt the listing was botched or as I noted a lemon.
2. I barely had any traffic and the heavy buying season was on it’s way out. If this all would have happened in April I would have kept it on the market knowing we were going into the buying season.
3. The house costs ~2k/month to carry when water, elec, etc..are factored in – maybe a little less. It was critical to get the price right from the start.
4. Given that the listing was a lemon, I wanted to get the property back on the rental market ASAP. After labor day it gets more and more difficult to rent or sell – at least that’s my impression.
I agree I have some responsibility, but I also depend on a realtor to provide competent advice. That didn’t happen.
And yes, this may end up costing even more in the long run. That’s why it’s so critical to hire a competent realtor.
The house is in very good/move-in condition. But it’s essentially a starter home.
First time buyers are a smaller and smaller share of the market – there are many more renters than 1st time buyers.
On top of that, millenial buyers IMO have very unrealistic expectations.[/quote]
Yikes…you’re in the hole every month. 🙁
Are you planning to put it on the market in late winter/early spring of 2016? Do you have a shorter-term lease with this tenant?
On the other hand, if you want to sell it sooner, you might be able to swing a deal with the tenant who might be more attached to the house and willing to pay a bit more in order to avoid having to move, etc. You could complete the transaction without a Realtor, in that case, and split the benefits of not paying the commissions between the buyer and seller. But do consider consulting with a RE attorney just to be sure that everything is in order.
I know of a few families who did this and everyone came out a winner. We even tried to buy our last rental, but the LL decided against it once they realized how much the price had fallen after the bubble burst.
