I’ve thought for a while about whether to sell or keep renting it. It’s marginally cash flow positive right now. North Park has changed (gentrified) quite a bit from when I first moved there, and it’s a perfect rental property for the neighborhood. But being a remote landlord for a few years means a lot of deferred maintenance is overdue (eating into any earnings). My new job offers a generous relocation package including paying closing costs. That, plus losing my capital gains exemption next year means leaving ~$50K on the table. Would also be nice to have the cash in case I decide to enter the crazy Bay Area housing market.
FWIW, I played around with Case Schiller San Diego numbers, comparing each month’s index to the two year moving average (one year before and one year after) for 2004-2013 (basically, I tried to determine what the seasonal adjustment is). Not the most rigorous analysis, but these numbers indicate July-August-September as the best months to close price wise. So that would seem to place May-July as the best times to put it on the market.
Jan -1.6%
Feb -1.9%
Mar -1.7%
Apr -0.9%
May -0.1%
Jun 0.8%
Jul 1.5%
Aug 1.6%
Sep 1.5%
Oct 0.6%
Nov 0.1%
Dec -0.7%
Spring seems to be below average for sales price, so I’m wondering why people are saying to sell in the spring? Any data to show why that would be better that I’m missing?
I do like the idea of putting it on the market right away and testing the waters (with a credit for renovations). I do have a specific number in mind, so if I can’t get it, I may go ahead with the remodel.
