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Rainmaker
655,940
Jeffrey Jones
AZ Home Seekers - San Tan Valley, AZ
AZ Home Seekers, azhomeseekers.com

Thats a loaded question Debbie, I have dealt with market collapses in California and Arizona. Real estate is cyclical and will eventually rebound.

The main question is are they upside down or still have equity.

If they have equity- get out while you can and save it- if its too late, can you cover your monthly expense by holding or renting?

Age is huge here also- younger sellers have time to retreat, regroup and reaquire wealth- older sellers alot of time don't have time as a luxury.

When dealing with listings in a down market I advise my sellers that its a race to the bottom- low listing gets the sale and rest will follow.

Jan 05, 2015 11:07 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Debbie... I've done both. I think it depends very much on the individual homeowner's personal and financial situation.

Jan 05, 2015 08:04 PM
Rainmaker
4,160,356
John Pusa
Glendale, CA

Debbie, each case is different. I would view the situation then make the best recommendation.

Jan 05, 2015 12:30 PM
Rainer
80,193
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

It all depends on if they can carry the home. I got stuck with some properties in Florida in 2007-2008 - values (and rents) were falling like a bowling ball and people couldn't keep up feeding the properties. The surplus of homes is still affecting the market down there.

Jan 05, 2015 12:04 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

That's a tough one, Debbie.  A lot will depend on the circumstances of the owner.  For some it may be best to get out and take their lumps, while for others with a cushion, renting may be the best option.

Jan 05, 2015 08:51 AM
Rainmaker
7,835,407
Roy Kelley
Retired - Gaithersburg, MD

In your market, renting could be a very good option because you have a strong base of military families. However, they need to make sure they can still qualify for any needed financing to purchase the next home.

Jan 05, 2015 06:23 AM
Rainmaker
457,437
Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

It depends on what the seller needs. If they can and want to afford to carry it, I will refer them to a property manager. If they just want to move on, then we will sell it. 

Personally, I just wanted out of my last home and we sold fast and cheap. I was willing to take a hit just to move locations. 

Jan 05, 2015 03:45 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Debbie,

It really depends on the circumstances of each individual owner.  

Jan 05, 2015 02:41 AM
Rainmaker
90,543
Debra Peters
Referral Realty - Manorville, NY
NY Real Estate Salesperson

I always try to find out what the homeowner's needs are first, but usually I do not recommend them leasing their home.  In NY, it takes months and months to evict a tenant.  Tenants usually do not take pride in the home as a homeowner would. Also, they have to be able to fix any damages when the tenants leave which can sometimes be very costly.  It boils down to what their goals are.

Jan 05, 2015 02:07 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

I'd recommend leasing if one can survive.. lol!

May 18, 2018 10:04 PM
Ambassador
6,393,154
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Now is a good time to sell.

Most people should never become landlords.

Oct 30, 2017 10:11 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Perfect Inna. Some cannot tolerate the knowing or want to be landlords and just want to move on and be done. 

Jan 07, 2015 09:22 PM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It depends on the clients needs. If they must sell~ this is what we should do. If they want to wait a year or few and keep the asset~ I'll find them tenants. Our job to explain all pros and cons of each solution to their headache.

I'm right now have a client who needs money, I sent him numbers in case of renting vs selling, but I know he is not ready to sell....

Jan 07, 2015 04:38 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I am seeing some neighborhoods that are in a downward slump. The homeowners are telling me they want out.

Jan 07, 2015 08:32 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I participated in a sale where the sellers brought 30,000 to the table to sell. I would have thought that renting it out would have been a better option or fixing it up some and selling at a higher price. But since it was a divorce they just wanted to be done and get out.

Jan 05, 2015 11:58 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

A military market does give more options to home sellers, Roy Kelley.  Many people need the equity from the current home to buy their next home.

Jan 05, 2015 08:10 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

A, Yes the seller's goals have to be accounted for foremost. But I tend to recommend taking the hit and moving on if they can financially handle it.

Shannon, Sometimes waiting it out is the best solution and the market will rebound. Putting a good tenant into the property can help bridge the gap.

Jan 05, 2015 03:56 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I guess that is true. And every area or state could be different with regards to eviction and having resources if there are damages.

Jan 05, 2015 02:14 AM