05-22-2012 11:17 AM
If you're a home-seller or homeowner thinking about selling, have you or would you consider listing your home both for sale and for rent at the same time, to see which brings better offers? It's a strategy we've heard about in Philly and other markets, but I'm curious if anyone has tried it or thought about trying it.
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05-24-2012 05:43 AM
I did exactly that in Seattle with a town home community. First renter bought her home and the other 8 are leased out with mostly qualified buyers for at least the next two years. It allows good renters/buyers to kick the tires before buying. If they choose not to buy then you have the nice benefit of income and deductions as a investment property. I would much rather sell then rent but know I will get hurt when appraisals come because of the short sales and minimal sales activity in the market. Can't say I mind being a landlord most of the time. Sometimes you have a crazy day with a tenant or neighborhood issue. But this is a small price to pay when your cashflowing the property and making money. It's also good character building. Good Luck!!
05-24-2012 04:36 PM
Thanks for sharing your thoughts and experiences on this. I hadn't thought about the renting part as a strategy to line up a future buyer, but I can see that happening in many cases. We've been talking about homeowners listing their home for sale and for rent at the same time as more of an immediate strategy to unload a home using whichever method brings the better offer if they aren't 100% sure they want to sell in today's market.
05-24-2012 04:49 PM
There are alot of good people out there, for what ever reason, can't buy a home and still want to live "well". That's exactly what I have offered. If it cashflows or reduces the burden of the mortgage, I can't think of a better strategy. I suffer from having 8 of the nicest homes in the community and there has been challenges among other projects. Builders are selling the end of their inventory short and show up to the close with a check....killing values. Plus, there is zero activity with "like kind" homes in the area being built. Apartment buildings are going up everywhere. But, if your clients have something nice to offer they will attract good people....the question still lies in to sell or rent.
Hope you don't mind this stranger ......I'm from philly.
07-25-2012 08:04 AM - edited 07-25-2012 08:05 AM
I can buy a home. I just WON'T buy one. It's not a good idea when there is only overpriced crap on the market at this time. Stop characterizing renters as people who can't buy a home. Many of us are just smart enough to know the market is not at all in touch with fundamentals. If it gets close, I will buy. I'm not even waiting for it to be in-line, just near.
07-25-2012 08:08 AM
As a renter, whenever I see a home for sale and rent, I run. I imagine the homeowner is in trouble and have no desire to be kicked out by the bank or have intrusions by people looking to purchase the home. It just looks sketchy.
07-25-2012 09:39 AM
Bayhike you make alot of assumptions all focused on validating not owning but renting. All reasonable. Do not assume all rentals are owned by those in trouble. They are not. We are making money from those like yourself fearful yet capable of owning themselves. It's been a unforseen benefit to owners like myself that have very desireable properties that could be sold but are being rewarded for renting. I'm sure when guys like you see a glass half full again within the market , guys like me, who have always viewed the market as half full, will be willing to sell you our proudly owned well cared for property.