In the last few weeks , I have received many calls for rentals. The buyers were looking for a while , and have now decided to wait. They are in a hurry to rent before school reopens. All of a sudden the rental market is heating up. I had two tenants who had given notice that they are moving out and they called me later and said they want to continue to rent.
If you have been trying to sell for several months and can not keep the property vacant or if you do not want to reduce the price any more, you might want to consider renting it out for a year. There are risks involved.The tenant may not pay rent or may ruin the place. You need to check references and credit and job reference. You need a good lease . A good agent can also help.
The last time we had such a market, some of my clients rented it out and they were all fortunate.They got good tenants and prices went up.
You need to also talk to your accountant.
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.
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Gita,
I agree with you. In both 2007 and 2008 i was able to rent and rent to own within 1 month of listing. I still see for sale sign for some of the homes in the same neighbourhood. I was able to get the asking price. I think we will see more of rent to own properties in the market.