Do I need to change my realtor? (Charlotte: for sale, to rent)

[LAMF]

Our agent has informed us that we should take our house off the market and rent it out until the "market gets better." She said that there are too many homes for sale in our price range and that homes are just not currently selling in our area (NoDA).

So ... do I follow her advice and take the home off the market (in what I consider to be prime selling season) or do I simply find another realtor who is going to have some fresh ideas on how to sell our home (which has been on the market for 7 months or so now)?

[QC Misfit]

tough call.... the market is a little slower but your right things should be picking up. I guess the level of pain is up to you.

[LAMF]

I should also mention that our mortgage on the home is currently $3k/month and that the most I think I can expect to get in rent would be at most half that. Realistically, probably 1/3 of that.

Also, the house has been on the market 8 months, not 7 ... and we probably owe more than it is currently worth (it is on the market now for 10k less than we paid for it).

[lovesMountains]

Originally Posted by LAMF

Our agent has informed us that we should take our house off the market and rent it out until the "market gets better." She said that there are too many homes for sale in our price range and that homes are just not currently selling in our area (NoDA).

So ... do I follow her advice and take the home off the market (in what I consider to be prime selling season) or do I simply find another realtor who is going to have some fresh ideas on how to sell our home (which has been on the market for 7 months or so now)?

Hi LAMF

Have you considered my suggestion from a while back? Rent to a police officer? I think this could be very helpful to the neighborhood, and if you make it affordable enough, well worth it. You are losing money anyway, and I do think selling now is not gonna happen, sorry.

[Doorway]

There are costs to her associated with selling your home like advertising and such. She has obviously given up but that doesn't mean you should. I would start over with a new Realtor who specializes in your area. You and your home will benefit from the fresh start and your listing will look nice and new again. Have all new pics, new tour on line, etc....(I'm always amazed when I see fall foilage on a listing that I'm viewing in the spring. It screams no one wanted this house) This will be good for all involved and I bet it sells quickly , assuming you follow the Realtors advice. It can't hurt to bury the ol statue too. Good Luck.

[LAMF]

Originally Posted by lovesMountains

Hi LAMF

Have you considered my suggestion from a while back? Rent to a police officer? I think this could be very helpful to the neighborhood, and if you make it affordable enough, well worth it.

My wife and I talked about that option last night. If we do rent it out, I am heavily leaning towards trying that route.

Although, to make it worth it for a police officer, I can't see being able to rent it out for more than $500/month, which leaves us with a hefty mortgage payment for another year. Financially we can swing it, but it sure puts a hold on any other life plans we have.

[wgc0927]

I am a Realtor and my listings are selling! With more than 20 years experience and licensing in 4 states, I've been through challenging markets before!

Historically, Charlotte's market has been very stable with slow and staeady appreciation. Today's market is very different than most local Realtors are used to - there is more inventory for Buyers to choose from and they are demanding near perfection in the homes that they are making offers on. There are things that a Seller can do to ensure that the home shows its very best in order to attract an offer. Pricing the home correctly remains extremely important! Further, the Realtor responsible for markketing your property needs to be able to think "outside the box" to get the largest number of buyers through the house...the more potential purchasers that view the home, the more likely to get an offer!

If you take it off the market, there's no way it will sell! Don't get discouraged ... enlist the services of a Realtor who is experienced in working in challenging markets... be sure that it's someone who can think outside of that box! Your home will sell!

Good Luck!

[Doorway]

OH, Is this the home where your neighbors were just dumping trash on your lawn and such? Then I agree w/ Loves, who's post came in while I was typing mine. Rent it out .
Copying the famous words of Roasnne, Rosanna, Danna....Nevermind!!!!

[lovesMountains]

Originally Posted by LAMF

My wife and I talked about that option last night. If we do rent it out, I am heavily leaning towards trying that route.

Although, to make it worth it for a police office, I can't see being able to rent it out for more than $500/month, which leaves us with a hefty mortgage payment for another year. Financially we can swing it, but it sure puts a hold on any other life plans we have.

I think you could rent it to a cop for at least $700, or maybe even two cop roommates for $400 a piece. I know this isn't ideal, but later when the market for homes in that range turns around you may be able to recoup your losses.

[LAMF]

Originally Posted by Doorway

OH, Is this the home where your neighbors were just dumping trash on your lawn and such? Then I agree w/ Loves, who's post came in while I was typing mine. Rent it out .
Copying the famous words of Roasnne, Rosanna, Danna....Nevermind!!!!

Yeah this is that house. Their latest move was to put out a huge canopy in their front yard, where they spend day and night drinking. Last time we went there, they had placed a cardboard box filled with empty 40oz bottles of malt liquor on OUR curb. As I picked it up to move it to the trash, I asked one of them how it got there and they said it must have been the malt liquor fairy.