Renting versus winterize and wait till Spring to sell?

[Rynldsbr]

After just over 4 months we have decided to rent (still at a bit of a loss) to someone we know. House is being taken off market to spring. Interestingly in our small town, there have been no houses sold in the $140k to $170k price range for a year! A couple high end homes sold, and a few lots (for pennies on the dollar) sold to package new home construction deals. Very odd market right now in WI. I still think economic recovery in upper Midwest is overstated.

Will either re-list or sell to tenant come spring. In the meantime the house will be occupied and snow cleared off the walk.

[RVcook]

Originally Posted by Rynldsbr

After just over 4 months we have decided to rent (still at a bit of a loss) to someone we know. House is being taken off market to spring. Interestingly in our small town, there have been no houses sold in the $140k to $170k price range for a year! A couple high end homes sold, and a few lots (for pennies on the dollar) sold to package new home construction deals. Very odd market right now in WI. I still think economic recovery in upper Midwest is overstated.

Will either re-list or sell to tenant come spring. In the meantime the house will be occupied and snow cleared off the walk.

Glad you got things settled before the really bad weather set in .

Living in Wisconsin, I whole-heartedly agree that the recovery in the upper midwest is overstated. In our area, we are experiencing the same thing...low end homes going for pennies and high end homes selling, but not necessarily at a super-fast rate. I thought perhaps it was because we live in a resort area that suffered tremendously when the economy took a digger. Homes here, many of which are situated on lakes, were owned by people who lived out of state. Once things started going south, the number of foreclosures in our area skyrocketed. Additionally, there is little industry here so younger people are relocating to metro areas and as such, housing has really suffered.

Regardless, I'm happy that you found a solution .


RVcook

[Atalanta]

Glad you were able to figure something out. Even if it is a loss. At least someone will be in the home.

[TrueTimbers]

Good!
Same choice we made. Our real estate has been rotting on the market for 3 years. So you are not alone..

[junestueck]

Fox Valley homes prices have stopped plummeting.
IMHO, I have buyers (for the most part)who want homes that could win a beauty pageant. Homes also must win the price war. If you decide to relist in spring 2015, shoot me an email