Should we put our house on the market?

Question

We currently rent out our 4500 sq ft home in TX for $2790, as we temporarily live in AZ...where we pay $1250 in rent for a condo. We do plan to move back to TX, and we'd like to keep our house, but the property taxes alone are $12K per year. It's a beautiful home that we can grow into, but we could definitely live in something smaller. Our area is new an up an coming with a total of 300+ homes for sale right now...being a combo of resale and builders. I feel like we should get out from under the house now, while we're here in AZ. Is it best to put it on the market now, or wait until the market gets better?

Answer 1

Do you not read the news? Thousands of homes on the market no buyers, prices dropping. Now tell me truly do you really think this is the time to sell a home?

Answer 2

When do you think you’ll be moving back?  If you sell now when there’s a lot of competition, you’re not going to get top dollar for your property.  If you’ll be buying another home in say 2-3 years, we could be back into an up market. In other words, you could potentially be selling low and buying high.

Additionally, selling with renters in a single family home isn’t easy when it’s a single family home. You have no guarantees your renters would keep the house presentable? Or that they would even be cooperative with showings?  

If they have a lease, what person would want to buy a home knowing they can’t move into it until the lease it up? If they don’t have a lease, what’s to stop them from moving out in a month, leaving you with no rental income and being stuck with the house until it sells?

Answer 3

I saw something on the real estate market in Texas the other day that said the market is doing well there.  The story was about the impact of higher oil prices on the economy.  Basically, they were saying the oil business in Texas is making houses there appreciate instead of depreciate.  You should talk to a realtor in TX and see what they think.  The markets in AZ and TX could be as different as night and day.  There's no real draw to live in AZ, at least as far as I'm concerned.  

Answer 4

If you can wait then by all means wait it out....it will bounce back but it will take time. If you really feel pressured by the cost of running the home then sell. You'll lose a dime on it but it's better to be stress free and buy another home when things turn for the better.