future growth in worth, provided you have the wherewithal to maintain its value with conscientious renters and appropriate upkeep. Under some market conditions, it could also make sense to hang onto the home and realize rental income until the market recovers.
THE MAIN REASON TO SELL NOW
The local situation is a big factor. Is the home in an area of economic stability and rising house prices or in a steadily decaying area? If the home is in an increasingly unstable neighborhood, economically speaking, that might be a reason to sell quickly. If you notice that home values in the entire area have vastly decreased in recent months, it is hard to know when that downward trend will stop, or if it will stop at all. Consulting with a real estate agent who has experience and knowledge about the market shifts in neighborhood value will help you figure out what to do. If an agent you trust believes that the value is not going to go up anytime soon, it is best to sell your vacant home as soon as you can. Using a real estate agent to sell your vacant home will make the process go more smoothly, especially if you need to sell it within a short period of time.
ISSUES IN DECIDING TO RENT YOUR VACANT HOME
There are issues that will determine whether you can, or should, rent your home rather than selling it. Renting costs. Consider the costs in renting your home to decide if you can afford to go that route. Determine the going rental rates in your market using tools like the MLS listings, “shopper” guides, and online websites. Look for comparable properties in your neighborhood to estimate the monthly rent your home could bring. Note features such as square footage, number of
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