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Should I list, or re-rent house, Cinco Ranch (Katy, TX)

1,401 Views | 15 Replies | Last: 2 yr ago by kjcAg
Capt.Clay
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I have a 4/2, ~2,500sf rent house in Cinco Ranch purchased a few years ago for rental income. The current renters will renew in July for 1 year. I can either - cancel the lease and list it now, or list it next year when they vacate. Either way, I don't plan to keep it. Do you think it's better to list now, or keep the renters in for one more year than list?

Rent is $2,260 with a $1,800 mortgage. If prices stay flat, I'm better to keep them in, but if home prices dip more than I net over the next year in rent, I should have sold...

If I sold it now, anyone here looking for a property like this? mid-$300's. email: clayhughes2010@ gmail.dot com if interested in more info and pictures.


agnerd
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Don't think there's ever been a better time to list than now when there's a housing shortage.
Sub4
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Sell it, Demand for homes like this is so high right now, I don't think you'll get the rents needed to justify not selling.
Aggiemike96
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Mid $300s with $2,260 monthly rent? Definitely sell it and put your cash to better use.
combat wombat™
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Sell it. You may be surprised at what you get for it.

I'm not a RE professional but based upon what I've been hearing you should list it. Buyers seem desperate and are frequently offering above asking and waiving appraisals, inspections. Market is crazy.
AgCPA95
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Not a real estate professional either but live in Cinco and own investment property in Cinco. I just searched HAR for 4/2's in that square footage range and in Cinco proper I'm thinking you could get $350k pretty easy within days of listing based on what I've seen the last few months. You may be closer to $375k or more which may sound nuts but that is the current market.

Good luck
Capt.Clay
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Thanks for the feedback. Do you think in this market it's worth going through a realtor or just FSBO and save on the fees?
Red Pear Realty
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My vote is hold for another year because I don't think prices will level off until at least then. But if you do decide to sell, we'd love to help you. Full service sellers representation for just $2,000.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
AgCPA95
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Capt.Clay said:

Thanks for the feedback. Do you think in this market it's worth going through a realtor or just FSBO and save on the fees?
Personally I would use a Realtor. I know my strengths and expertise. Dealing with possible multiple offers to maximize price, knowing what repairs/inspection adjustment are happening in the market, open house, negotiating logistics with current tenants and then organizing a closing isn't a good use of my time or skills so for me, getting out of the way and letting a Realtor earn their part of the deal is well worth it for me and my schedule.


combat wombat™
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I would use a realtor... you will probably have multiple offers to evaluate. Also, the realtor can have the home professionally staged and photographed... and listed on HAR.com. this will certainly increase traffic and interest, IMO.
Capt.Clay
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All good points. Thank you all for the comments.
evestor1
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really don't see prices backing off though



Use a realtor. FSBO can turn into a miserable circus.

Call red pear. Jk - call me and I'll list it!!


I

JDCAG (NOT Colin)
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Capt.Clay said:

Thanks for the feedback. Do you think in this market it's worth going through a realtor or just FSBO and save on the fees?


Others have given some good thoughts, and I'll throw mine in the ring as folks that are going through this now (we're about a week from closing on our sale and our buy)...

We hired a realtor cause this market is exactly when I don't want to try and learn how to handle things on my own. I'll save that for a time when I can take a few days to research things I need to know and then give answers - right now, you're going to have several offers, half of them waiving at least some of the typical contingencies, all doing everything they can to make their offer look the best it possibly can. The timeframes right now are so compressed and everything is so insane that I just wouldn't want to deal with the concern of not knowing what I don't know. Keep in mind, even people that have successfully done FSBO in the past were dealing with a specific situation and likely in a very different market - it's a very small set of data points to extrapolate success in any and all home sales.
itsyourboypookie
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With pending changes to capital gains laws sell now!
kjcAg
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Let us know how it goes. My house looks almost exactly like yours (might be in the same neighborhood). We're talking about building a house further out, but it's almost a year lead time. Worried about the market cooling off and interest rates going up during that time.
Rustys-Beef-o-Reeno
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kjcAg said:

Let us know how it goes. My house looks almost exactly like yours (might be in the same neighborhood). We're talking about building a house further out, but it's almost a year lead time. Worried about the market cooling off and interest rates going up during that time.

And lumber/ everything cost
kjcAg
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That too
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