Renting Home Better Than Selling In This Housing Market

Added January 19, 2009 by Ilyce R. Glink

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Summary: If you're trying to sell your home in the current housing market you may be having some trouble. You may not get as much for your home as you want if you sell in the current housing market. Instead of selling your home, maybe renting the home is a better option. Renting the home will enable you to continue paying the mortgage and not suffer a loss in the home's value in this housing market.

Q: My wife and I are making an offer soon on a single family house. Our current townhouse, purchased in 1993 for $137,000, has about $62,000 remaining on the mortgage. We need to decide whether to sell our current home or rent it out. If we rent, it seems as if we would need to sell within three years to maintain the tax break. Given the current economy, is this a worthwhile endeavor?

A: Depending on the housing market where your home is located, you'll probably have better luck renting than selling at the moment. If you can hang onto the property for the next year or two, you'll likely have a better chance of selling at a fair price. So, I vote for renting.

Jan. 19, 2009.

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