Some Home Sellers Consider Renting Instead
It is tough to be a listing agent in the Poconos these days. With home values in some areas reaching almost 10-year lows, advising clients about selling their properties is not always pleasant. The realities of the marketplace mean there are many tough decisions to be made, including whether to take a loss on a sale or to even move at all, or to rent out the house so you can move on with your life. My job is to help you to weigh the pros and cons of selling and/or renting your home, allowing you to make the most well-informed decision possible.
The rental market here in Monroe County and surrounding areas is very good right now. There are many potential tenants looking for homes to move in to, so lease prices have been increasing. There are some drawbacks, though, as tenant applications show the effects of a tough economy - low credit scores, bankruptcies, foreclosures, job insecurities, etc, all require thorough screening of potential renters. And, while monthly rental amounts may be higher, in many cases the rents collected may still not be enough to cover mortgage payments, taxes and homeowners' association fees. Sometimes it is a matter of minimizing losses rather than eliminating these financial obligations altogether.
All this is not to say that renting out your house is a bad idea, however. Every situation is different and you need to evaluate the benefits and risks of doing so. I am happy to discuss any of this in detail with you if you'd like, as well as describe the process of marketing your rental, screening tenants, document preparation, and even managing your property after the lease is signed. I can be reached at 570.421.4693 x 4006, or [email protected]
If you would like to see what homes are currently available for rent and what kind of rental amounts owners are asking for, click here: Homes for Rent in the Poconos