Fort Leonard Wood Real Estate - When To Sell
I am leaving Fort Leonard Wood, Should I sell or rent my home?
Don't Panic: This is a great question that I am ask all the time by clients leaving the Fort Leonard Wood area. To quote a previous Commander, "I'll give you the analysis and you make the decision". So speak to your real estate agent as soon as you know you are moving to get the state of the "current" market.
Scenario: I will provide a scenario below that will assist. This scenario may not match your home perfectly but you'll get the idea. If you want a free analysis of your home, please contact me.
Criteria: I will use the time frame between 1 May to 30 August 2016 to provide statistics to back up my rationale. This also matches when the majority of military personnel move. I used a typical 3 bedroom, 2 bath home, in the Pulaski County market.
Results: Statistically speaking; if you have a 3 bedroom, 2 bath home, in the Pulaski County area and you could sale your home for less than $115,000 your home would sale in 3 months and 19 days (109/30 days in month). Knowing that most cannot sell their home for less than $115,000 we need to add some days to the "days on market" column. If I take away foreclosures and other homes, priced less than $100,000, the average sales price is around $137,300. This is a more realistic average in this market.
Recommendation: In this scenario I would tell my client if they could not sell for less than $140,000 then I would need more time to market their home and attract more buyers (supply and demand). Another option; is to consider putting their home in property management. Lease their home through a "reliable" property management company until the market puts them in a better position to sell. If you can rent your home to cover your mortgage payment, and any fees a management company may charge, you may be better served to lease your home for a year. Your agent can revisit the market 30 days prior to your tenant's lease expires and decide to renew the tenants lease or put your home on the market.
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