Expert: Jay Denit - 12/18/2006

Question
Hi,
My husband and I moved out of our house last June, and listed with a 3% real estage agency. The house sat, and only two people looked at it!  It's a beautiful home on an acre of property in an up-and-coming rural area. The realtor didn't have much contact with us so we decided to change realtors - THEN they got on the ball telling us we had the house priced too high.  We switched to a 6% realtor - and, to tell you the truth - I found realtors we dealt with a little shady - I don't trust them. They stand to make a lot of $$ off of our $300,000+ house. The new realtor had us put in new rugs, floor, and paint. The house is in mint condition.  I'm still afraid because now we are carrying 2 mortgages, taxes, insurance, etc. - on top of that - I am sick, and can only work sporadically. I have been denied SS. I read in money magazine to consider leasing to buy, but my husband said we could never recover the expense it is costing us to keep the house, and he is afraid renters will trash the house. I thought about listing the house ourselves because we need the money. Please give me any advice! We are in NJ.

Answer
Hi Sharon,

I wish I could waive a magic wand and have your home sold for you!  In Colorado we are experiencing the same market cooling trends and it is tough to sell right now.  Every house will sell at the right price.

It sounds like you just want to be done with the home.  Don't get me wrong, I'm all for owning rental properties and increasing net worth, but only if that fits your plan.  Renters do on occasion tend to beat up a house.  They don't own it, so they sometimes feel like they don't need to care for it, as if they did own it.  If you did decide to hold onto the home and rent/lease it, don't forget you would be responsible for collecting payments, making sure the property management is taken care of etc.

It sounds like the real estate person that you have listing the home now has the right ideas with the new paint, carpet etc.  Keep in mind Realtors don't get paid until they sell your home, so they are finanicially motivated to do their best to sell your home.  I suggest interviewing at least 3 agents before making your decision of who to go with.  Being a broker myself I think Realtors add a lot of value and ease to a transaction and if you are to market the home yourself, you probably won't get the marketing exposure needed to sell your home.

I hope that helps a bit.  Best of luck!