Haven't found buyer but want to move. Leave on market, empty, or find tenant to rent?

I have not yet found a buyer for my apartment in Park Slope, but want to move regardless. Am I better off leaving it empty, hoping things will pick up after the summer, and taking the loss each month until I find a buyer, or finding a renter to (more than) cover my co-op costs, but be a landlord and sell/show my place with a tenant? Advice?

Thanks

ari11210

in Real Estate - Sales 13 years and 9 months ago

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BigGuy22 | 13 years and 9 months ago

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There is no such thing as “the right time to sell”. The market is what it is, but buyers are always out and about. You sound like you’re selling FSBO, if you are thats why your home has not sold, if you have a broker, maybe its time for a switch. I’d also check the most recent comps for your type of apartment, maybe you’re over priced? you need to be everywhere, you need to have as many eyes on your place as possible. DO NOT become a land lord in a co-op, do your self a favor. The market is not the greatest right now, but it could be worse in the spring or summer of next year, you know what you have now. Also if interest rates start climbing, like they have started to do….you will be pricing many buyers out of your market.

Bklnite | 13 years and 9 months ago

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I think the prime time for selling is spring – early summer, so if you haven’t been able to sell, you may need to lower the price. I wouldn’t g@mb!e that things will pick up after the summer. You could try renting it for 6 months or for 18 months to time the lease expiration for spring 2012 or ’13.

(funny that reference to w@gering is a forbidden word in comments)

brokelin | 13 years and 9 months ago

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The fact that you are asking this question makes me think you do not have a handle on what it takes to sell a place when it comes to staging.  of course it will not help to have a tenant.  get some help on how to best stage it with minimal furniture after you move.

CentristCity | 13 years and 9 months ago

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Obviously depends on your financial situation. if you can afford it, i agree with above poster that the selling process will be MUCH easier without a tenant in place.

slopemope | 13 years and 9 months ago

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Unless you can find a tenant that loves agents calling and showing up last-minute, has no problem with a month to month lease, keeps it in show-worthy condition, and doesn’t mind moving when you sell it (which we would assume you are interested in doing sooner rather than later) i would leave it vacant. Buyers will look elsewhere if it wont be delivered vacant, brokers might create havoc with tenant (by being pushy and intrusive) and you do not want an adversarial situation with a tenant who can hold your situation hostage. Assuming you have never been a landlord, and overlooking any board approval requirements and hefty rental fees, including a host of associated landlording headaches, not to mention tax implications (eg are you going to depreciate the apt on your 1040 to avoid gains on passive rental income, and does this reduction of your basis put you over any capital gain deferral limits after you sell…..etc and is all this worth paying a tax adviser for a couple months rent?). I would say that if you are serious about selling, don’t get caught up with a new tenant at this point in your process.