Can't Sell? Try Renting

Author:	Lucas Jones
Source:	Homes Discovered
Date:	September 5, 2006

Now that the real estate market in Colorado Springs has cooled down to arctic proportions, the time might be right to examine your options if you have a home on the market.  It may take months, even years, to sell a property in Monument now that there is a glut of homes available and a shortage of buyers.  The market forces have turned against those who tried to make a quick buck in the booming market last year.  People who can't sell their home or condo may have options that they haven't tried yet.  How about renting? Now that home sales are stopped in their tracks, rental premiums are increasing drastically.  These days people are renting instead of buying.  If you are having a hard time selling your property, now would be the best time to rent it out in an attempt to pay for that mortgage.  You might not be able to make enough to pay the entire mortgage but at least could significantly slow your losses.  Condo sales are doing much worse than single-family housing but condos also make a better rental property than a home.  In some areas the median condo price was actually higher than the comparable single family home which adds to builder frustrations. New condo owners are going to have to work much harder to rent their properties than in the past because of the increased competition.  The best locations will obviously rent much quicker than areas near major highways or those near heavy industry.  Beach front, hillside, ski resort and lake front homes are much more appealing to more renters, especially vacation renters.  Urban and rural locations also attract a niche demographic that can help rent a property faster.  Also, remember that safety and security are high priorities for renters.  By safe I mean safe from natural and man-made disasters.  People do not want to rent an apartment that can be swept away by a mudslide.  Likewise, renters do not want to live in the ghetto. Renting a property is a lot of work that some owners do not have the time or patience for.  Many owners might want to hire a property manager especially if you do not have the time to do all the work.  In addition to screening tenants, property managers are well versed in most normal maintinance repair, and upkeep and also have at their disposal contacts to other professionals who can perform such services.  Obviously a professional will be able to do the job better than an amateur,

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