You were just offered the perfect job, but will need to relocate for it, so you run excitedly to the phone and call your cousin who is a real estate agent. Happy to help, he pulls some comps and rushes right over for a listing appointment.
As he presents the comps, terror sets in because you quickly realize that you have a major problem. Your home isn’t quite worth what you owe, especially once you factor in the closing costs and your cousins hefty commission.
Sound familiar? You are not alone. More and more homeowners, especially those who purchased within the last 5+ years, are finding themselves in this exact situation.
So what are your options?
Short sell your home? – Can’t do that, It will destroy your credit score
Don’t take the job? – Absolutely not, opportunities like this don’t knock every day
Sell when conditions are more favorable
Most experts forecast that the real estate market in Utah is likely to go up over the next few years, albeit slowly. Why not wait? Even a few percentage points higher can make a big difference to your bottom line.
Earn rental income in the mean time
With mortgage rates near historic lows (if you haven’t refinanced yet, do it!) and Utah rental rates on the rise, many properties can be rented for more than your monthly mortgage payment. This means extra cash in your pocket.
Avoid the landlord headache
What do you do when your furnace shuts down? You hire an expert, right? Property management is no different. As a professional Salt Lake City property management company, we’ll find you a tenant, collect and disperse the rent, and coordinate ongoing maintenance and repairs so you don’t have to.
LEARN MORE ABOUT OUR SINGLE FAMILY MANAGEMENT SERVICES BY DOWNLOADING OUR FREE OWNER PACKET. YOU’LL RECEIVE A NO OBLIGATION MANAGEMENT QUOTE, RENTAL ANALYSIS AND OUR PRICING STRUCTURE.