Many homeowners who purchased their Las Vegas Home between 2004 and 2007 are most likely upside down, unless they put a substantial amount down of at least 40%. With home values dropping from a high of $315K in June 2006 to today’s average price of $140K can make selling your home very difficult and most likely will require you to sell it as a short sale. Unfortunately, just because you want to sell your home does not mean the Bank/Lender is going to agree to take a loss without some type of hardship such as job relocation, job loss, divorce or death. So depending on your financial situation, renting your home for the next 3-5 years could be an option to selling.
Giving the state of the economy, the Las Vegas Rental Market is doing well. Many former homeowners are now becoming renters as they have lossed their home to foreclosure or sold it as a short sale. For those that lost their home due to foreclosure will be unable to purchase a home for 5 years, making them an ideal long term renter. Knowing that there is still a market for rentals, the next step is determining what your home could rent for based on what other homes have rented for in the area. The rental price could be the determining factor on whether you can afford to rent your home out or if the negative cash flow is going to force you to sell your home. The last thing you want to do is rent your home out knowing full well you are going to let it go in foreclosure as this is very unethical and could cause a hardship for the tenants when they are forced to vacate the property.
If you are in a position that is forcing you to sell or rent your Las Vegas Home, it is important to contact the right real estate agent. Chances are, if you are going to sell your home, you will need a real estate agent that specializes in short sales and remember there could be legal and tax implications. If you are going to rent your home, I would recommend having a Las Vegas Property Management Company handle the management of your property.