tired homeowner looking at options

[mooseofplenty]

Hi everyone:

I'm a homeowner/landlord in Chicago area. My tenant is moving out of my house at the end of the month and I am looking at trying to sell or refinance the property.

I'm just starting to look at the housing market to see if it might make sense for me to sell right now. Also exploring refinancing 5% 30 YR fixed to 5/1 ARM and then sell at the end of the 5 year term. Looking for advice on choosing real estate agent and advice on selling property myself.

Thanks everyone.

Moose

[nyapartments]

Hi Moose: I'm sure a lot of people will give you different answers here, but my advice when choosing a real estate agent is simple, get someone with experience, a real professional. This way you avoid anyone just learning or with few options (sorry guys .) Hope this helps.

[TERRAFIRMA]

It all depends on what your primary objectives are.

That having been said, I'd recommend holding the property for now (if values are low in your area), refinance at a better rate and continue to rent out the property. You can always sell it down the road and, if the market is better by then, you will be more likely to lock in a future profit rather than be guaranteed to lock in a current loss (if you sell now).