After relocating cross-country for a new job eight months ago, a Nashville homeowner is facing a tough decision: the property still hasn’t sold despite being on the market for months. With mortgage payments piling up and no buyers in sight, the homeowner is grappling with whether to pull the home off the market and rent it out or sell the property at a loss. Despite a once white-hot housing market, rising interest rates and changing market conditions have cooled demand, leaving some sellers in a bind.
Experts suggest weighing the costs and benefits of each option carefully. Renting out the home could generate passive income and buy time until property values improve, but it also involves managing tenants and maintenance from afar. On the other hand, selling at a loss may offer closure and financial simplicity, especially if holding onto the house is draining resources. Final decisions should take into account personal finances, job security, and long-term real estate trends.
Read more about Arizona home prices.