To Rent or To Sell?

, originally uploaded by Prince of Petworth.

So given the insanity of the housing market, do you notice many people renting their homes instead of selling them? I haven’t seen too many for Rent Signs around. Along the same lines, in the national press we read a lot about foreclosures happening all over the place. Are there many foreclosures going on around here?

5 Comment

  • Yes to both. My neighbor on Clifton St had his condo on the market for an entire year, with no one even coming close to what he was asking (which was pretty average), and finally gave up and rented it out. Though I’m surprised people bother to put signs out — doesn’t everyone use craigslist now?

    And foreclosures? Sometimes it’s hard to know a house on the market was foreclosed unless you actually show some interest and try to look up the buyer. There are definitely a few in the CH area (I bought one last fall, for instance).

  • There are a decent number of foreclosures…more in north Petworth.

    I’m trying to buy into the neighborhood, and can’t afford anything that’s not a) in serious need of renovation b) bank owned or c) all the way up in Brightwood. Or some combination of the 3. It’s a little depressing to look at so many worn-down properties, but I really can’t wait to move to the area.

  • Craigslist for rentals really sucks anymore. There is so much rental spam from brokers. The best luck that I’ve had is walking the streets and looking for rent signs. Or posting a housing wanted add. I’ve had good luck with that too. Also, like the Post, the quality of the apartments (or the uniqueness) is often kind of low. City Paper with its higher bar of entry (someone has to write a listing thats decent and then pay for it) is often an even better bet.

    That all being said, I watch the CL to see if I don’t see something interesting. I wish that I was seeing rents go down. But I still think I have the best deal that I’ve seen. I will not pay more than $1000 for a one bedroom and have not yet.

  • i have a few friends who bought a second place but rented out their first because they couldn’t sell it without losing a ton of money. If you are looking in Petworth I’ve noticed that the listing price seems to average $450K-$500K, but the selling prices are usually in the $350K-$400K range. A house I looked at 2 years ago is now listed for $50K less than it first sold for – there are lots of deals out there though I agree most houses listed are pretty serious fixer-uppers. Houses that are in decent shape and priced well still can sell pretty quickly. Just ignore the totally overpriced ones and you also learn to avoid the wacko realtors (have the Associates of Ekuban ever actually sold a house??)

  • come up to brightwood….there’s plenty of parking, the neighbors keep to themselves, and im sure the prices aren’t as steep. our safeway is soooo much better than petworth’s 😉 and not as crazy as the giant in co-heights.

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