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Andrew Duncan, Tampa Bay's Top Realtor and expert talks with Paul Arrington from Arrico Realty and Property Management on The Duncan Duo Show about renting out luxury homes. We regularly have higher priced home owners that consider renting their property and there are pros and cons. We unveil the details in this video segment about renting out luxury homes OR considering selling it and buying more properties that are BETTER rental properties.
The average priced homes in area up to $400k are selling well and moving quickly. But every neighborhood is different. There are some neighborhoods where million dollar homes fly off the shelf in a week. There are some of the higher priced homes right now are sitting in the market and taking longer to sell and are restricting people from being able to upgrade or move to somewhere else they want.
For those under water, short sale is an option for them. But there are also a lot of people who are not under water. There are also those who feel like the property values are going up and don't want to sell yet and think about renting the home.
Paul talks about the positives and the negatives about renting out a million dollar home. The luxury rental market is something not so available to tenants but tenants are available for them which is a good sign for home owners thinking about renting out their home. He even talks about a meticulous client who's looking for something very particular but there's not a lot of homes available for rent.
Andrew says that if you have a million-dollar home that you're going to rent out, when you do the math, it's hard to justify the return on investment compared to getting rid of the million dollar home and invest in 5 $200k homes. Although there is a supply and demand benefit, the million dollar home still won't return as well as 5-$200k home.
But there are situations that it makes more sense to rent rather than sell like for those in the military where they want to permanently live in Tampa but they get sent to another location for a couple of years. Of course they wouldn't want to sell the home then come back and buy it again when prices are higher.
Another option for those in a slow price point is dual listing wherein the home is for rent and is also listed for sale.
They also touch on the difficulties of selling a home with tenants still living there. Some of the challenges are keeping the home clean, setting up showing schedules, etc.
To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.