Owners grapple with choice to sell, rent
As the real estate market in Washington slowed in 2006, some home sellers opted to offer incentives to potential buyers, such as closing-cost assistance or payment of condominium fees, while other home sellers dropped their listing price, sometimes more than once.
Some sellers, frustrated by a lack of offers — or even visitors — or discouraged by receiving low-priced offers for their homes, chose to take their homes off the market and instead rented them.
Sellers leaving the area or committed to another home are sometimes forced to rent their home if they cannot sell it and need the rental income to offset the mortgage payment.
Other sellers simply believe the market will change again, perhaps next year, and want to wait until that market change before attempting to sell their property.