Another opportunity to follow the lead of the local Deep Creek real estate agents ..

and in this case if you can't sell your house, just rent it. In May this agent assured me that this property would sell for "$380,000+" even though at the time I believe it was listed for $399,900. Today, the property is listed for $380,000- and still hasn't sold and it appears the owner/agent is unwilling to lower the price further. Thus, it has found its way on to the local rental market to help cover the carrying costs with interest payments, HOA fees, taxes, insurance, utilities, etc. of roughly $2200 per month (at least until the interest only ARM resets and those carrying costs increase). Of course, if you are not an agent yourself you might find it hard to find an agent willing to work around the rental schedule in trying to show and eventually sell your property.

Obviously this band-aid solution is not for everyone and at some point you definitely have to consider whether it's worth lowering the price to free yourself from carrying costs and hassles. Afterall, if all the for sale properties in the Deep Creek market became rentals overnight there would be a glut of rental properties available and rental rates would likely decline as well. Just another interesting observation I made while browsing the happenings of the Deep Creek real estate market.

Don't forget to check back to Dan's Deep Creek Blog for future updates.