As a Phoenix Real Estate company we get this question a lot as people’s lifestyles change whether it be for a downsize or a job transfer. Here are some questions to consider to assist with the decision process:
1. What is your long term goal with the property?
2. Is there a chance you might move back to the Phoenix area?
3. In general what type of investments do you own?
If your long term goal is to retain the property for at least the next 3-5 years than renting is a good option for you because there will be market movements during that time frame. Also, if you there is a possibility that you may move back to the Phoenix area then renting is definitely a good decision just keep in mind that when you are ready to move back you may want to do some upgrades after having the property be tenant occupied. Lastly, renting is a good option if in general you like longer term investments rather than the short gains. And the good news for the rental option is that rents have been on the rise and with short supply of single family Phoenix home rentals an appropriately priced rental property that shows well will rent quickly.
Alternatively if you are looking to sell the property within a year and/or prefer short term gains than selling is probably your best bet right now as currently the market is strong for sales with inventory at an all time low.
You can always reach to RPMWV Phoenix to discuss comparable pricing for both options to assist with an educated decision.