Relocating, rent it out or sell?

We are looking to relocate 1000+ miles to be closer to family sometime in the next year or so. We bought a house in the Phoenix, AZ metro a little over a year ago, and initially intended to stay in this home for 5 years minimum, but some family circumstances that came up changed this plan.

The dilemma I am dealing with is whether to take profits and sell, or to rent out the home. It has a 3% mortgage rate which I wouldn’t feel good about getting rid of, since it’s a good rate, and seems like this area will keep going up in value. However, on the other side, I know increase in value isn’t a guarantee and I do have some concern about the Phoenix market given the 08 history, the water issues, etc.

What would you do in this scenario and what other factors should I consider?

submitted by /u/zwzwzw19
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We are looking to relocate 1000+ miles to be closer to family sometime in the next year or so. We bought a house in the Phoenix, AZ metro a little over a year ago, and initially intended to stay in this home for 5 years minimum, but some family circumstances that came up changed this plan. The dilemma I am dealing with is whether to take profits and sell, or to rent out the home. It has a 3% mortgage rate which I wouldn’t feel good about getting rid of, since it’s a good rate, and seems like this area will keep going up in value. However, on the other side, I know increase in value isn’t a guarantee and I do have some concern about the Phoenix market given the 08 history, the water issues, etc. What would you do in this scenario and what other factors should I consider? submitted by /u/zwzwzw19 [link] [comments]

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