Exit Strategy for home in which I overpaid

[Eric M.]

I trusted my realtor and was mislead and paid $30k more than what the house is worth.  What is my exit strategy?  

I've just been stationed in New Orleans and this home is my primary residence.  The idea was to rent it out in about 3 yrs once I rotate to my next duty station.  I paid $210k should have paid $180k.  Was told by realtor, retired military which was why I trusted him, rents in the area are $2,000  a month, actually only about $1,500 a month.

If I were to get $1,500 a month I'd break even.  Am I to just hold this property and hope that one day the values will rise in the neighborhood or is there another exit strategy for me?

[Braden Smith]

Hey @Eric M.. I am sorry to hear that. Your realtor should have provided you comps to justify what he was telling you and the offer should have been conditioned upon appraisal so that if the appraisal came back less than the contract price you could have asked the seller to reduce to that price or walk away from the deal. Unfortunately as Ryan mentioned there is not much else you can do besides what he suggested. 

We are expecting a strong real estate market here for the next few years, but things have softened a bit and appreciation on the Westbank is sluggish. Rent prices keep rising and that trend will continue for some time but they may not increase enough for what you need.

What condition is the house in? Any chance you could make some improvements at some point to increase the value?