Many people are wondering whether they should sell their home to book profits now or not. Property prices have been increasing continuously for quite some time and the economy of the nation is doing rather well. Extreme shortage of inventories has made buyers crazy and they are showing tremendous demand for whatever is available in the markets. All these indicators suggest that it is perhaps the best time to sell your house.
Prices of properties have been appreciating in all housing markets across the country. Yes, they are yet to attain the peak levels achieved just before the recession 10 years ago. But there can be no gainsaying the fact that it is a seller’s market now. Investors are getting attractive offers from interested buyers. It only means that there is enough cash flow in the economy.
The honeymoon period may be over pretty soon
Mortgage rates have kept low for quite some time now. This has allowed people to easily realize their dreams of ownership. It has also pushed property prices up but even the experts have no clue as to how long this trend will continue. This means you need not wait any longer to fetch higher prices for your property. The time to sell your house is now as the market may have reached its upper limits. It may start to cool down any time soon.
Opportunity is knocking at your door
There is no death of real estate experts who are describing the present scenario as the best opportunity for homeowners who are planning to sell their homes. These experts feel that there is no point in waiting any longer as such an opportunity might come only after 10 more years. The current scenario is like what it was in 2006 and 2007 just before the housing bubble burst in 2008. If you wait for any further increase in home prices, you may have to regret as price slide can start any time soon. It will take another 10 years for property prices to reach their present levels.
However, despite alluring prospects of selling, taking the decision to sell your rental income property might be a tough one. You must give up on the cash flow that your property is generating right now. You need to do your math as there are costs of selling and your profit may shrink because of these costs. If you are approaching retirement age, there is always the allure of cashing out. If you wait for some more time, such an opportunity may come after 10 years. You are the best judge of your circumstances.
There is not enough time to wait and ponder
Mortgage rates are increasing gradually and buying a house has already become difficult for buyers. Costly mortgages will only create pressure on increasing home prices. If you recall, similar conditions prevailed in real estate market a decade ago. Not many people had anticipated that the housing bubble would burst, and prices would come down crashing. This is the reason why experts are saying that the time to sell is now if you have been planning to sell for some time.
It is not necessary to sell if you are enjoying positive cash flow
However, you can hold on to your income producing property if you are enjoying being a landlord. You can continue to have positive cash flow instead of putting your property on the market. Selling is a better option only if you are tiring and have a desire to retire and enjoy a cool and relaxed lifestyle.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
