Experts Share What Rental Property Owners Need to Keep in Mind if They’re Planning to Sell
According to Business Insider, some apartment owners have been able to collect rents as usual, despite the pandemic, shaky economy, and rising unemployment. Other owners have been working with tenants who can’t pay their rent. In light of September, when the CDC issued a moratorium for nationwide residential evictions until December 31st with several states and cities even having their own eviction moratoriums.
In their recent report, BI spoke with several rental property experts, including National REIA’s Charles Tassell about current market conditions and where the industry may be heading.
“Owning rental property these days is a “mixed bag,” said Charles Tassell, chief operating officer of the National Real Estate Investor Association.”
“That has caused a lot of our longtime holders of property to say, ‘You know what? … I think it’s time for me to exit,’” Tassell said. “‘I’m not sure where this is going, and I’m ready to step away.’”
Existing home sales were up 10.5% in August compared to a year ago, reaching the highest level since December 2006, according to the National Association of Realtors. Median existing home prices also grew in August, reaching $310,600, 11.4% higher than one year ago, and housing inventory was down 18.6%.
According to Tassell, “That’s been a real catalyst for change in ownership.” He said he’s had conversations with real estate brokers who are seeing more rental property owners expressing interest in selling their homes. They’re inspired by the low interest rates and premium home prices, especially if they have non-paying tenants.
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