The question for all real estate investors who hold rental properties is – “When should I sell?” Quick Answer — in a HOT market. Here are the signs of a hot real estate market in Springfield, Virginia:
~ Prices are increasing in high single to double digits ~ Multiple offers are nearly every house
~ Houses selling in as-is condition
~ Houses with a little fix ups are selling above asking price
~ The WHOLE market is selling on average over asking price
The time to sell for investors is not always about price – sometimes you’re just tired of being a landlord! That one-year lease deadline is coming up and you’re afraid of what you’re going to find when you inspect the house — * Is the carpet a disaster? * How many windows are broken? * How big are the dings in the walls? * Was the bathtub EVER cleaned last year?
My investor owners tell me there are three main reasons for selling rental properties in Springfield VA:
Reason #1 – You’re just tired of being a landlord.
Reason #2 – You know it’s time to move your equity to another type of real estate investment or to another location. (This is through a 1031 Tax Deferred Exchange – to keep from paying taxes – that’s another topic!)
Reason #3 – You’re convinced it’s time to cash out, move your funds, pay the taxes and enjoy the money. Take a look at the charts below to see how the prices have been rising in Springfield, VA for real estate homes. And if you’re convinced it’s time to sell – let’s start a discussion.