Interest in area rentals remains strong, but there has been a noticeable slight decline in area rents so far this year Even in high demand urban areas, rents have dipped slightly. With thousands of new apartments recently completed, or nearing completion, and hundreds more under construction, rental supply may have begun to outpace demand.
If you own an investment property, you’ll likely find more competition the next time you negotiate a lease renewal. Hundreds of new apartments are available offering modern finishes, new appliances, high tech features and a long list of community amenities and services. Tenants may not be as quick to accept a rent increase or even a lease renewal when, for the same or less money, or attractive lease-signing incentives, they can move into newer digs.
If you’ve owned your investment property for 5+ years, this could be an excellent time to sell and maximize your return on investment and diversify your portfolio. The inventory of available homes for sale is at historic lows and buyer demand is off the charts. Properties are selling quickly, often with multiple offers. Your total return on investment could provide more long term income security than the monthly rental income. Even if a property needs cosmetic updates to rent or sell, that minor investment will result in a major return when you sell.
Need local market information? I live and work in downtown Bellevue – there isn’t much I don’t know and love about the city. A Realtor® for over two decades, I combine my knowledge of the city and extensive condominium experience to advise and guide clients through the process of buying or selling a home.
Yes, its a seller’s market, but if you’re planning to sell your home, don’t think you can forego the typical prep work associated with getting your home ready to show to buyers. This is the time of year more homes are listed for sale, and more inventory brings more competition. With more to choose from buyers may not be willing to pay top dollar for a dirty, dated or poorly maintained home.
There are easy, inexpensive tasks a homeowner can complete in a weekend or two that make a big difference.
- CLEAN (and clean again) – pay special attention to the kitchen and baths.
- DE-CLUTTER – remove clutter in closets, cabinets, drawers and garages. “Martha Stewart” your house and show off the storage space.
- PAINT – If a room or hallway is looking tired a fresh coat of paint is inexpensive and makes a big difference.
- MAKE A GOOD FIRST IMPRESSION – Curb appeal is huge. The saying “you only get one chance to make a good first impression” is true in any market. Paint the entry door (if the HOA permits), install a new kick plate, toss tired winter plants and put fresh flowers and mulch in entry pots or gardens.
- LET THE SUN SHINE IN – open window treatments, remove or replace tired drapes or blinds. Clean the windows – maximize your home’s natural light.
Some work will require professional help but its worth the investment. Have the furnace and A/C serviced. If other systems, appliances or fixtures need repair get it scheduled.
Multiple offers are common and many homes are selling quickly and for more than list price, but that doesn’t mean a free pass for neglecting repairs or cleaning. A home should be delivered to the new owner in clean and good condition.
It takes considerable time and energy to get a home ready to sell, but the payoff (return on investment) is worth the effort. I specialize in condos. I know what’s been happening in your neighborhood and your home’s market value. When its time to sell let’s talk . . . I have information and referrals for cleaners, contractors, landscapers, resources for donating or disposal and can help you maximize your return on investment.