Investor · Phoenix, AZ · Member since 2014 · 230 posts · 122 votes
Slowdown or bubble right now?
We took our condo off the rental market and put it up for sale some 75 days or so ago, adjusted the price twice, and haven't gotten a single serious nibble. We're about to put it up for rent, again, albeit for a bit more than it was renting before. Keeping it on the MLS just in case a buyer wants it first.
I read the average time on market is up to 66 days and that sales in September dropped 24% from what they were a year ago. Any predictions how long this situation could last? We were going to sell it and transfer the money into notes.
Hi Wendy! No idea if you decided to sell or simply rent it out but when you made this post(5 months ago) there was absolutely a slowdown going on. The days on market and inventory on the market heading into 2019 was the highest it's been in many years. Now with interest rates at the lowest they've been in 14 months and summer coming up the market is picking up a lot. What did you guys decide to do with the condo?
We took our condo off the rental market and put it up for sale some 75 days or so ago, adjusted the price twice, and haven't gotten a single serious nibble. We're about to put it up for rent, again, albeit for a bit more than it was renting before. Keeping it on the MLS just in case a buyer wants it first.
I read the average time on market is up to 66 days and that sales in September dropped 24% from what they were a year ago. Any predictions how long this situation could last? We were going to sell it and transfer the money into notes.
Hey Wendy, any update on the condo? The market has seriously slowed down, but if the condo was on the market that long it was likely a pricing issue. I am a real estate agent in the area and would be happy to run comps and give you a second opinion of what the value of the condo is at right now. Shoot me a message if you are interested.
We kept it on the market for a couple of months, but then we rented it out on an 18-month lease, so when it came up for rent, again, it would be in the spring. We'd like to do a 1013 for a home in Washington state. The HOA keeps going up.
Hi Wendy! Yes, good time to 1031 and I'm very familiar with this area. It's been a strong market for sellers and properties that show well and are priced right were seeing immediate and/or multiple offers. However, things are quickly changing due to COVID 19 and it is hard to foresee what lies ahead in the immediate market. Curious what condo community in RSM your property is located? If you message me some details I can keep you up to date with real-time information as we figure out this fast-changing situation.