WHY YOU SHOULD SELL NOW
If you are considering selling your apartment building, yesterday was the best time to sell. The next best time to sell is now. Below I will explain why you should sell your building now if you are thinking of selling. I understand this might make some people mad… Oh well!
A few months ago, we were at historical interest rates, and there was a lot of FOMO (fear of missing out) with buyers, so people were willing to pay whatever price for buildings. Now, interest rates are rising and as recession rumors spread, people are starting to decrease their FOMO in real estate. Many believe that things are going to get worse before it gets better. That means your property will sell more today than tomorrow when interest rates are higher and the economy has gotten a little more.
If you are a mom and pop owner thinking of selling because you are in some kind of distress, you should sell (to me) and here is why. If there are deferred repairs and you are short on cash, selling will help relieve some concerns because repairs will not fix themselves if you do not spend money on them. If you have bad tenants, they will not evict themselves. If you are a senior citizen and managing the property yourself, do you want to stress yourself out in your golden years? If you are considering passing the property down to your children, ask yourself, are your children even interested in real estate? If not, why even bother? Wouldn’t you rather get the cash and do that one thing you have always wanted?
Those are the things I always ask prospects to consider when seeing if they are open to selling to me.